>>> Europe : Brokers Upgrades & Downgrades - 22nd of Oct. 2026

>>> Up
* Ageas Raised to Overweight at JPMorgan; PT 90 euros
* Asmodee Raised to Buy at Trigon Dom Maklerski; PT 196 kronor
* ASR Nederland Raised to Overweight at JPMorgan; PT 90 euros
* Erste Raised to Buy at Trigon Dom Maklerski; PT 128.60 euros
* Georgia Capital Raised to Buy at Wood & Company; PT 5,110 pence
* Handelsbanken Raised to Neutral at SB1 Markets; PT 140 kronor
* Multiconsult Raised to Buy at SB1 Markets; PT 160 kroner
* RS Group Raised to Buy at Berenberg; PT 900 pence
* Salix Group Raised to Buy at SB1 Markets; PT 78 kronor
* XP Power Raised to Buy at Deutsche Bank; PT 2,285 pence

>>> Down
* Aegon Cut to Neutral at JPMorgan; PT 8.15 euros
* Carrefour Cut to Neutral at UBS; PT 15 euros
* Commerzbank Cut to Equal-Weight at Barclays; PT 41 euros
* DFS Cut to Hold at Jefferies; PT 156 pence
* Erste Cut to Market Perform at KBW; PT 126 euros
* HMS Networks Cut to Hold at ABG; PT 535 kronor
* Kesko Cut to Hold at ABG; PT 26 euros
* Lapwall Cut to Reduce at Inderes; PT 5.50 euros
* Maersk Cut to Sell at Goldman; PT 18,000 kroner
* OPmobility Cut to Neutral at JPMorgan; PT 12 euros
* Qiagen Cut to Neutral at JPMorgan; PT $52
* Sobi Cut to Hold at Nordea
* Ubisoft Cut to Underperform at BNP Paribas; PT 3.50 euros
* Vincit Cut to Reduce at Inderes; PT 90 euro cents

>>> Initiation


>>> Call
* *HSBC STRATEGISTS RAISE EUROPEAN ENERGY STOCKS TO NEUTRAL