>>> Europe : Brokers Upgrades & Downgrades - 15th of Sept 2026

>>> Up
* Axfood Raised to Buy at Nordea; PT 285 kronor
* Eli Lilly Raised to Buy at Berenberg; PT $1,400
* GSK Raised to Buy at Berenberg; PT 2,200 pence
* GSK ADRs Raised to Buy at Berenberg; PT $60
* Hemnet Raised to Overweight at Morgan Stanley; PT 102 kronor

>>> Down
* Cellectis ADRs Cut to Market Perform at Citizens
* Evonik Cut to Equal-Weight at Morgan Stanley; PT 18 euros

>>> Initiation
* Bentley Systems Rated New Overweight at Cantor; PT $37
* Capital Tankers Rated New Buy at ABG; PT 226 kroner
* Magnum Ice Cream Rated New Neutral at Citi; PT 17.70 euros
* Medacta Rated New Hold at Deutsche Bank; PT 121 Swiss francs
* Nokia ADRs Rated New Buy at Rosenblatt Securities Inc
* OMC Tankers GDRs Rated New Buy at ABG; PT 40 kroner
* Ondine Biomedical Rated New Buy at Peel Hunt; PT 29 pence
* Philip Morris Reinstated Buy at William O'Neil
* Rivian Rated New Neutral at Citi; PT $18
* Schott Pharma Rated New Overweight at JPMorgan; PT 27.10 euros
* UniCredit Rated New Sector Perform at RBC; PT 90 euros

>>> Call
* Bearish Stock Bets Leave Asia With Weakest Positioning: Citi
* BlackRock Raises EM Equities Back to Overweight on AI, Earnings
* Evonik Downgraded at Morgan Stanley on Methionine Price Risk
* Magnum Ice Cream Neutral at Citi, More Negative Skew Into 2027
* Schott Pharma New Overweight at JPMorgan on Supportive Trends