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

>>> Up
* BP ADRs Raised to Overweight at Wells Fargo
* Close Brothers PT Raised to 590 pence at Shore Capital
* Hub Group Raised to Hold at Stifel; PT $29
* Iberdrola Raised to Buy at Goldman; PT 25 euros
* NP3 Fastigheter Raised to Buy at SEB Equities; PT 277 kronor
* Occidental Raised to Buy at Goldman; PT $69
* Redeia Raised to Outperform at Oddo BHF; PT 19 euros
* Sagax Raised to Buy at SEB Equities; PT 180 kronor
* Telenor Raised to Buy at Berenberg

>>> Down
* Allegro Cut to Neutral at Citi; PT 52 zloty
* AstraZeneca Cut to Hold at Intron Health; PT 13,000 pence
* Asuntosalkku Cut to Reduce at Inderes; PT 79 euros
* Enagas Cut to Neutral at Oddo BHF; PT 17.50 euros
* Exxon Cut to Equal-Weight at Wells Fargo
* Hermes Cut to Neutral at Rothschild & Co Redburn; PT 1,410 euros
* Merus Power Cut to Reduce at Inderes; PT 6.50 euros
* Tele2 Cut to Sell at Berenberg; PT 140 kronor
* Tourmaline Oil Cut to Sell at Goldman; PT C$49
* Trelleborg Cut to Hold at SEB Equities; PT 480 kronor

>>> Initiation
* Digi Spain Telecom Rated New Buy at Berenberg; PT 7.60 euros
* Kura Oncology Rated New Overweight at JPMorgan; PT $30
* Semco Technologies SAS Rated New Buy at Berenberg; PT 68 euros

>>> Call
* JPMorgan Strategists Say Equity Positioning Is Elevated Again
* Colruyt Has a ‘Material De-Rating Looming,’ JPMorgan Says
* Continental Pre-Close Implies Strong Margin Potential, Citi Says
* Iberdrola Upgraded at Goldman on Long-Term Growth Outlook
* Meta Named a Top Pick at Deutsche Bank on Muse Potential