>>> Europe : Brokers Upgrades & Downgrades - 18th of March 2026 V2(+)

>>> Up
* Basler Raised to Buy at MP Capital Markets; PT 21 euros (+)
* Bilibili ADRs Raised to Overweight at JPMorgan; PT $35
* Demant Raised to Buy at Jefferies; PT 245 kroner
* Eurotech Raised to Buy at Alantra Capital Markets; PT 1.25 euros
* Fielmann Raised to Buy at BofA (+)
* Georg Fischer Raised to Neutral at UBS; PT 44 Swiss francs
* Heidelberg Materials Raised to Overweight at Morgan Stanley
* James Fisher PT Raised to 790 pence from 615 pence at Berenberg
* JCDecaux Raised to Overweight at JPMorgan; PT 29 euros
* ManpowerGroup Raised to Neutral at Goldman; PT $30
* Naturgy Raised to Buy at Goldman; PT 30 euros
* Puuilo Raised to Buy at Inderes; PT 14 euros
* Sandvik Raised to Buy at ABG; PT 400 kronor
* Sartorius Stedim Raised to Buy at Kepler Cheuvreux (+)
* Stadler Rail Raised to Buy at Kepler Cheuvreux
* TotalEnergies Raised to Buy at TD Cowen; PT 66 euros

>>> Down
* Amplifon Cut to Hold at Jefferies; PT 8 euros
* Amplifon Cut to Equal-Weight at Barclays; PT 10 euros
* Axfood Cut to Hold at Handelsbanken; PT 336 kronor (+)
* Axfood Cut to Hold at Danske Bank Markets; PT 335 kronor (+)
* Beiersdorf Cut to Neutral at JPMorgan; PT 90 euros
* GN Store Nord Cut to Hold at Jefferies; PT 111 kroner
* Logitech Cut to Neutral at UBS; PT 80 Swiss francs
* National Grid Cut to Hold at Jefferies; PT 1,410 pence
* Starbucks Cut to Sector Perform at RBC on Labor Investments
* Tencent Music ADRs Cut to Neutral at JPMorgan; PT $12

>>> Initiation
* Accelleron Rated New Buy at William O'Neil
* Constellation Energy Rated New Outperform at BNP Paribas
* NRG Energy Rated New Outperform at BNP Paribas; PT $232
* Pony AI ADRs Rated New Buy at Industrial Securities
* Weatherford Rated New Outperform at RBC; PT $105

>>> Call
* Amplifon Cut to Equal-Weight at Barclays on Strategic Change (+)
* Barclays’ Cau Sees Private Credit as Less of a Threat for Europe (+)
* Heidelberg Materials Upgraded as Morgan Stanley Sees Entry Point (+)
* Naturgy Gets Double Upgrade at Goldman Sachs on Growth Outlook (+)
* Investors Lack Appetite for Unilever Food Separation: Barclays (+)