>>> Europe : Brokers Upgrades & Downgrades - 10th of Sept 2026 V2(+)

>>> Up
* Adecco Raised to Hold at Jefferies; PT 20.50 Swiss francs
* Ayvens Raised to Outperform at Oddo BHF; PT 16 euros
* Boohoo Raised to Add at Peel Hunt; PT 30 pence (+)
* BW LPG Raised to Buy at Pareto Securities; PT 262 kroner (+)
* Compass Group Raised to Outperform at BNP Paribas; PT $36 (+)
* Fortum Raised to Neutral at Goldman; PT 25.50 euros
* Fortum Raised to Hold at Nordea
* Fortum Raised to Buy at SEB Equities; PT 29 euros (+)
* Harbour Energy Raised to Buy at Goldman; PT 350 pence (+)
* Leonardo Raised to Outperform at BNP Paribas; PT 67 euros
* Metacon Raised to Accumulate at Inderes; PT 0.15 kronor
* Nordea Bank Raised to Neutral at BofA (+)
* Novartis Raised to Hold at HSBC; PT 110 Swiss francs
* Novartis ADRs Raised to Hold at HSBC; PT $136
* Orange Raised to Outperform at Grupo Santander; PT 19.40 euros
* Paccar Raised to Outperform at RBC; PT $150
* Persimmon Raised to Buy at Goodbody; PT 1,260 pence (+)
* Snam Raised to Buy at UBS; PT 6.60 euros
* Spie Raised to Buy at Jefferies; PT 55 euros
* Technip Energies Raised to Outperform at RBC; PT 42 euros
* Telefonica Raised to Neutral at BNP Paribas; PT 3.80 euros
* Telefonica ADRs Raised to Neutral at BNP Paribas; PT $4.40

>>> Down
* Amgen Cut to Hold at HSBC; PT $425
* Anglogold Cut to Market Perform at BMO; PT $115
* DCC Energy Cut to Hold at Jefferies; PT 6,525 pence
* DNB Bank Cut to Underperform at BofA (+)
* Harworth Cut to Hold at Jefferies; PT 180 pence
* RENK Group Cut to Neutral at BNP Paribas; PT 50 euros
* Tele2 Cut to Neutral at BNP Paribas; PT 180 kronor
* Wienerberger PT Cut to 18 euros from 20 euros at Morgan Stanley

>>> Initiation
* Abivax Rated New Buy at Goldman; PT 132 euros
* Abivax ADRs Rated New Buy at Goldman; PT $155
* AMD Rated New Overweight at Piper Sandler
* AMD Rated New Add at Caitong Securities
* APA Corp Rated New Buy at Stifel; PT $62
* ARM Holdings ADRs Rated New Overweight at Piper Sandler
* BAE Reinstated Neutral at BNP Paribas; PT 2,100 pence
* BAE ADRs Rated New Neutral at BNP Paribas; PT $113
* Bellway Rated New Sell at UBS; PT 1,900 pence
* Berkeley Group Holdings Rated New Neutral at UBS; PT 3,740 pence
* Bilfinger Rated New Hold at Berenberg; PT 92.50 euros
* Broadcom Rated New Overweight at Piper Sandler
* GPSY IM Rated New Buy at Alantra Capital Markets; PT 7 euros
* HMS Bergbau Rated New Buy at MP Capital Markets; PT 66 euros
* Intel Rated New Neutral at Piper Sandler
* Marvell Technology Rated New Overweight at Piper Sandler
* Mission Group Rated New Buy at Stifel; PT 57 pence (+)
* Nebius Rated New Buy as Truist Sees ‘Significant Opportunity’
* NTG DC Rated New Overweight at Morgan Stanley; PT 360 kroner
* Occidental Rated New Hold at Stifel; PT $68
* Persimmon Rated New Buy at UBS; PT 1,325 pence
* RELX Rated New Buy at TD Cowen; PT 3,500 pence
* Revolution Medicines Rated New Overweight at Morgan Stanley
* Selvaag Bolig Rated New Buy at SB1 Markets; PT 40 kroner
* SK Hynix ADRs Rated New Overweight at JPMorgan; PT $245
* Taylor Wimpey Rated New Sell at UBS; PT 75 pence
* Vistry Group Reinstated Neutral at UBS; PT 300 pence
* Wolters Kluwer Rated New Buy at TD Cowen; PT 100 euros
* Zegona Communications Rated New Outperform at BNP Paribas

>>> Call
* Adecco, Spie Upgraded at Jefferies in Business Services, DCC Cut
* Bachem Gets Positive Watch at JPMorgan on Outlook Expectations
* BAE Systems Gets New Neutral Rating at BNP Paribas on Valuation (+)
* Fortum Upgraded at JPMorgan and Goldman After Google Power Deal
* NTG New Overweight at Morgan Stanley on Road Volume Recovery
* Technip Energies Set for Recovery, Upgraded to Outperform at RBC
* Whitbread Gets Positive Catalyst Watch at Citi Ahead of Results