>>> US Research Calls

Research Calls I
  • Upgrades
    • Apple (AAPL) upgraded to Neutral from Sell at MoffettNathanson, tgt $225
    • Airbus (EADSY) upgraded to Buy from Neutral at UBS
    • Brinker (EAT) upgraded to Outperform from In Line at Evercore ISI, tgt $210
    • Copart (CPRT) upgraded to Buy from Hold at HSBC, tgt $62
    • Leidos (LDOS) upgraded to Outperform from Sector Perform at RBC Capital, tgt $210
  • Downgrades
    • Duolingo (DUOL) downgraded to Neutral from Buy at DA Davidson, tgt $300
    • Kilroy Realty (KRC) downgraded to Equal Weight from Overweight at Barclays, tgt $43
    • Navient (NAVI) downgraded to Underperform from Neutral at BofA Securities, tgt $12
    • Neonode (NEON) downgraded to Neutral from Buy at Ladenburg, tgt $6
    • Parker-Hannifin (PH) downgraded to Hold from Buy at Deutsche Bank, tgt $809
    • Texas Roadhouse (TXRH) downgraded to In Line from Outperform at Evercore ISI, tgt $190
  • Others
    • 89bio (ETNB) assumed with a Buy at H.C. Wainwright, tgt $32
    • Akero Therapeutics (AKRO) assumed with a Buy at H.C. Wainwright, tgt $72
    • Arcturus Therapeutics (ARCT) assumed with a Buy at H.C. Wainwright, tgt $60
    • AptarGroup (ATR) initiated with an Overweight at KeyBanc, tgt $220
    • Black Diamond Therapeutics (BDTX) initiated with a Buy at Guggenheim, tgt $8
    • C4 Therapeutics (CCCC) initiated with a Buy at Guggenheim, tgt $8
    • Critical Metals (CRML) initiated with a Buy at Clear Street, tgt $12
    • e.l.f. Beauty (ELF) assumed with an Overweight at Piper Sandler, tgt $150
    • Entergy (ETR) initiated with a Buy at Jefferies, tgt $109
    • Ideaya Biosciences (IDYA) initiated with an Outperform at Citizens JMP, tgt $41
    • Ideaya Biosciences (IDYA) initiated with an Overweight at Barclays, tgt $40
    • Janux Therapeutics (JANX) initiated with a Buy at Guggenheim, tgt $72
    • Kura Oncology (KURA) initiated with a Neutral at Guggenheim
    • Lifecore Biomedical (LFCR) initiated with a Sector Weight at KeyBanc
    • Madrigal Pharmaceuticals (MDGL) assumed with a Buy at H.C. Wainwright, tgt $500
    • MasTec (MTZ) initiated with an Outperform at Mizuho, tgt $215
    • MetaVia (MTVA) assumed with a Buy at H.C. Wainwright, tgt $12
    • Middleby (MIDD) initiated with an Outperform at Wolfe Research, tgt $163
    • Nuvalent (NUVL) assumed with a Buy at Guggenheim, tgt $122
    • Oric Pharmaceuticals (ORIC) assumed with a Buy at Guggenheim, tgt $18
    • Primoris (PRIM) initiated with a Neutral at Mizuho, tgt $112
    • Pyxis Oncology (PYXS) initiated with a Buy at Guggenheim, tgt $5
    • Quanta Services (PWR) initiated with a Neutral at Mizuho, tgt $360
    • Relay Therapeutics (RLAY) assumed with a Buy at Guggenheim, tgt $15
    • Sociedad Quimica y Minera (SQM) resumed with an Outperform at Itau BBA, tgt $55
    • Summit Therapeutics (SMMT) initiated with a Buy at Guggenheim, tgt $40
    • Syndax (SNDX) assumed with a Buy at Guggenheim, tgt $34
    • Terns Pharmaceuticals (TERN) assumed with a Neutral at H.C. Wainwright
    • TransMedics (TMDX) initiated with a Hold at Stifel, tgt $115
    • Ulta Beauty (ULTA) assumed with an Overweight at Piper Sandler, tgt $590

>>> T-Mobile US lifts UScellular synergy target, speeds integration timeline in

T-Mobile US lifts UScellular synergy target, speeds integration timeline in updated guidance (252.66)
  • TMUS is providing updated customer and financial guidance as applicable after incorporating the impacts of the UScellular transaction, which closed on August 1st. The company is also providing a brief update on additional business transformation initiatives driven by the Un-carrier's digital transformation journey.
  • Synergy updates:
    • T-Mobile now expects the UScellular transaction to yield approximately $1.2 billion in total annual run rate cost synergies upon integration, an increase of 20% from the original approximately $1.0 billion run rate synergy guidance, now comprised of approximately $950 million in opex and approximately $250 million in capex run rate synergies.
    • The integration is now expected to be achieved in approximately two years, an acceleration from the original three-to-four-year expectation.
    • Costs to achieve are expected to be approximately $2.6 billion, within the original guidance range and T-Mobile continues to plan to reinvest a portion of synergies toward enhancing consumer choice, quality and competition in the wireless industry.
  • Customer updates:
    • Stronger core business performance on T-Mobile postpaid net additions is expected to offset the impacts of the initially higher-churning UScellular base, and overall postpaid and postpaid phone customer guidance for the year is unchanged at this time as a result.
  • For Q3, T-Mobile expects the following financial impacts from the UScellular acquisition:
    • Service revenues of approximately $400 million
    • Core Adjusted EBITDA(1) of approximately $125 million
    • Approximately $100 million in costs to achieve as the company begins an accelerated integration process, which are excluded from Core Adjusted EBITDA, and approximately $175 million in depreciation and amortization expenses.
    • Acquisition of the lower Postpaid ARPA UScellular base, together with postpaid accounts acquired from the Metronet joint venture also with lower Postpaid ARPA, will impact consolidated T-Mobile Postpaid ARPA by approximately $1.50 in Q3. These acquired customers represent an exciting opportunity to apply the company's proven ARPA expansion playbook as part of integration.
      • Excluding UScellular and Metronet, T-Mobile's underlying business continues to see strong Postpaid ARPA growth, with ongoing expectations for full year 2025 versus 2024 growth of at least 3.5%.
  • In Q3, to further enable the ongoing rapid success of its digital transformation strategy, T-Mobile is accelerating its move to a more streamlined and dynamic billing technology stack. As a result of the acceleration, the company expects to recognize approximately $350 million in predominantly non-cash costs associated with its digital technology transformation, including non-cash impairment expense and accelerated depreciation related to the retirement of software as part of its shift to a more streamlined and dynamic billing technology stack enabling the company's rapid digital transformation, and personnel costs primarily associated with technology modernization.
  • Also in Q3, the company expects its recent acquisitions outside of UScellular, alongside ongoing network investments, to generate an additional $120 million in depreciation, amortization, integration and other expenses.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • FIG -14.8%, AI -12.9% (also names new CEO), CAL -9.7%, GTLB -8% (also CFO to step down), SAIC -8%, CRM -6.9%, FLWS -6.4%, YQ -4.4%, CHPT -3.6%, PD -3.2%, DSGX -1.5%
Other news:
  • NEON -82.4% (to receive $15-20 mln proceeds from patent lawsuit settlement)
  • SNY -9.6% (reports amlitelimab COAST 1 phase 3 study results)
  • DOLE -8.3% (stock offering by selling shareholders)
  • DLO -5.1% (stock offering)
  • ABTC -4.6% (expands Bitcoin mining operations)
  • CUBI -4.4% (prices offering of 2,189,781 shares of its voting common stock at $68.50 per share)
  • PWP -3.6% (issued 1,500,380 shares of its Class A common stock in exchange for 1,498,883 Class A partnership units of PWP Holdings and 1,498,883 shares of Class B common stock of the Company that were held by certain limited partners of PWP OpCo)
  • SHC -3% (20 mln share offering)
  • SNOW -1.6% (names new CFO)
  • AG -1.5% (exploration results at Los Gatos)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • AEO +27.3%, CIEN +11.8%, CRDO +11.4%, SCVL +9.2%, ASAN +7.7%, HPE +3.6%, UMC +2.3% (Aug revs)
Other news:
  • MESO +4.8% (enters option to issue $50 million convertible notes)
  • NEXT +4.3% (LNG sale and purchase agreement between NEXT and EQT)
  • SPIR +2.3% (awarded a $2.5 mln, 9-month contract by the National Oceanic and Atmospheric Administration for satellite weather data; also awarded an $11,190,900 contract from the NOAA to provide global navigation satellite system radio occultation data for a one-year period from September 18, 2025 to September 18, 2026)
  • ATRA +2.1% (names Greg Ciongoli as Chair of Board)
  • LFVN +2% (to acquire LoveBiome)
  • COOP +1.5% (COOP shareholders approve merger with RKT)
  • SLI +1.4% (SLI and EQNR JV announces study results)
  • XPER +1.4% (Xperi, IMAX and Sony Pictures Entertainment deepen collaboration)
  • AIIO +1.3% (entered into a standby equity purchase agreement with YA II PN)
  • IDYA +1.2% (enrolls first patient in for Phase 1/2 Combination Trial of IDE397)
  • RKT +1% (COOP shareholders approve merger with RKT)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • AEO +24.4%, CRDO +11.9%, ASAN +7.7%, SCVL +7.4%, NEXT +5.3%, HPE +2.9%, ATRA +2.1%, COOP +2%, LFVN +2%, UMC +2%, UPWK +1.7%, SLI +1.4%, XPER +1.4%, IDYA +1.2%, CSL +1.1%, RKT +1%
  • Gapping down:
    • NEON -82.9%, FIG -14.7%, AI -12.3%, SNY -10.1%, GTLB -9.2%, ABTC -8.5%, DOLE -7.1%, CRM -6.8%, CUBI -5.9%, CHPT -5.7%, YQ -4.4%, ACIU -4%, DLO -3.9%, AIIO -3.9%, PD -3.7%, SHC -3.6%, MESO -2.3%, CTRI -2.2%, SNOW -1.8%, AG -1.2%

>>> Europe : Brokers Upgrades & Downgrades - 4th of September 2025 V2(+)

>>> Up
* Atlas Copco Raised to Outperform at BNPP Exane; PT 175 kronor
* Develia SA Raised to Accumulate at Erste Group; PT 9.10 zloty
* Dormakaba PT Raised to 900 Swiss francs at Berenberg
* Dormakaba Raised to Buy at Kepler Cheuvreux; PT 810 Swiss francs (+)
* EXPL FP Raised to Buy at TP ICAP Midcap; PT 217 euros (+)
* Interroll Raised to Outperform at ZKB; PT 3,184 Swiss francs (+)
* Lundbeck Raised to Buy at Handelsbanken; PT 60 kroner (+)
* Marimekko Raised to Accumulate at Inderes; PT 13 euros
* RENK Group Raised to Neutral at BNPP Exane; PT 68 euros
* SMA Solar Raised to Hold at Jefferies; PT 16 euros

>>> Down
* Ceconomy Cut to Sell at M.M. Warburg; PT 4.60 euros (+)
* Entain Cut to Hold at HSBC; PT 917 pence
* Jet2 Estimates and Price Target Cut at Jefferies After Update (+)
* Parker-Hannifin Cut to Hold at Deutsche Bank; PT $809
* Wartsila Cut to Sell at Citi on Overly Optimistic Valuation
* WH Smith Cut to Hold at Investec; PT 690 pence

>>> Initiation
* Aryzta Rated New Hold at Berenberg; PT 80 Swiss francs
* Buzzi SpA Rated New Neutral at Goldman; PT 47 euros
* Conduit Rated New Underweight at Barclays; PT 280 pence (+)
* Dassault Aviation Reinstated Outperform at BNPP Exane
* Generali Resumed Overweight at Morgan Stanley; PT 37.50 euros
* Heidelberg Materials Rated New Buy at Goldman; PT 240 euros
* Holcim Rated New Buy at Goldman; PT 75 Swiss francs
* Kongsberg Rated New Equal-Weight at Morgan Stanley
* Leonardo Reinstated Neutral at BNPP Exane; PT 50 euros
* Mercedes Rated New Outperform at CICC; PT 60 euros
* Saab Rated New Underweight at Morgan Stanley; PT 430 kronor
* Tate & Lyle Rated New Equal-Weight at Morgan Stanley
* TechnipFMC Rated New Buy at William O'Neil
* Thales Reinstated Neutral at BNPP Exane; PT 240 euros
* UniCredit Reinstated Buy at DZ Bank; PT 76 euros (+)
* Ypsomed Rated New Overweight at KeyBanc; PT 525 Swiss francs

>>> Call
* Ferrovial is Europe Infrastructure Pick at JPMorgan, Getlink Cut
* SMA Solar Raised at Jefferies Following Post-Warning Correction
* Tate & Lyle Needs Catalysts, New Equal-Weight at Morgan Stanley
* Ypsomed Overweight at KeyBanc on Shift to Injectable Pure Play

Reuters : UniCredit will not take over Commerzbank, says German bank's CEO

UniCredit will not take over Commerzbank, says German bank's CEO

FRANKFURT, Sept 3 (Reuters) - Italy's UniCredit (CRDI.MI), opens new tab will not take over Commerzbank (CBKG.DE), opens new tab, the German lender's CEO Bettina Orlopp said on Wednesday, but she added that investors will have the final say.Over the past year, UniCredit has built up a 26% equity stake in the German bank and pressed for a tie-up, but Commerzbank has resisted the advances of the Italian bank.

Orlopp's remarks, made at a banking conference on Wednesday, underscored an increasingly defiant tone from the German bank to UniCredit's overtures.

Orlopp, when asked how she would answer the question whether UniCredit would eventually take over Commerzbank or not, said: "Of course, no".
"Our shareholders will decide, and that's where the decision belongs," Orlopp said.


Any deal "will depend on whether such a transaction makes sense, yes or no, whether it creates value, yes or no, and that will ultimately be the deciding factor," Orlopp said.

In September last year, UniCredit announced its first acquisition of a hefty stake in Commerzbank.

UniCredit CEO Andrea Orcel, who is scheduled to speak at the same conference on Thursday, has said a deal "would create a new national banking champion for Germany" and aid "the revitalisation of the German economy".


Commerzbank has resisted UniCredit’s advances, citing its intention to remain independent amid concerns raised by employees, the German government, and customers.

"We have been able to demonstrate many, many successes over the past 12 months... And we have no intention of slowing down. We are fully focused on implementing our strategy," Orlopp said.

>>> What to look at today - 4th of September 2025

Asian equities slowed their advance as a selloff in Chinese stocks intensified, eroding earlier optimism about Federal Reserve policy easing after weak US job openings data. MSCI’s regional stock gauge eked out a 0.1% gain, after climbing as much as 0.7%. Equity-index futures for the S&P 500 and the Nasdaq 100 both edged higher. Treasuries and the dollar were steady. Oil dipped, while gold retreated after seven days of gains. Japanese bond futures extended gains after a closely watched auction of 30-year government notes met demand that was broadly in line with its 12-month average.  Meanwhile, selling in mainland Chinese stocks turned heavier, with the CSI 300 Index down 2.5% before the midday break. It came after the nation’s financial regulators are said to be considering a number of cooling measures for the stock market due to concerns about the speed of a $1.2 trillion rally since the start of August. More broadly, with US job openings falling to a 10-month low, traders are now almost fully pricing in a September Fed cut and projecting at least two reductions this year. Investors are focused on the pivotal US payrolls report Friday after Fed Chair Jerome Powell said in a speech last month that “downside risks to employment are rising.” The data is “another sign that the labor market is slowing down,” wrote Kyle Rodda, a senior market analyst at Capital.com in Melbourne. “The dynamic boosts the case for rate cuts.” Economists project about 75,000 jobs were added in August, based on the median of a Bloomberg survey, while the jobless rate is seen at 4.3%. Four straight months of sub-100,000-payrolls growth would mark the weakest such stretch since the onset of the pandemic in 2020. Also, Federal Reserve Governor Christopher Waller said on CNBC that the central bank should begin lowering rates in September and make multiple cuts in coming months, adding that officials could debate the precise pace of reductions. In Japan, investors breathed a sigh of relief after the 30-year government bond auction eased concerns over demand, following a global debt selloff. Traders had also worried that the sale may prove challenging amid domestic political uncertainties and doubts about debt sustainability. Meanwhile, borrowers from across the globe are rushing into the bond market, with more than $128 billion of sales so far this week, and investors are lapping up the new debt. ssuers from Asia including State Bank of India and Japan’s Mitsubishi Corp. have been taking advantage of insatiable appetite for credit globally this week to sell dollar notes at record-tight spreads.  Firms from around the Asia Pacific sold more than $16 billion of notes in the US currency since Monday. China Construction Bank Corp. was offering dollar notes Thursday, while Philippine oil refiner Petron Corp. hired banks for a potential debt sale. Investors are being drawn to yields that are still elevated compared to long-term levels, while tight spreads signal continued confidence in companies’ credit strength. In commodities, oil dropped for a second day as traders fretted that OPEC+ may boost supplies and an industry estimate showed higher stockpiles at a key storage hub. Global benchmark Brent fell toward $67 a barrel, while West Texas Intermediate was below $64.  Brent is set to drop to the low $50s a barrel next year on a global surplus, according to Goldman Sachs Group Inc. analysts. US Azfter Hours AEO +23.2%, ASAN +5.8%, CRDO +3.9% higher on earnings; FIG -13.8%, AI -10.4%, GTLB -6.9%, CRM -5.1% lower on earnings; NEON -61.8% on proceeds from patent lawsuit settlement.

Nikkei +1.52% Hang Seng -1.13% CSI -2.38% Shanghai -1.72% Shenzen -1.90%

Eur$ 1.1653 CNH 7.1418 CNY 7.1427 JPY 148.18 GBP 1.3428 CHF 0.8043 RUB 80.9802 TRY41.1653 WTI$ 63.48 -0.77% Gold 3,532 -0.77% BTC 110,680 -1.42% ETH 4,372 -2.13%

S&P +0.08% Nasdaq +0.08% EuroStoxx +0.06% FTSE +0.06% Dax +0.03% SMI

Macro :
- Jane Street’s India Revenue Shrank Amid Misconduct Allegations
- China Expands Anti-Dumping Duties to Optical Fiber From US
- Russia Court Orders Euroclear to Pay $105m in Sberbank Suit: RIA
- New York Giants Agree to Sell Minority Stake to Koch Family

Keep an eye on :
- AIR FP : Airbus delivered 61 jets in August, sources say
- BABA US : 9988 HK : -3.45%
- AAL LN : Anglo American Offers About 52.2M Valterra Platinum Shares, Anglo American to Exit Platinum Spinoff Valterra with Stake Sale
- AAPL US : Apple Plans AI-Powered Web Search Tool for Siri to Rival OpenAI
- MT NA : ArcelorMittal, South Africa Takeover Talks Stall Over Valuation
- BING GY : Boehringer Ingelheim Timeline Accelerated for Phase 1 BI 3706674 Trial in Advanced Stomach and Oesophagus Cancer
- BIOAB SS : Lannfelt, Gellerfors to Divest Parts of BioArctic Shareholdings
- BMPS IM : Monte Paschi to Reopen Acceptance Period in Mediobanca Offer
- BRBY LN : FTSE 100 Adds Burberry, Removes Unite Group
- BYD : 1211 HK : BYD Cuts Its Annual Sales Target : -2.31%
- AI US : C3 AI Names Stephen Ehikian as CEO, Succeeds Siebel
- GOOS CN : Canada Goose Isn’t Working on Go-Private Deal, Executive Says
- DTG GY : Class 8 Truck North American Orders Fall 3% YoY in August
- DEME BB : DEME Group NV: Share Buyback Program Completed
- DIE BB : D'Ieteren 1H Adjusted Pretax Profit EU452.4M Vs. EU585.5M Y/y
- ENGI FP : Engie Energia Chile Sells $122M of Local Series C Bonds
- EQT US : EQT, NextDecade in 20 Year Deal for LNG From Rio Grande Facility
- XOM US : ExxonMobil Explores Sale of European Chemical Plants: FT
- FORN SW : Forbo Names Johannes Huber as CEO From Jan. 1
- Golden Goose IPO : Luxury Sneaker Maker Golden Goose is Ready to Revive IPO When Markets Allow, CFO Says
- GOOGL US : France Fines Google $379 Million, Shein $175 Million on Cookies
- Horizon Robotic : 9660 HK : -6.30%
- HPE US : HP Enterprise Sees 4Q Adj EPS 56C to 60C, Est. 59C
- IFX GY : Infineon Shares Fall After Company Attends Investor Conferences
- JST GY : JOST Werke Holder Offers 1.5m Shares, Terms Show
- FII FP : Peugeot Invest Launches Sale of 2.7M Lisi Shares, Peugeot Invest Completes Lisi Stake Sale for ~€105M
- LLOY LN : Lloyds Plans to Overhaul Employees Performance Management: FT
- LMT US : Lockheed Martin Gets $9.8b US Army Patriot Missles Contract
- LTMC IM : Lottomatica to be added to FTSE MIB, Replacing Pirelli
- MNG LN : M&G Shares Briefly Spike After FT Report Apollo Examined a Deal
- MRK GY : Biocytogen, Merck KGaA Enter Agreement for Antibody-Based Drugs
- MB IM : Monte Paschi Exceeds Minimum 35% Threshold in Mediobanca
- MB IM : Monte Paschi to Reopen Acceptance Period in Mediobanca Offer
- NEX FP : Nexans Holder Invexans Offers 2.2m Shares: Terms, placed @ 121.50/share
- NIO US : 9866 HK : -6.15%
- NVDA US : Nvidia-Backed Cloud Provider Lambda Hires Banks For IPO
- PEUG FP : Peugeot Invest Launches Sale of 2.7M Lisi Shares
- PIRC IM : Lottomatica to be added to FTSE MIB, Replacing Pirelli
- P911 GY : Porsche AG to Exit Germany’s DAX After Less Than Three Years
- Prada : 1913 HK : -0.91%
- CRM US : CRM Sees 3Q Revenue $10.24B to $10.29B, Est. $10.29B: Snapshot
- SAN FP : Sanofi’s Amlitelimab Met Phase 3 Key Endpoints
- SAP GY : Watch European Software Stocks as Salesforce, GitLab Disappoint
- TMV GY : TeamViewer Holder TigerLuxOne Offers ~12.5m Shares: Terms
- 8TRA GY : Class 8 Truck North American Orders Fall 3% YoY in August
- VAL SJ : Anglo American Offers About 52.2M Valterra Platinum Shares
- VLK NA : Lannfelt, Gellerfors to Divest Parts of BioArctic Shareholdings
- VTU LN : Vertu Motors Sees Earnings in Line With Market Consensus
- VLTSA FP : Voltalia 1H Normalized Ebitda EU78.3M, Announces Spring Roadmap (1)
- WPS LN : WAG Payment 1H Adjusted Ebitda Misses Estimates
- WBD US : Warner Bros. Could Sell Studio Stake Before Spinoff
- XAI : xAI CFO Liberatore Steps Down, Latest in String of Executive Departures -- WSJ

>>> Europe : Brokers Upgrades & Downgrades - 4th of September 2025

>>> Up
* Atlas Copco Raised to Outperform at BNPP Exane; PT 175 kronor
* Develia SA Raised to Accumulate at Erste Group; PT 9.10 zloty
* Dormakaba PT Raised to 900 Swiss francs at Berenberg
* Marimekko Raised to Accumulate at Inderes; PT 13 euros
* RENK Group Raised to Neutral at BNPP Exane; PT 68 euros
* SMA Solar Raised to Hold at Jefferies; PT 16 euros

>>> Down
* Entain Cut to Hold at HSBC; PT 917 pence
* Parker-Hannifin Cut to Hold at Deutsche Bank; PT $809
* Wartsila Cut to Sell at Citi on Overly Optimistic Valuation
* WH Smith Cut to Hold at Investec; PT 690 pence

>>> Initiation
* Aryzta Rated New Hold at Berenberg; PT 80 Swiss francs
* Buzzi SpA Rated New Neutral at Goldman; PT 47 euros
* Dassault Aviation Reinstated Outperform at BNPP Exane
* Generali Resumed Overweight at Morgan Stanley; PT 37.50 euros
* Heidelberg Materials Rated New Buy at Goldman; PT 240 euros
* Holcim Rated New Buy at Goldman; PT 75 Swiss francs
* Kongsberg Rated New Equal-Weight at Morgan Stanley
* Leonardo Reinstated Neutral at BNPP Exane; PT 50 euros
* Mercedes Rated New Outperform at CICC; PT 60 euros
* Saab Rated New Underweight at Morgan Stanley; PT 430 kronor
* Tate & Lyle Rated New Equal-Weight at Morgan Stanley
* TechnipFMC Rated New Buy at William O'Neil
* Thales Reinstated Neutral at BNPP Exane; PT 240 euros
* Ypsomed Rated New Overweight at KeyBanc; PT 525 Swiss francs

>>> Call
* Ferrovial is Europe Infrastructure Pick at JPMorgan, Getlink Cut
* SMA Solar Raised at Jefferies Following Post-Warning Correction
* Tate & Lyle Needs Catalysts, New Equal-Weight at Morgan Stanley
* Ypsomed Overweight at KeyBanc on Shift to Injectable Pure Play