>>> Europe : Brokers Upgrades & Downgrades - 20th of March 2026 V3(++)

>>> Up
* Aasen Sparebank Raised to Buy at Norne Securities; PT 164 kroner
* Air Products Raised to Overweight at JPMorgan; PT $310
* Bayer Raised to Outperform at Oddo BHF; PT 55 euros
* Belimo Raised to Neutral at Van Lanschot Kempen
* BP Raised to Hold at HSBC; PT 565 pence
* BP ADRs Raised to Hold at HSBC; PT $45.30 (++)
* Brederode PT Raised to 148 euros at Bank Degroof Petercam (++)
* Chevron Raised to Buy at HSBC; PT $215
* Datalogic Raised to Buy at Kepler Cheuvreux; PT 5.10 euros (++)
* Equinor Raised to Neutral at UBS; PT 410 kroner
* Freshpet Raised to Outperform at Oppenheimer; PT $80
* GAP Airports ADRs Raised to Outperform at Grupo Santander
* ISS Raised to Buy at Nordea; PT 270 kroner (++)
* Moncler Raised to Outperform at Oddo BHF; PT 65 euros
* Nemetschek Raised to Buy at Invest Securities SA; PT 84 euros (+)
* NIBE Industrier Raised to Hold at Handelsbanken; PT 35 kronor (+)
* Norsk Hydro Raised to Outperform at RBC; PT 95 kroner
* Rational Raised to Sector Perform at RBC; PT 640 euros
* Technogym Raised to Overweight at Cantor; PT 21 euros (+)
* Wielton Raised to Outperform at Santander Biuro Maklerskie (++)

>>> Down
* Alior Cut to Neutral at Citi; PT 113.60 zloty
* ATALAYA MINING COPPER SA Cut to Sector Perform at RBC
* Bank Pekao Cut to Neutral at Citi; PT 226 zloty
* Boliden Cut to Sector Perform at RBC; PT 600 kronor
* Central Asia Metals Cut to Underperform at RBC; PT 170 pence
* Close Brothers Raised to Buy at Shore Capital; PT 495 pence
* Flekkefjord Raised to Buy at Norne Securities; PT 141 kroner
* Galp Cut to Hold at HSBC; PT 21 euros
* InPost Cut to Hold at Jefferies; PT 15.60 euros
* Lufthansa Cut to Sell at Goldman; PT 6.60 euros
* Magnum Ice Cream Cut to Sell at Goldman; PT 13 euros
* Mosaic Cut to Sell at Freedom Capital
* Nidaros Sparebank Raised to Buy at Norne Securities
* PKO Cut to Neutral at Citi; PT 93 zloty
* Sparebank 68 Grader Nord Cut to Sell at Norne Securities
* Thyssenkrupp Nucera Cut to Underperform at Grupo Santander
* Volaris ADRs Cut to Neutral at Grupo Santander; PT $7.20

>>> Initiation
* CVS Group Rated New Equal-Weight at Barclays; PT 1,340 pence
* Dustin Rated New Neutral at SB1 Markets; PT 1.50 kronor
* Galderma Rated New Outperform at Oddo BHF; PT 197 Swiss francs
* Georg Fischer Rated New Buy at Van Lanschot Kempen
* Mha Rated New Buy at Peel Hunt; PT 179 pence
* Mha Rated New Buy at Berenberg; PT 215 pence
* Novo ADRs Rated New Outperform at CCB Intl; PT $43.29 (+)
* Strategy Rated New Buy at Texas Capital; PT $200
* Temenos Rated New Buy at Berenberg; PT 95 Swiss francs

>>> Call
* Bavarian Nordic Shares Rise After Van Lanschot Kempen Lifts PT (++)
* Bayer Gains After Oddo BHF Upgrades as Litigation Risk Fades (++)
* Goldman Clients Eye S&P 500 at 6,200 as Level to ‘Blindly Buy’
* Lufthansa Cut to Sell as Goldman Sachs Flags Higher Fuel Costs (+)
* Moncler Gains as Oddo Upgrades on Limited Middle East Exposure (++)
* SocGen Strategists Overweight Europe, Commodities in Allocation
* Bernstein Sees Limited Investor Appetite for Unilever Food Exit (++)