>>> Europe : Brokers Upgrades & Downgrades - 13th of January 2026 V3(++)

>>> Up
* Aena Raised to Neutral at BofA (+)
* Albemarle Raised to Buy at Deutsche Bank; PT $185
* AMD Raised to Overweight at KeyBanc; PT $270
* Analog Devices PT Raised to $375 from $330 at KeyBanc (++)
* Anglogold Raised to Neutral at Nedbank CIB; PT $90.22
* Atoss Software Raised to Buy at Jefferies; PT 140 euros
* Bankinter Raised to Buy at Alantra Equities; PT 17 euros (++)
* Bittium Raised to Accumulate at Inderes; PT 36 euros
* CaixaBank Raised to Buy at Alantra Equities; PT 12 euros (++)
* Colgate-Palmolive Raised to Equal-Weight at Wells Fargo (++)
* Expedia PT Raised to $270 from $180 at Morgan Stanley (++)
* Intel Raised to Overweight at KeyBanc; PT $60
* ISS Raised to Buy at BofA (+)
* Kone Raised to Sector Perform at RBC
* Lagercrantz Raised to Buy at Pareto Securities; PT 240 kronor
* Land Sec. Raised to Neutral at Van Lanschot Kempen; PT 650 pence (++)
* Lattice Semi PT Raised to $95 from $85 at KeyBanc (++)
* LEG Immobilien Raised to Buy at Van Lanschot Kempen; PT 80 euros (++)
* Lufthansa Raised to Buy at DBS Bank; PT 10 euros
* Micron PT Raised to $450 from $325 at KeyBanc (++)
* Ontex Raised to Accumulate at KBC Securities; PT 6.50 euros (+)
* Pan African Raised to Overweight at Nedbank CIB; PT 149.27 pence
* PVA TePla Raised to Buy at Jefferies; PT 31 euros
* Shurgard Raised to Buy at Van Lanschot Kempen; PT 36 euros (++)
* Trustpilot Raised to Hold at Panmure Liberum; PT 220 pence (++)
* Verbio SE Raised to Buy at mwb research AG; PT 28 euros (++)
* Wereldhave Raised to Buy at Van Lanschot Kempen; PT 22 euros (++)
* Yara Raised to Buy at Danske Bank Markets; PT 445 kroner (++)
* Zalando Raised to Overweight at Barclays; PT 35 euros

>>> Down
* AB Foods PT Cut to 1,650 pence at Morgan Stanley
* ADP Cut to Underperform at BofA (+)
* Aedifica Cut to Neutral at Van Lanschot Kempen; PT 75 euros (++)
* Airtel Africa Cut to Hold at HSBC; PT 400 pence
* Alcoa Cut to Equal-Weight at Wells Fargo; PT $71 (++)
* ASM Intl Cut to Underperform at Jefferies; PT 495 euros
* Atrium Ljungberg Cut to Sell at Van Lanschot Kempen (++)
* BAE Cut to Hold at Deutsche Bank; PT 2,140 pence
* BMW Cut to Neutral at UBS; PT 93 euros
* Colonial SFL Socimi Cut to Sell at Van Lanschot Kempen (++)
* Continental Cut to Hold at Berenberg
* Derwent London Cut to Sell at Van Lanschot Kempen (++)
* Eiffage Cut to Neutral at BofA (+)
* Entain Cut to Add at Peel Hunt; PT 850 pence (+)
* FedEx Cut to Neutral at BNP Paribas; PT $280
* Ferrari Cut to Hold at HSBC
* Flutter PT Cut to $260 from $280 at Truist Secs (++)
* Getlink Cut to Underperform at BofA (+)
* Hammerson Cut to Neutral at Van Lanschot Kempen; PT 360 pence (++)
* Heineken Cut to Hold at HSBC; PT 78 euros
* Jet2 Cut to Hold at Goodbody; PT 1,525 pence (+)
* Kambi Cut to Hold at Jefferies; PT 140 kronor
* Leonardo Cut to Hold at Deutsche Bank; PT 57 euros
* Mastercard Raised to Buy at Compass Point; PT $735
* PayPal Cut to Neutral at Daiwa; PT $61
* Pyramid AG Cut to Speculative Buy at SMC Research; PT 1.60 euros (++)
* SMA Solar Cut to Hold at Jefferies
* Telia Cut to Neutral at UBS; PT 41.60 kronor
* Thales Cut to Hold at Deutsche Bank; PT 280 euros
* Traton Cut to Underweight at Morgan Stanley; PT 32 euros
* Trelleborg Cut to Sell at ABG; PT 350 kronor
* Vinci Cut to Underperform at BofA (+)
* Volvo Cut to Equal-Weight at Morgan Stanley; PT 323 kronor
* Vusion Cut to Neutral at BNP Paribas; PT 210 euros
* Wihlborgs Cut to Neutral at Van Lanschot Kempen; PT 95 kronor (++)

>>> Initiation
* Alpha Bank Rated New Buy at William O'Neil
* AMD Rated New Buy at China Renaissance; PT $291
* Animalcare Rated New Buy at Cavendish; PT 335 pence
* DFDS Reinstated Hold at SEB Equities; PT 105 kroner
* Disney Rated New Accumulate at Phillip Secs; PT $130
* Fuchs Rated New Overweight at JPMorgan; PT 38 euros
* Galderma Rated New Hold at Deutsche Bank; PT 165 Swiss francs
* Informa Reinstated Buy at UBS; PT 1,075 pence
* Michelin Rated New Hold at Berenberg; PT 28 euros
* Pernod Ricard Rated New Neutral at Mediobanca SpA; PT 93 euros
* Pirelli Rated New Buy at Berenberg; PT 8 euros
* Planisware Rated New Buy at UBS; PT 28 euros
* Swiss Prime Rated New Underweight at Morgan Stanley

>>> Call
* Daimler Truck a Top Pick at Morgan Stanley, Traton Downgraded
* Jefferies Sees ‘Choppy Year’ Ahead For European Semiconductors
* JPMorgan Says Prepare for More Volatility in Energy Transition (++)
* TF1, M6 Fall as Bernstein Downgrades on Weak French TV Ad View (++)