>>> Europe : Brokers Upgrades & Downgrades - 23rd of Oct. 2026 V2(+)

>>> Up
* Arjo Raised to Buy at Danske Bank Markets; PT 39 kronor (+)
* Bankinter Raised to Overweight at Banco Sabadell; PT 18.01 euros
* Belimo Raised to Buy at UBS; PT 900 Swiss francs
* Betsson Raised to Buy at Pareto Securities; PT 115 kronor
* Billerud Raised to Buy at Nordea; PT 100 kronor (+)
* Boohoo Raised to Buy at Peel Hunt; PT 42 pence (+)
* Fiskars Cut to Sell at OP Corporate Bank; PT 12.50 euros (+)
* Groupe Guillin Raised to Buy at TP ICAP Midcap; PT 27 euros (+)
* Hexatronic Raised to Buy at Danske Bank Markets; PT 50 kronor (+)
* KBC Raised to Buy at Citi on Attractive Valuation (+)
* Kitron Raised to Buy at Arctic Securities; PT 110 kroner
* Kitron Raised to Buy at Danske Bank Markets; PT 105 kroner (+)
* Mandatum Raised to Accumulate at Inderes; PT 6.20 euros
* Metso Raised to Buy at SEB Equities; PT 19 euros
* Metso Raised to Accumulate at Inderes; PT 18 euros
* Metso Raised to Buy at Danske Bank Markets; PT 19 euros (+)
* Nokia Raised to Buy at OP Corporate Bank; PT 10 euros (+)
* Nordic Semiconductor Raised to Buy at SEB Equities
* Roche Raised to Buy at Deutsche Bank; PT 500 Swiss francs (+)
* Sandvik Raised to Buy at Pareto Securities; PT 400 kronor
* Sandvik Raised to Buy at Nordea; PT 375 kronor '+)
* Sartorius Raised to Outperform at RBC; PT 330 euros
* Skydance Raised to Neutral at JPMorgan; PT $9
* SpaceX Raised to Buy at Phillip Secs; PT $250
* Spotify PT Raised to $650 from $565 at Barclays
* SRV Group Raised to Accumulate at Inderes; PT 9.70 euros
* Stora Enso Raised to Accumulate at OP Corporate Bank (+)
* Zurich Ins. Raised to Neutral at UBS; PT 620 Swiss francs

>>> Down
* Avalo Therapeutics Cut to Neutral at HC Wainwright (+)
* Biogaia Cut to Neutral at SB1 Markets; PT 140 kronor
* Castellum Cut to Sell at Arctic Securities; PT 120 kronor
* Chipotle PT Cut to $37 from $43 at Mizuho Securities (+)
* Fiskars Cut to Sell at Inderes; PT 12 euros
* Hermes Cut to Hold at Berenberg; PT 1,230 euros
* Hermes ADRs Cut to Hold at Berenberg; PT $138
* Kering PT Cut to 200 euros from 220 euros at Jefferies
* Kitron Cut to Hold at Pareto Securities; PT 90 kroner
* Komplett Cut to Hold at SEB Equities; PT 6.50 kroner
* Kongsberg Automotive Raised to Buy at Kepler Cheuvreux (+)
* Krones Cut to Add at AlphaValue/Baader (+)
* Lancashire Cut to Underweight at Barclays; PT 530 pence
* Navigator Co Cut to Neutral at Oddo BHF; PT 3.40 euros (+)
* Norwegian Cruise Cut to Underweight at JPMorgan; PT $11 (+)
* Pierre Et Vacances SA Cut to Hold at TP ICAP Midcap (+)
* Qiagen Cut to Hold at DZ Bank; PT $46.50 (+)
* Recordati Cut to Reduce at Equita; PT 53 euros (+)
* Sainsbury Cut to Neutral at BNP Paribas; PT 345 pence
* Steyr Motors Cut to Neutral at Cantor; PT 39.50 euros
* Thermo Fisher Cut to Hold at DZ Bank; PT $650 (+)
* Tikehau Capital Cut to Sector Perform at RBC; PT 16 euros
* Trainline Cut to Hold at Canaccord; PT 212.54 pence
* Var Energi Cut to Sell at Danske Bank Markets; PT 47 kroner (+)

>>> Initiation
* Airtel Money Rated New Buy at HSBC; PT 300 pence
* AstraZeneca Rated New Buy at Arctic Securities
* Colonial SFL Socimi Maintained Neutral at Alantra (+)
* Moltiply Group SpA Rated New Neutral at Mediobanca SpA (+)
* Puuilo Rated New Buy at William O'Neil (+)
* Tencent ADRs Rated New Outperform at BNP Paribas; PT $80

>>> Call
* Hermès Cut to Hold at Berenberg on China, Aspirational Exposure (+)
* Hong Kong Selloff Turns Morgan Stanley More Wary on China Stocks
* Lancashire Falls as Barclays Cuts to Underweight, Street-Low PT (+)