>>> Europe : Brokers Upgrades & Downgrades - 12th of Aug 2026

>>> Up
* Akzo Nobel Raised to Overweight at Barclays; PT 71 euros
* Aramark PT Raised to $63 from $55 at Morgan Stanley
* Arkema Raised to Equal-Weight at Barclays; PT 56 euros
* Austevoll Seafood Raised to Buy at Arctic Securities
* Clariant Raised to Buy at Berenberg
* Grieg Seafood Raised to Buy at Arctic Securities; PT 35 kroner
* HomeMaid Raised to Buy at Inderes; PT 39 kronor
* Melrose Industries Raised to Buy at Kepler Cheuvreux
* Merck & Co Raised to Outperform at Daiwa; PT $143
* MOL Raised to Buy at Citi; PT 5,300 forint
* Nordic Aqua Partners Raised to Buy at Arctic Securities
* Quilter Raised to Outperform at Avior Capital Markets
* Serco Raised to Outperform at BNP Paribas; PT 325 pence
* Wallenius Wilhelmsen Price Target Raised to NOK 150 from NOK 116 by SEB

>>> Down
* Aryzta Cut to Reduce at Kepler Cheuvreux; PT 40 Swiss francs
* BBVA Cut to Market Perform at KBW; PT 25.30 euros
* BCP Cut to Market Perform at KBW; PT 1.11 euros
* Bunzl Cut to Hold at Deutsche Bank; PT 3,000 pence
* CaixaBank Cut to Underperform at KBW; PT 12.50 euros
* DiaSorin Cut to Sell at UBS; PT 55 euros
* FinecoBank Cut to Market Perform at KBW; PT 25.70 euros
* Elmera Group ASA Cut to Sell at Norne Securities; PT 47 kroner
* Gap Cut to Hold at Jefferies; PT $23 Porsche SE PT Cut to 26.25 euros from 35 euros at Barclays
* Hoegh Autoliners Cut to Hold at Pareto Securities; PT 175 kroner
* Mediobanca Cut to Market Perform at KBW; PT 28.20 euros
* Novo Nordisk Cut to Hold at Berenberg; PT 305 kroner
* Novo Nordisk ADRs Cut to Hold at Berenberg; PT $47
* On Holding PT Cut to $40 from $48 at Truist Secs
* On Holding PT Cut to $20 from $24 at Jefferies
* On Holding Cut to Market Perform at William Blair
* On Holding PT Cut to $32 from $38 at Williams Trading
* Pet Valu Cut to Market Perform at Raymond James; PT C$23
* Solar Foods Raised to Accumulate at Inderes; PT 6 euros
* Tesco Cut to Hold at Shore Capital
* Wizz Air Cut to Underweight at Morgan Stanley; PT 800 pence

>>> Initiation
* Allwyn AG Rated New Equal-Weight at Morgan Stanley
* Frontline PLC Reinstated Hold at Norne Securities; PT $41.07
* Genmab ADRs Rated New Outperform at BNP Paribas; PT $40
* Hilton Worldwide Rated New Outperform at CICC; PT $370
* Marriott Intl Rated New Outperform at CICC; PT $410
* Nederman Rated New Buy at SB1 Markets; PT 180 kronor
* Raspberry PI Rated New Hold at Berenberg; PT 670 pence
* Svedbergs Group Rated New Buy at SB1 Markets; PT 75 kronor

>>> Call
* Clariant Raised to Buy at Berenberg as Litigation Risk Eases
* MOL Upgraded at Citi on Positive Macro Conditions, M&A Boost
* SBM Offshore a Vital Cog in Offshore Industry, Barclays Upgrades
* Tesco Downgraded to Hold at Shore Capital ‘to Pause for Breath’
* Wizz Air Cut at Morgan Stanley on Softer Pricing, Prefer Ryanair