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

>>> Up

* Alzchem Group PT Raised to 197 euros from 185 euros at Berenberg

* Cemex ADRs Raised to Outperform at Itau BBA; PT $14.50

* Crocs Raised to Hold at Williams Trading; PT $84

* Epiroc Raised to Overweight at Morgan Stanley; PT 262 kronor

* Faron Pharma Raised to Buy at Inderes

* Hochschild Mining Raised to Overweight at JPMorgan; PT 990 pence
* Impianti Raised to Outperform at EnVent S.p.A.; PT 1 euro

* Neste Raised to Outperform at RBC; PT 30 euros

* Nichols Raised to Buy at Deutsche Bank; PT 1,150 pence

* Nokia PT Raised to 8.50 euros from 6.50 euros at Morgan Stanley

* Rentokil Raised to Buy at UBS; PT 540 pence

* Repsol Raised to Outperform at RBC; PT 25 euros

>>> Down

* Also Cut to Hold at Berenberg; PT 165 Swiss francs

* Bodycote Cut to Sector Perform at RBC; PT 775 pence
* Quilter Cut to Underperform at Avior Capital Markets

* Sandvik Cut to Equal-Weight at Morgan Stanley; PT 356 kronor

>>> Initiation

* Asta Energy Solutions Rated New Add at Baader Helvea
* Aumovio Rated New Outperform at Oddo BHF; PT 50 euros

* Eviso Rated New Outperform at Mediobanca SpA; PT 10.20 euros

* INVISIO AB Rated New Hold at ABG; PT 280 kronor

* Severn Trent Reinstated Neutral at BNP Paribas; PT 2,550 pence

>>> Call
* Ciena, Arista, and Coherent All New Buys at Cowen on AI Growth