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

>>> Up
* Albemarle Raised to Buy at HSBC; PT $200
* E.On PT Raised to 19.50 euros from 18 euros at Morgan Stanley
* Gerresheimer Raised to Outperform at Oddo BHF; PT 37 euros
* RWE PT Raised to 60 euros from 55 euros at Morgan Stanley
* Sagax Raised to Buy at SEB Equities; PT 234 kronor
* SBM Offshore Raised to Overweight at Barclays; PT 37.50 euros
* Spotify Raised to Buy at President Capital Management; PT $620
* Telenor Raised to Buy at Pareto Securities; PT 160 kroner
* Volvo Raised to Buy at Nordea; PT 360 kronor

>>> Down
* Atrium Ljungberg Cut to Hold at SEB Equities; PT 37 kronor
* BMW Cut to Hold at Berenberg
* Enagas Cut to Sell at Deutsche Bank; PT 12 euros
* Hochschild Mining Cut to Neutral at JPMorgan; PT 670 pence
* Italgas Cut to Hold at Deutsche Bank; PT 10.30 euros
* Equinor Cut to Underperform at Grupo Santander; PT 250 kroner
* Leroy Cut to Hold at SEB Equities; PT 51 kroner
* LVMH Cut to Equal-Weight at Morgan Stanley; PT 635 euros
* Renault Cut to Hold at Berenberg; PT 38 euros
* Sika PT Cut to 143 Swiss francs at JPMorgan
* Var Energi Cut to Neutral at SB1 Markets; PT 38 kroner

>>> Initiation
* BBVA Reinstated Overweight at JPMorgan; PT 23.50 euros
* Greencore Group Resumed Buy at Goodbody; PT 320 pence
* Verisure Rated New Outperform at Grupo Santander; PT 18.35 euros
* WS WeSports Group Rated New Buy at ABG; PT 95 kronor

>>> Call
* Autos Re-Rating Capped by China, Berenberg Cuts BMW, Renualt
* LVMH Downgraded as Morgan Stanley Takes ‘Pause for Breath’