>>> Europe : Brokers Upgrades & Downgrades - 23th of January 2026 V2(+)

>>> Up
* Amadeus Raised to Buy at JB Capital Markets; PT 77 euros
* Aumovio Raised to Hold at Jefferies; PT 43.20 euros
* Castellum Raised to Buy at Goldman; PT 138 kronor
* Colonial SFL Socimi Raised to Neutral at Goldman; PT 5.24 euros
* Haleon Raised to Overweight at Barclays
* Kemira Price Target Raised to EUR 25 from EUR 24 by Nordea
* L'Oreal Raised to Overweight at Barclays
* P&G Raised to Overweight at JPMorgan; PT $165
* P&G Raised to Buy at DBS Bank; PT $167 (+)
* Pennon Raised to Overweight at Morgan Stanley; PT 680 pence
* Severn Trent Raised to Buy at Jefferies; PT 3,220 pence
* Schaeffler Raised to Buy at Jefferies; PT 12.60 euros
* Siemens Energy Raised to Buy at UBS; PT 175 euros

>>> Down
* Adidas Cut to Sector Perform at RBC; PT 160 euros
* Computacenter Cut to Hold at Panmure Liberum; PT 3,205 pence (+)
* Edenred Cut to Neutral at UBS; PT 19 euros
* Henkel Cut to Equal-Weight at Barclays
* Holcim Cut to Neutral at Goldman; PT 80 Swiss francs
* Investor AB Cut to Hold at SEB Equities; PT 372 kronor
* Investor AB Cut to Hold at Pareto Securities; PT 350 kronor
* Kitwave Group Cut to Hold at Investec; PT 295 pence
* Kitwave Group Cut to Hold at Stifel; PT 295 pence (+)
* Lindt & Spruengli Cut to Underweight at Barclays
* Maersk Cut to Underperform at BofA; PT 11,500 kroner (+)
* Nordea Bank Cut to Reduce at Inderes; PT 17.50 euros
* Pennon Cut to Hold at Jefferies; PT 590 pence
* Pluxee Cut to Sell at UBS; PT 10 euros
* Rank Group Cut to Hold at Deutsche Bank; PT 104 pence (+)
* Revolution Beauty Group PLC Cut to Hold at Cavendish (+)
* SBO AG Cut to Hold at Berenberg; PT 31 euros
* Severn Trent Cut to Equal-Weight at Morgan Stanley
* Taylor Wimpey Cut to Underweight at Morgan Stanley; PT 90 pence
* United Utilities Cut to Equal-Weight at Morgan Stanley
* Weir Group Cut to Neutral at Davy; PT 3,000 pence (+)
* Wolverine World Wide Cut to Neutral at BNP Paribas

>>> Initiation
* Bakkafrost Reinstated Underperform at BofA (+)
* Darwin Rated New Outperform at Oddo BHF; PT 22 euros
* Elia Group Rated New Buy at Jefferies; PT 135 euros
* James Fisher Rated New Buy at Berenberg; PT 615 pence
* MLP Rated New Buy at Baader Helvea; PT 8.80 euros
* Mowi Reinstated Neutral at BofA (+)
* Salmar Reinstated Underperform at BofA (+)
* STV Group Rated New Buy at Cavendish; PT 180 pence (+)
* Terna Reinstated Hold at Jefferies; PT 9.80 euros

>>> Call
* Adidas Downgraded at RBC on Slower Underlying Revenue Growth (+)
* Maersk Cut to Underperform at BofA as Red Sea Opening Weighs (+)
* Taylor Wimpey Underweight at Morgan Stanley as Peers Preferred (+)