>>> Europe : Brokers Upgrades & Downgrades - 19th & 20th of Sept 2026

>>> Up
* Erste Bank Polska Raised to Buy at Citi; PT 845 zloty
* Hugo Boss Raised to Neutral at BNP Paribas; PT 36 euros
* Hugo Boss ADRs Raised to Neutral at BNP Paribas; PT $8.80
* Lundbeck Raised to Buy at UBS; PT 52 kroner
* Maersk Raised to Buy at Fearnley; PT 26,000 kroner
* VAT Raised to Buy at Bank Vontobel; PT 725 Swiss francs

>>> Down
* AEVIS VICTORIA Cut to Add at AlphaValue/Baader
* Barratt Redrow Cut to Hold at Peel Hunt; PT 300 pence
* Hermes PT Cut to 1,750 euros from 2,150 euros at Bernstein
* IMI Cut to Neutral at BNP Paribas; PT 3,400 pence
* ON Semi PT Cut to $75 from $91 at Truist Secs

>>> Initiation
* Alm Brand Rated New Buy at Goldman; PT 19.20 kroner
* Atoss Software Rated New Neutral at UBS; PT 100 euros
* Danske Bank Reinstated Underperform at BNP Paribas
* DNB Bank Reinstated Outperform at BNP Paribas; PT 390 kroner
* Handelsbanken Reinstated Underperform at BNP Paribas
* Init New Outperform at Oddo BHF on Revenue Growth Outlook
* Lotus Bakeries New Buy at Jefferies on Biscoff Brand Growth
* NexGen Energy Rated New Overweight at JPMorgan; PT $14
* Nordea Bank ADRs Reinstated Outperform at BNP Paribas; PT $27
* SEB Reinstated Outperform at BNP Paribas; PT 285 kronor
* Swedbank Reinstated Outperform at BNP Paribas; PT 500 kronor

>>> Call
* Alior, Erste Bank Polska Raised on Balance Sheet Strength: Citi