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

>>> Up
* Allegro MicroSystems Raised to Overweight at Morgan Stanley
* Applied Materials Raised to Buy at Summit Insights
* AQ Group Raised to Buy at Pareto Securities; PT 200 kronor
* Atria Raised to Accumulate at Inderes; PT 19 euros
* Crocs PT Raised to $95 from $85 at Piper Sandler
* CrowdStrike Raised to Buy at HSBC; PT $446
* Embracer Raised to Buy at ABG; PT 70 kronor
* Fagron PT Raised to 28 euros from 26 euros at Berenberg
* Harvia Raised to Buy at Inderes; PT 44 euros
* Legrand PT Raised to 175 euros from 165 euros at JPMorgan
* Legrand PT Raised to 175 euros from 165 euros at Citi
* Marimekko Raised to Accumulate at Inderes; PT 12.50 euros
* NN Group PT Raised to 86 euros from 70 euros at Berenberg
* Orkla Price Target Raised to NOK 118 from NOK 109 by SEB
* Pihlajalinna Raised to Buy at Inderes; PT 17 euros
* PVA TePla Raised to Neutral at BNP Paribas; PT 25 euros
* Rathbones Group PT Raised to 2,500 pence from 2,100 pence at RBC
* Rivian Raised to Neutral at UBS; PT $16
* Siemens PT Raised to 335 euros from 290 euros at Citi
* TietoEVRY Raised to Buy at Nordea; PT 22.20 euros
* Vaisala Raised to Buy at Inderes; PT 51 euros
* Vaisala Raised to Buy at SEB Equities; PT 51 euros

>>> Down
* Acast Cut to Equal-Weight at Barclays; PT 30 kronor
* Aallon Group Cut to Reduce at Inderes; PT 10.50 euros
* AstraZeneca Cut to Hold at Shore Capital
* Carl Zeiss Meditec PT Cut to 22.40 euros at JPMorgan
* Elmera Group ASA Cut to Hold at Pareto Securities; PT 38 kroner
* Enagas Cut to Neutral at JB Capital Markets; PT 15.50 euros
* Etteplan Cut to Reduce at Inderes; PT 9.50 euros
* H&M Cut to Underweight at Barclays; PT 162 kronor
* Lime Technologies Price Target Cut to SEK 350 from SEK 420 by SEB
* Norwegian Cruise Cut to Neutral at JPMorgan; PT $20
* TripAdvisor PT Cut to $10 from $13 at Barclays
* Volvo Cut to Sector Perform at RBC; PT 360 kronor

>>> Initiation
* AMD Rated New Neutral at DA Davidson
* Generali Resumed Buy at Citi; PT 43.40 euros
* Intel Rated New Neutral at DA Davidson
* Tapestry Rated New Outperform at BNP Paribas; PT $176
* TSMC Rated New Buy at DA Davidson as ‘Core Part’ of AI Cycle

>>> Call
* AstraZeneca Success Comes at a Cost, Shore Capital Cuts to Hold
* Volvo Downgraded at RBC, Prefer North America Exposure