>>> Europe : Brokers Upgrades & Downgrades - 10th of March 2026

>>> Up
* Admiral Raised to Buy at UBS; PT 3,550 pence
* E.On Raised to Outperform at Oddo BHF; PT 22 euros
* Gurit Raised to Buy at Octavian; PT 52 Swiss francs
* Hims & Hers Health Raised to Neutral at Citi; PT $24
* Sectra Raised to Hold at Stifel; PT 210 kronor
* TGS Raised to Buy at ABG; PT 150 kroner

>>> Down
* Beiersdorf Cut to Underperform at RBC; PT 70 euros
* Cadeler Cut to Hold at SEB Equities; PT 59 kroner
* DSM-Firmenich PT Cut to 66 euros from 81 euros at Morgan Stanley
* Grifols Cut to Equal-Weight at Morgan Stanley; PT 11 euros
* Novo ADRs Cut to Hold at TD Cowen; PT $42
* Novo Cut to Hold at TD Cowen; PT 270 kroner
* Verbund Cut to Underperform at Oddo BHF; PT 58 euros

>>> Initiation
* Fortum Rated New Buy at SB1 Markets; PT 23 euros
* Strategy Rated New Buy at B Riley; PT $175
* Volvo Rated New Buy at SB1 Markets; PT 350 kronor

>>> Call
* Novo’s Pipeline Not Enough to Overcome Challenges, TD Cowen Cuts