>>> Europe : Brokers Upgrades & Downgrades - 1st of May 2026

>>> Up
* Caterpillar Raised to Equal-Weight at Morgan Stanley; PT $915
* CNH Industrial Raised to Outperform at Mediobanca SpA; PT $13
* Elkem Raised to Buy at SEB Equities; PT 33 kroner
* Eni Raised to Buy at DBS Bank; PT 27 euros
* Repsol Raised to Buy at Goldman; PT 25 euros

>>> Down
* Adecco Cut to Neutral at Citi; PT 18 Swiss francs
* Aker Solutions Cut to Hold at Pareto Securities; PT 45 kroner
* Elf Beauty Cut to Equal-Weight at Morgan Stanley; PT $67
* Pagegroup Cut to Neutral at Citi; PT 130 pence
* Randstad Cut to Neutral at Citi; PT 25 euros
* Technip Energies Cut to Neutral at Goldman; PT 37 euros

>>> Initiation
* Genus Rated New Overweight at JPMorgan; PT 3,200 pence
* Var Energi Rated New Buy at William O'Neil

>>> Call
* Goldman’s Covello Says Buy AI Hyperscalers Over Chipmakers
* Paramount Double-Upgraded at Morgan Stanley on Warner Deal