>>> Europe : Brokers Upgrades & Downgrades - 12th of February 2026 V2(+)

>>> Up
* Ashmore PT Raised to 350 pence from 240 pence at Panmure Liberum (+)
* Banca Generali Raised to Buy at Kepler Cheuvreux
* Eezy Raised to Accumulate at Inderes; PT 88 euro cents
* Eurobank Raised to Buy at Goldman; PT 5 euros
* Ferrari Raised to Neutral at Citi; PT $379.62
* Fondia Raised to Buy at Inderes; PT 5.80 euros
* Fugro Raised to Buy at Kepler Cheuvreux
* MercadoLibre Raised to Overweight at JPMorgan; PT $2,800
* Metacon Raised to Buy at Inderes; PT 0.40 kronor
* Novo Raised to Hold at Jefferies; PT 275 kroner
* Recordati Raised to Equal-Weight at Barclays; PT 48 euros
* Revenio Raised to Buy at Nordea; PT 22 euros
* Revenio Raised to Buy at SEB Equities; PT 22 euros
* Sandoz Group Raised to Buy at Jefferies; PT 75 Swiss francs
* Zalando Raised to Equal-Weight at Morgan Stanley; PT 23 euros
* Zegna Group Raised to Equal-Weight at Morgan Stanley; PT $11

>>> Down
* 2020 Bulkers Cut to Hold at SEB Equities; PT 136 kroner
* Amadeus Cut to Neutral at Citi; PT 50 euros
* BP Cut to Neutral at BNP Paribas; PT 465 pence
* BP ADRs Cut to Neutral at BNP Paribas; PT $38.50
* Entra Cut to Hold at Nordea
* Finnair Cut to Sell at Inderes; PT 3 euros
* Gjensidige Cut to Underweight at Barclays; PT 250 kroner
* GSK Cut to Sell at Intron Health; PT 1,900 pence
* HgCapital Cut to Underperform at Jefferies
* IPC Cut to Hold at Fearnley; PT 207 kronor
* Legend Biotech ADRs Cut to Neutral at Rothschild & Co Redburn
* MJ Gleeson PT Cut to 375 pence from 400 pence at RBC
* National Bank of Greece Cut to Neutral at Goldman
* NX Filtration Cut to Sell at KBC Securities; PT 1.80 euros (+)
* Siegfried Cut to Sector Perform at RBC
* Storebrand Cut to Neutral at BofA (+)
* Yara Cut to Hold at Arctic Securities; PT 470 kroner
* Yara Cut to Hold at ABG; PT 485 kroner
* Yara Cut to Hold at Deutsche Bank; PT 484 kroner (+)

>>> Initiation
* Amadeus Donwgraded at Citi Over Increased AI Disruption Risks
* BP Cut to Reduce at HSBC; PT 430 pence
* Dottikon Es Holding Rated New Neutral at UBS
* Momentum Group Rated New Neutral at SB1 Markets; PT 145 kronor
* Pfizer Cut to Neutral at Daiwa; PT $27

>>> Call
* Barclays Strategists See Buyback Support for European Stocks (+)
* BAT Results and Guidance Are In Line With Expectations, Says RBC (+)
* GSK’s 2031 Sales Target Unrealistic, Intron Health Cuts to Sell
* Novo Upgraded at Jefferies, Near-Term Risks Better Understood
* Sandoz Upgraded to Buy at Jefferies on ‘Undervalued’ Pipeline
* Zalando Risks Balanced After De-Rating, Morgan Stanley Upgrades