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

>>> Up
* 3M Co Raised to Overweight at JPMorgan; PT $180
* ABB Raised to Buy at Pareto Securities; PT 96.40 Swiss francs
* Adecco Raised to Outperform at BNP Paribas; PT 24 Swiss francs
* Adecco ADRs Raised to Outperform at BNP Paribas; PT $15.30
* Apple Raised to Buy at HSBC; PT $366
* Atlas Copco Raised to Buy at SB1 Markets; PT 225 kronor
* BMW Raised to Buy at HSBC on Neue Klasse, ‘Realistic’ Guidance
* Eltel Raised to Accumulate at Inderes; PT 14 kronor
* Emerson Electric Raised to Overweight at JPMorgan; PT $157
* Fiskars Raised to Reduce at Inderes; PT 11.50 euros
* HMS Networks Raised to Buy at Handelsbanken; PT 580 kronor
* IntegraFin Raised to Buy at Jefferies; PT 440 pence
* Johnson & Johnson Raised to Buy at Freedom Capital; PT $280
* NatWest Raised to Outperform at KBW; PT 735 pence
* Scanfil Raised to Accumulate at Inderes; PT 12.50 euros
* Sodexo Raised to Reduce at AlphaValue/Baader
* Telenor Raised to Buy at Pareto Securities; PT 150 kroner
* Trelleborg Raised to Hold at ABG; PT 415 kronor
* Verkkokauppa.com Raised to Buy at Nordea; PT 4 euros

>>> Down
* Crest Nicholson PT Cut to 70 pence from 78 pence at Berenberg
* Delivery Hero Cut to Neutral at UBS; PT 41.50 euros
* Lloyds Cut to Market Perform at KBW; PT 120 pence
* Nordea Bank Cut to Reduce at Inderes; PT 17.50 euros
* Rotork Cut to Hold at Berenberg; PT 503 pence

>>> Initiation
* Zehnder Rated New Outperform at Oddo BHF; PT 84 Swiss francs

>>> Call
* IntegraFin Set to Be a Winner in ‘Shake-Out,’ Jefferies Upgrades
* Sobi Offers Further Upside, PT to Street-High at Berenberg