>>> Europe : Brokers Upgrades & Downgrades - 13th of Aug 2026

>>> Up
* Air Canada PT Raised to C$40 from C$29 at National Bank
* Alma Media Raised to Buy at SEB Equities; PT 15.90 euros
* Austrian Post Raised to Accumulate at Erste Group; PT 35 euros
* Aviva PT Raised to 800 pence from 755 pence at Peel Hunt
* Daimler Truck PT Raised to 58 euros from 52 euros at RBC
* Elekta Raised to Buy at SB1 Markets; PT 59 kronor
* TKMS Raised to Outperform at Bernstein; PT 125 euros

>>> Down
* Alcon AG Cut to Neutral at BNP Paribas; PT 64 Swiss francs
* Borr Drilling Cut to Hold at Arctic Securities; PT $3.80
* Coca-Cola Europacific Cut to Neutral at UBS; PT $107
* Demant Cut to Hold at Handelsbanken; PT 305 kroner
* Deutsche Post Cut to Neutral at Citi; PT 59 euros
* FCC Cut to Add at AlphaValue/Baader
* Lanxess Cut to Sell at Berenberg; PT 13.80 euros
* Legal & General Cut to Underweight at JPMorgan; PT 270 pence
* Matas Cut to Hold at SEB Equities; PT 95 kroner
* Metacon Cut to Reduce at Inderes; PT 0.19 kronor
* OXB Cut to Hold at Investec; PT 508 pence
* Salmar Cut to Sell at Nordea; PT 480 kroner
* UMG Cut to Reduce at HSBC; PT 12.10 euros

>>> Initiation
* ASML ADRs Reinstated Buy at William O'Neil
* ASML Reinstated Buy at William O'Neil
* Pelagic Credit Rated New Buy at Fearnley; PT 20 kroner

>>> Call
* Aviva Raised at JPMorgan, Legal & General, M&G Downgraded
* Lanxess Consensus Overly Optimistic, Cut to Sell at Berenberg