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

>>> Up
* AB InBev Raised to Buy at Deutsche Bank; PT 79 euros
* ACS Raised to Buy at Intermoney Valores; PT 108 euros
* Aena Raised to Hold at Deutsche Bank; PT 24 euros
* BMW Raised to Buy at Berenberg; PT 75 euros
* Campari Raised to Buy at Deutsche Bank; PT 7.10 euros
* Montea Raised to Outperform at Oddo BHF; PT 76 euros
* Soitec Raised to Overweight at JPMorgan; PT 200 euros

>>> Down
* Antin PT Cut to 7.60 euros from 8.70 euros at Morgan Stanley
* Cellectis ADRs Cut to Underweight at Barclays; PT $1.30
* Colruyt Cut to Neutral at Oddo BHF; PT 40 euros
* Expedia Cut to Underweight at Morgan Stanley; PT $235
* Hartford Insurance Group Cut to Neutral at Mizuho Securities
* Norsk Hydro Cut to Sector Perform at RBC; PT 100 kroner
* Sabadell Cut to Hold at Bestinver; PT 3.67 euros
* Safestore Cut to Neutral at Oddo BHF; PT 600 pence
* Stellantis Cut to Hold at Berenberg; PT 5.10 euros

>>> Initiation
* Airbnb Assumed Equal-Weight at Morgan Stanley; PT $170
* Banco BPM Resumed Neutral at JPMorgan; PT 17 euros
* Booking Assumed Overweight at Morgan Stanley; PT $230
* Brinker Rated New Buy at Seaport Global Securities; PT $230
* Bufab Rated New Buy at SB1 Markets; PT 160 kronor
* Cava Group Rated New Buy at Seaport Global Securities; PT $58
* Chipotle Rated New Neutral at Seaport Global Securities
* Darden Rated New Buy at Seaport Global Securities; PT $240
* Domino's Pizza Rated New Neutral at Seaport Global Securities
* Dutch Bros Rated New Buy at Seaport Global Securities; PT $50
* JOST Werke Rated New Buy at AlphaValue/Baader
* KBC Reinstated Buy at Jefferies; PT 155 euros
* McDonald's Rated New Neutral at Seaport Global Securities
* Restaurant Brands Rated New Buy at Seaport Global Securities
* Shake Shack Rated New Neutral at Seaport Global Securities
* SIG Group Rated New Neutral at JPMorgan; PT 14.80 Swiss francs
* Wihlborgs Rated New Buy at Arctic Securities; PT 95 kronor
* Yum Rated New Buy at Seaport Global Securities; PT $162

>>> Call
* BMW Raised, Stellantis Cut at Berenberg, Volkswagen Remains Buy
* KBC a ‘Quality Compunder,’ Gets New Buy Rating at Jefferies
* Norsk Hydro Cut to Sector Perform at RBC on Supply Recovery
* SIG Group New Neutral at JPMorgan, Faces Competitive Pressures
* Soitec Raised to Overweight at JPMorgan on Photonics Outlook