>>> Europe : Brokers Upgrades & Downgrades - 21st of July 2026

>>> Up
* Aena Raised to Overweight at Barclays; PT 28.50 euros
* Belimo Raised to Buy at Jefferies; PT 1,035 Swiss francs
* Centiel AG Raised to Buy at UBS; PT 7.63 Swiss francs
* Georg Fischer Raised to Buy at UBS; PT 60 Swiss francs
* Goldman Sachs Raised to Hold at HSBC; PT $995
* Henkel Raised to Outperform at Oddo BHF; PT 90 euros
* Ivanhoe Mines Raised to Buy at Canaccord; PT C$13
* LEG Immobilien Raised to Equal-Weight at Morgan Stanley
* Meta PT Raised to $1,000 from $900 at Rothschild & Co Redburn
* Swedbank Raised to Neutral at Goldman; PT 380 kronor

>>> Down
* Delivery Hero Cut to Equal-Weight at Barclays; PT 41.50 euros
* DNB Bank Cut to Sell at Goldman; PT 290 kroner
* Elastic Cut to Equal-Weight at Morgan Stanley; PT $66
* Fraport Cut to Equal-Weight at Barclays; PT 71 euros
* IAG Cut to Neutral at JB Capital Markets; PT 492.69 pence
* Intertek Cut to Hold at Jefferies; PT 6,000 pence
* Nice Ltd ADRs Cut to Equal-Weight at Morgan Stanley; PT $111
* Pierre Et Vacances SA Cut to Neutral at Oddo BHF; PT 2 euros
* Planisware Cut to Neutral at Oddo BHF; PT 23 euros
* Rotork Cut to Neutral at BNP Paribas; PT 503 pence
* Warsaw Stock Exchange Cut to Sell at Citi; PT 86.80 zloty

>>> Initiation
* Cohort Rated New Buy at Berenberg; PT 1,630 pence
* Digital Turbine Rated New Buy at Roth Capital Partners
* Installatoergruppen Rated New Buy at ABG; PT 21 kroner
* Redcare Pharmacy NV Reinstated Buy at MP Capital Markets
* Renewables Infra Rated New Outperform at BNP Paribas
* Veolia Resumed Neutral at Citi; PT 37.50 euros
* Zurich Ins. Reinstated Outperform at RBC; PT 670 Swiss francs

>>> Call
* UBS Trading Desk Says Buy Momentum Stocks as Selloff Nears End