>>> Europe : Brokers Upgrades & Downgrades - 17th of February 2026 V2(+)

>>> 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
* Cancom Raised to Overweight at Cantor; PT 31 euros (+)
* 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
* L'Oreal Raised to Buy at HSBC; PT 437 euros (+)
* Note Raised to Buy at Nordea; PT 182 kronor
* Schroders Raised to Equal-Weight at Morgan Stanley; PT 612 pence
* SF Urban Properties AG Raised to Outperform at ZKB (+)
* 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
* Aspo Cut to Reduce at Inderes; PT 7.60 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
* InterContinental Hotels Cut to Hold at Peel Hunt (+)
* Norsk Hydro Cut to Sell at SEB Equities; PT 75 kroner
* Plazza Cut to Market Perform at ZKB (+)
* Prosegur Cash Cut to Hold at Bestinver; PT 74 euro cents (+)
* 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
* Warner Bros Discovery Cut to Neutral at Rothschild & Co Redburn (+)

>>> 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
* Mha Rated New Buy at Stifel; PT 205 pence (+)
* Moreld Rated New Buy at Clarksons; PT 21 kroner
* Pinewood Technologies Reinstated Buy at Berenberg; PT 725 pence

>>> Call
* Citigroup is Morgan Stanley’s Top US Pick, Target Boosted (+)
* AI Disruption May Push US Small-Bank Mergers, JPMorgan Says (+)
* AXA Rated Outperform at RBC on ‘Fundamental Improvements’
* BASF Shares Raised to Hold at Berenberg on Political Outlook
* SSP Raised to Buy at UBS on Cash-Flow Focus, Earnings Growth (+)
* Prysmian Cut to Hold at Berenberg on Limited Upside (+)
* Kepler Cheuvreux Downgrades Unilever, Sees More Value Elsewhere (+)