>>> Europe : Brokers Upgrades & Downgrades - 18th of May 2026 V3(++)

>>> Up
* ABN Amro GDRs PT Raised to 41 euros from 38.10 euros at Citi
* Burberry Raised to Overweight at Morgan Stanley; PT 1,350 pence
* BW LPG Raised to Hold at DNB Carnegie; PT 199 kroner (++)
* Draegerwerk Raised to Add at AlphaValue/Baader
* FLSmidth Raised to Buy at Nordea; PT 545 kroner (+)
* FLSmidth Raised to Buy at Danske Bank Markets; PT 570 kroner (++)
* Infineon PT Raised to 80 euros from 52 euros at Citi
* Interpump raised to Buy from Hold at Kepller Cheuvreux, PT Euro 43
* Kempower Raised to Accumulate at Inderes; PT 15 euros
* Mowi Raised to Buy at Pareto Securities; PT 220 kroner
* NKT Price Target Raised to DKK 1,175 from DKK 955 by Nordea
* Repsol raised to Buy From Hold at Kepler Cheuvreux PT Euro 25.5
* Rheinmetall Raised to Buy at Citi; PT 1,408 euros (+)
* Saab Raised to Neutral at Citi; PT 527 kronor (+)
* SGS Reinstated Buy at Kepler Cheuvreux; PT 102 Swiss francs (++)
* Shell raised to Buy from Hold at HSBC PT 3,700p

>>> Down
* Applied Materials Cut to Equal-Weight at Morgan Stanley (+)
* BPER Banca Cut to Hold at Deutsche Bank; PT 13.40 euros (+)
* Commerzbank Cut to Market Perform at KBW; PT 39 euros
* Future Plc Cut to Hold at Stifel; PT 355 pence (++)
* Medistim Cut to Neutral at SB1 Markets; PT 230 kroner (++)
* Nanobiotix SA Cut to Hold at Portzamparc; PT 35 euros (+)
* Ouster Cut to Neutral at President Capital Management; PT $35
* Oxford Instruments Cut to Hold at Berenberg; PT 3,000 pence
* Regeneron Cut to Neutral at Citi; PT $700
* Tate & Lyle Cut to Hold at Kepler Cheuvreux; PT 547 pence (++)
* Taylor Wimpey Cut to Neutral at Rothschild & Co Redburn
* TKH GDRs Cut to Neutral at Oddo BHF; PT 53 euros

>>> Initiation
* AMAG Austria Reinstated Buy at Kepler Cheuvreux; PT 31.50 euros (++)
* America Movil ADRs Reinstated Buy at Goldman; PT $31.80
* Brave Bison Rated New Buy at Shore Capital; PT 125 pence
* Cohort Rated New Hold at Jefferies; PT 1,290 pence
* Elmet Group Rated New Buy at Roth Capital Partners; PT $21
* Intertek Reinstated Hold at Kepler Cheuvreux; PT 6,000 pence (++)
* Mobileye Rated New Underperform at Jefferies; PT $8
* Naturgy Rated New Buy at NSV; PT 30.40 euros
* Tim Brasil ADRs Reinstated Neutral at Goldman; PT $23.40
* Vivo ADRs Reinstated Sell at Goldman; PT $13.90

>>> Call
* ABN Amro Price Target Raised to Street High at Citi After 1Q
* Burberry Upgraded at Morgan Stanley, Now a Top Pick in Luxury
* BMO Confirms SAP's Outperform Rating After Sapphire 2026 Event
* BofA: Hochtief 'Looks Poised' for Outlook Upgrade by Q3 Results; Price Objective, Estimates Up (+)
* Oxford Instruments Seems Fairly Valued, Cut to Hold at Berenberg
* RBC Updates Forecasts for RWE After Q1 Results; Outperform Rating Kept