>>> Europe : Brokers Upgrades & Downgrades - 25th of February 2026

>>> Up
* Alzchem Group Rated New Buy at Jefferies; PT 190 euros
* AMD PT Raised to $330 from $300 at KeyBanc
* AMD PT Raised to $358 from $328 at Evercore ISI
* Anglo American Raised to Buy at DZ Bank; PT 4,300 pence
* Commerzbank Raised to Market Perform at KBW; PT 38 euros
* Endesa Raised to Neutral at BNP Paribas; PT 34 euros
* Exosens SAS PT Raised to 69 euros from 57 euros at Berenberg
* Home Depot PT Raised to $454 from $424 at Jefferies
* SFC Energy Raised to Buy at Berenberg; PT 17 euros

>>> Down
* Airtel Africa Cut to Underweight at ABSA Securities
* Beiersdorf Cut to Hold at Deutsche Bank; PT 105 euros
* First Solar Cut to Neutral at Baird
* Hims & Hers Health PT Cut to $25 from $48 at Barclays
* Paratus Energy Services Cut to Hold at Pareto Securities

>>> Initiation
* AbbVie Rated New Outperform at RBC
* Alzchem Rated New Buy at Jefferies on Specialty-Driven Growth
* Bristol Myers Rated New Sector Perform at RBC
* Creo Medical Rated New Corporate at Shore Capital; PT 40 pence
* Eli Lilly Rated New Outperform at RBC
* Merck & Co Rated New Outperform at RBC
* Pfizer Rated New Underperform at RBC

>>> Call
* UBS Now Sees Private Credit Defaults Reaching 15% in Worst Case
* SFC Energy Raised to Buy at Berenberg on Underlying Profit
* Telecom Italia Revenue Beats, Outlook In-Line, JPMorgan Says
* Verallia’s Outlook Implies Consensus Downgrades, Citi Says