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

>>> Up
* Abivax PT Raised to 130 euros from 70 euros at Kepler Cheuvreux (+)
* AMG Raised to Outperform at Oddo BHF; PT 38 euros
* Applied Materials Raised to Positive at Susquehanna; PT $400
* Aumovio PT Raised to 62 euros from 52 euros at JPMorgan
* Babcock PT Raised to 1,670 pence from 1,440 pence at Berenberg
* Carlsberg Raised to Outperform at BNP Paribas; PT 1,000 kroner
* Carlsberg ADRs Raised to Outperform at BNP Paribas; PT $31.30
* Ekinops SAS Raised to Hold at Portzamparc; PT 2.30 euros (+)
* Frontline PLC Raised to Buy at Clarksons; PT $28.33 (+)
* Harbour Energy Raised to Buy at SB1 Markets; PT 240 pence
* L'Oreal Raised to Hold at Deutsche Bank; PT 360 euros
* Leonardo PT Raised to 66 euros from 63 euros at JPMorgan (+)
* Next Raised to Outperform at Bernstein (+)
* Sage Group Raised to Buy at UBS; PT 1,425 pence
* Scor Raised to Outperform at BNP Paribas; PT 32 euros
* Swissquote Raised to Buy at Research Partners (+)
* Yara Raised to Buy at Arctic Securities; PT 440 kroner

>>> Down
* AB Foods Cut to Market Perform at Bernstein (+)
* Ashtead Cut to Underperform at BofA (+)
* Barry Callebaut Cut to Sell at Deutsche Bank
* Capgemini Cut to Underweight at Morgan Stanley; PT 142 euros
* CrowdStrike Cut to Sector Weight at KeyBanc
* Danone Cut to Sell at Deutsche Bank; PT 67 euros
* Haleon Cut to Sell at Deutsche Bank; PT 340 pence
* Heineken ADRs Cut to Neutral at BNP Paribas; PT $43
* Heineken Cut to Neutral at BNP Paribas; PT 73 euros
* Holcim Cut to Neutral at BofA (+)
* Indra Cut to Equal-Weight at Morgan Stanley; PT 60 euros
* Lords Group Trading Cut to Hold at Stifel; PT 25 pence (+)
* Mondi Cut to Underweight at Morgan Stanley; PT 800 pence
* Netcompany Cut to Underweight at Morgan Stanley; PT 332 kroner
* Pandora Cut to Hold at Nordea
* Pernod Ricard Cut to Underperform at BNP Paribas; PT 67 euros
* Pernod Ricard ADRs Cut to Underperform at BNP Paribas; PT $15.70
* Poste Italiane Cut to Neutral at BNP Paribas (+)
* Prudential Cut to Neutral at BNP Paribas (+)
* Sartorius Stedim Cut to Neutral at Goldman; PT 246 euros
* Sinch Cut to Underweight at Morgan Stanley; PT 27.50 kronor
* Snowflake Cut to Equal-Weight at Barclays; PT $250
* SoftwareONE Cut to Underweight at Morgan Stanley
* Sunrise Communications Cut to Neutral at Oddo BHF (+)
* Swiss Life Cut to Underperform at BNP Paribas (+)
* TietoEVRY Cut to Underweight at Morgan Stanley; PT 18 euros
* Travis Perkins Cut to Hold at Stifel; PT 700 pence (+)

>>> Initiation
* Aeromexico ADRs Rated New Buy at Banco BTG Pactual; PT $30
* BCP Rated New Hold at Bestinver; PT 88 euro cents (+)
* Bruton Rated New Buy at Clarksons; PT 54 kroner (+)
* Buzzi SpA Resumed Buy at BofA (+)
* GTT Reinstated Buy at BofA (+)
* Informa Rated New Neutral at Citi; PT 975 pence
* Innate Pharma ADRs Reinstated Neutral at Goldman; PT $2.77
* Inventiva SACA ADRs Rated New Outperform at Leerink; PT $12
* Knights Rated New Buy at Canaccord; PT 345 pence (+)
* L'Oreal Rated New Outperform at Mediobanca SpA; PT 420 euros
* Pearson Rated New Buy at Citi; PT 1,300 pence
* Publicis Rated New Buy at Citi; PT 109 euros
* RELX Rated New Neutral at Citi; PT 3,325 pence
* Rockwool Resumed Underperform at BofA (+)
* Sopra Steria Rated New Buy at UBS; PT 178 euros
* Verisure Rated New Buy at Deutsche Bank; PT 18 euros
* Wolters Kluwer Rated New Buy at Citi; PT 125 euros
* WPP Rated New Neutral at Citi; PT 365 pence

>>> Call
* Abivax PT Raised to Street-High at Kepler on Bowel Disease Drug (+)
* Capgemini Among Host of Software & IT Cuts at Morgan Stanley
* Goldman Sees Strong US Growth, Tame Inflation With Two Fed Cuts
* Mondi Fundamentals Remain Weak, Morgan Stanley Downgrades
* Pandora Downgraded to Hold at Nordea on Weakening Visibility
* Tesco Is Top Pick at Bernstein; Next Upgraded, AB Foods Cut (+)