>>> Europe : Brokers Upgrades & Downgrades - 16th of February 2026

>>> Up
* AB InBev Raised to Add at AlphaValue/Baader
* ACS Raised to Buy at Jefferies; PT 116 euros
* Bioretec Raised to Accumulate at Inderes; PT 32 euro cents
* Bjorn Borg Raised to Accumulate at Inderes; PT 67 kronor
* Integrated Wind Solutions Price Target Raised to NOK 72 from NOK 60 by Danske Bank
* Instalco AB Raised to Buy at SB1 Markets; PT 35 kronor
* Kone Raised to Buy at Deutsche Bank; PT 71 euros
* Klaveness Price Target Raised to NOK 97 from NOK 78 by SEB
* Loihde Raised to Accumulate at Inderes; PT 13.20 euros
* NatWest PT Raised to 840 pence from 810 pence at Citi

>>> Down
* Barratt Redrow Cut to Add at Peel Hunt; PT 430 pence
* DSM-Firmenich Cut to Hold at Berenberg; PT 70 euros
* Eagle Materials Cut to Underweight at JPMorgan; PT $215
* FlatexDEGIRO Cut to Neutral at BNP Paribas; PT 35 euros
* Lyko Price Target Cut to SEK 147 from SEK 154 by SEB
* Norsk Hydro Cut to Sell at Goldman; PT 69 kroner
* Norsk Hydro Cut to Sector Perform at RBC; PT 80 kroner
* Schroders Cut to Sector Perform at RBC; PT 610 pence
* Terveystalo Cut to Hold at SEB Equities; PT 10.70 euros
* Var Energi Downgraded to Sell from Hold by Danske Bank

>>> Initiation
* Disney Rated New Buy at GF Securities; PT $127.17
* Ferrovial Reinstated Overweight at Barclays; PT 70 euros
* Genmab ADRs Resumed Equal-Weight at Morgan Stanley; PT $34
* Tinc Comm Va Rated New Outperform at Oddo BHF; PT 13 euros

>>> Call
* ACS Upgraded to Buy at Jefferies on Data Center Opportunity
* DSM-Firmenich Cut at Berenberg, More Consensus Cuts Unavoidable
* Berenberg Keeps Hermès at Buy After 'Strong' FY25 Results