>>> Europe : Brokers Upgrades & Downgrades - 24th of March 2026

>>> Up
* BASF Raised to Buy at Deutsche Bank; PT 55 euros
* Bechtle Raised to Buy at Berenberg; PT 34 euros
* Brenntag Raised to Buy at Deutsche Bank; PT 57 euros
* Coloplast Raised to Buy at UBS; PT 530 kroner
* Ottobock SE Raised to Buy at UBS; PT 74 euros
* Salzgitter Raised to Equal-Weight at Morgan Stanley
* Thyssenkrupp Raised to Equal-Weight at Morgan Stanley
* Umicore Raised to Buy at Deutsche Bank; PT 17.20 euros
* Wacker Chemie Raised to Hold at Deutsche Bank; PT 68 euros

>>> Down
* Akzo Nobel Cut to Hold at Deutsche Bank; PT 55 euros
* Givaudan Cut to Hold at Deutsche Bank; PT 3,000 Swiss francs
* SAP Cut to Neutral at JPMorgan; PT 175 euros
* Teleperformance Cut to Equal-Weight at Morgan Stanley

>>> Initiation
* Brinova Fastigheter Rated New Buy at SB1 Markets; PT 15 kronor
* Corem Property Rated New Neutral at SB1 Markets; PT 3.70 kronor
* Europris Reinstated Hold at Nordea
* Fastighets AB Trianon Rated New Neutral at SB1 Markets
* FastPartner Rated New Buy at SB1 Markets; PT 50 kronor
* Hongkong Land Reinstated Outperform at Macquarie; PT $11
* Intea Fastigheter Rated New Buy at SB1 Markets; PT 85 kronor
* Kid ASA Rated New Buy at Nordea; PT 146 kroner
* Klarabo Sverige Rated New Buy at SB1 Markets; PT 17 kronor
* Logistri Fastighets Rated New Buy at SB1 Markets; PT 18 kronor
* Mondi Reinstated Neutral at Goldman; PT 910 pence
* MTG Rated New Buy at SB1 Markets; PT 132 kronor
* Roche Rated New Buy at LBBW; PT 360 Swiss francs
* Sats Rated New Buy at Nordea; PT 49 kroner
* SCA Reinstated Neutral at Goldman; PT 120 kronor
* SIG Group Reinstated Buy at Goldman; PT 16 Swiss francs
* Sirius Real Estate Rated New Outperform at Oddo BHF
* Smurfit Westrock PLC Reinstated Buy at Goldman; PT $49
* Stora Enso Reinstated Sell at Goldman; PT 8 euros
* Studentbostader i Norden Rated New Neutral at SB1 Markets
* Sveafastigheter Rated New Neutral at SB1 Markets; PT 38 kronor
* UPM-Kymmene Reinstated Neutral at Goldman; PT 27 euros

>>> Call
* Bechtle Raised at Berenberg on Memory Chip Shortage Opportunity
* Pandora Estimates Boosted at Danske on Lower Silver Price
* Salzgitter, Thyssenkrupp Raised, MS Constructive on Carbon Steel
* Sirius Real Estate Outperform at Oddo on Defense-Linked Upside
* Teleperformance Cut at Morgan Stanley on Strategic Uncertainty