>>> Europe : Brokers Upgrades & Downgrades - 16th of February 2026 V2(+)

>>> 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
* Eurotech Raised to Buy at Intesa Sanpaolo; PT 1.20 euros (+)
* Hensoldt Raised to Buy at MP Capital Markets; PT 91 euros (+)
* 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
* HelloFresh Cut to Hold at Kepler Cheuvreux (+)
* HKFoods Cut to Accumulate at Inderes; PT 2 euros (+)
* Interpump Cut to Hold at Kepler Cheuvreux (+)
* KGHM Cut to Sell at Citi; PT 209 zloty (+)
* 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
* Norsk Hydro Cut to Sell at Arctic Securities; PT 72 kroner (+)
* Norsk Hydro Cut to Reduce at Kepler Cheuvreux (+)
* Posti Group Cut to Hold at Nordea (+)
* 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
* Citi Raises NatWest PT to Street-High on Evelyn, Higher Income (+)
* Copper Producer KGHM Cut to Sell at Citi Following Sharp Rally (+)
* DSM-Firmenich Cut at Berenberg, More Consensus Cuts Unavoidable
* Deutsche Bank Strategists See Tax Refunds Fueling US Stock Flows
* Ferrovial Resumed Overweight as Barclays See Near-Term Catalysts (+)
* Berenberg Keeps Hermès at Buy After 'Strong' FY25 Results
* Kone Raised to Buy at Deutsche Bank on 2026, 2027 Prospects (+)
* Norsk Hydro Cut to Sector Perform at RBC on Downstream Business (+)
* TINC Comm Initiated Outperform at Oddo Over Infrastructure Gains (+)
* Var Energi Cut to Sell at Danske Bank Markets; PT 30 kroner (+)