>>> Europe : Brokers Upgrades & Downgrades - 17th of February 2026

>>> Up
* Avolta Raised to Buy at UBS; PT 65 Swiss francs
* BASF Raised to Hold at Berenberg; PT 48 euros
* BASF ADRs Raised to Hold at Berenberg; PT $14.20
* Citigroup PT Raised to $152 from $135 at Morgan Stanley
* Dollar Tree Raised to Buy at Rothschild & Co Redburn; PT $165
* FinecoBank Raised to Buy at UBS; PT 23.80 euros
* Genmab Raised to Buy at Jefferies; PT 2,650 kroner
* Genmab ADRs Raised to Buy at Jefferies; PT $41.50
* Note Raised to Buy at Nordea; PT 182 kronor
* Schroders Raised to Equal-Weight at Morgan Stanley; PT 612 pence
* SSP Raised to Buy at UBS; PT 245 pence
* Theon International Raised to Buy at Stifel; PT 34 euros

>>> Down
* Alfen Cut to Underperform at Oddo BHF; PT 8 euros
* Conoco Cut to Neutral at Roth Capital Partners; PT $112
* Credit Agricole Cut to Hold at Deutsche Bank; PT 20 euros
* Dollar General Cut to Sell at Rothschild & Co Redburn; PT $111
* Ecora Royalties Plc Cut to Hold at Peel Hunt; PT 154 pence
* Henkel Cut to Neutral at Grupo Santander; PT 86.70 euros
* Norsk Hydro Cut to Sell at SEB Equities; PT 75 kroner
* Prysmian Cut to Hold at Berenberg
* Puig Cut to Neutral at JB Capital Markets; PT 18.50 euros
* Solvay Cut to Neutral at Oddo BHF; PT 28 euros
* Unilever Cut to Hold at Kepler Cheuvreux

>>> Initiation
* Addnode Group AB Rated New Buy at SB1 Markets; PT 96 kronor
* Allianz Rated New Sector Perform at RBC; PT 405 euros
* AXA Reinstated Outperform at RBC; PT 48 euros
* Pinewood Technologies Reinstated Buy at Berenberg; PT 725 pence

>>> Call
* AXA Rated Outperform at RBC on ‘Fundamental Improvements’
* BASF Shares Raised to Hold at Berenberg on Political Outlook