>>> Europe : Brokers Upgrades & Downgrades - 11th of March 2026

>>> Up
* Amadeus Raised to Buy at Bestinver; PT 65.10 euros
* Argenx Raised to Buy at Deutsche Bank; PT 725 euros
* Cemex ADRs Raised to Sector Outperform at Scotiabank; PT $13.90
* Finnair Raised to Reduce at Inderes; PT 3 euros
* Forvia Raised to Neutral at Citi; PT 12 euros
* Nike Raised to Overweight at Barclays; PT $73
* NIO Inc. ADRs Raised to Buy at Nomura
*Rentokil Raised to Neutral at Rothschild & Co Redburn
* Solaria Energia Raised to Outperform at RBC; PT 22.50 euros
* UPM-Kymmene Raised to Hold at Berenberg; PT 22.50 euros

>>> Down
* Also Cut to Neutral at UBS; PT 170 Swiss francs
* Borr Drilling Cut to Hold at SEB Equities; PT $5.45
* DSM-Firmenich Cut to Neutral at Van Lanschot Kempen; PT 73 euros
* Evotec PT Cut to 2 euros from 5.40 euros at Intron Health
* Givaudan Cut to Sell at Van Lanschot Kempen

>>> Initiation
* Asta Energy Solutions Rated New Buy at Berenberg; PT 51 euros
* Asta Energy Solutions Rated New Outperform at Oddo BHF
* Robertet Rated New Neutral at Van Lanschot Kempen; PT 850 euros
* United Utilities Reinstated Outperform at BNP Paribas
* United Utilities ADRs Reinstated Outperform at BNP Paribas

>>> Call
* Forvia De-Risked Following Selloff, Raised to Neutral at Citi
* Rovi Downgraded at Jefferies, Key Risks Still Being Overlooked
* UPM-Kymmene Raised at Berenberg on Clear Cost Improvements