>>> Europe : Brokers Upgrades & Downgrades - 23rd of February 2026

>>> Up
* ASR Nederland Raised to Outperform at Mediobanca SpA
* Centrica PT Raised to 224 pence from 203 pence at JPMorgan
* CBRE Raised to Buy at UBS; PT $185
* Norsk Hydro Raised to Buy at Citi; PT 105 kroner
* Santander Raised to Outperform at RBC; PT 12.25 euros
* SGS Raised to Buy at Research Partners; PT 120 Swiss francs
* Sobi PT Raised to 500 kronor from 470 kronor at Jefferies
* TechnipFMC PT Raised to $69 from $56 at TD Cowen
* Unipol PT Raised to 25.70 euros from 24.80 euros at Berenberg

>>> Down
* Airbus Cut to Neutral at Rothschild & Co Redburn; PT 200 euros
* FM Mattsson AB Cut to Neutral at SB1 Markets; PT 80 kronor
* Hochtief Cut to Neutral at Grupo Santander; PT 324 euros
* Icade Cut to Equal-Weight at Morgan Stanley; PT 25 euros
* Orange Cut to Neutral at Grupo Santander; PT 18.20 euros
* Rio Tinto Cut to Neutral at Goldman; PT 7,400 pence
* Sulzer Cut to Hold at Research Partners; PT 200 Swiss francs
* Valiant Cut to Neutral at UBS; PT 168 Swiss francs
* Verve Group Cut to Hold at Nordea
* Xbrane Biopharma Cut to Hold at Pareto Securities; PT 8 kronor

>>> Initiation


>>> Call
* Centrica PT Raised to Street High at JPMorgan on Turnaround
* Icade Cut at Morgan Stanley on More Limited Self-Help Potential
* Norsk Hydro Upgraded at Citi, Now Cheaper Than Aluminum Peers
* Quilter Placed on JPMorgan Positive Catalyst Watch Over Buybacks
* Unipol PT Raised to Street High at Berenberg on Dividends