>>> Europe : Brokers Upgrades & Downgrades - 25th of Sept 2026 V3(++)

>>> Up
* BP Raised to Buy at HSBC; PT 640 pence
* BP ADRs Raised to Buy at HSBC; PT $51.30 (++)
* Glencore Raised to Buy at UBS; PT 650 pence
* GVS Raised to Buy at Banca Akros (ESN); PT 5.50 euros (++)
* Hill & Smith Raised to Buy at Investec; PT 3,800 pence
* Kerry Group Raised to Buy at Citi; PT 102 euros
* Klepierre Raised to Buy at Kepler Cheuvreux; PT 41 euros (++)
* KPN Raised to Overweight at JPMorgan; PT 5.10 euros
* Mandatum Raised to Accumulate at OP Corporate Bank (++)
* Next Raised to Outperform at Grupo Santander; PT 16,450 pence
* QT Group Raised to Buy at SEB Equities; PT 40 euros
* Sampo Raised to Buy at Inderes; PT 10.50 euros
* Solaria Energia Raised to Buy at Alantra Equities (++)
* TotalEnergies Raised to Buy at HSBC; PT 93 euros

>>> Down
* Acadia Pharma PT Cut to $33 from $40 at Citi
* Aker BP Cut to Hold at DNB Carnegie; PT 370 kroner (++)
* Cirsa Enterprises Cut to Neutral at BTIG (++)
* Comcast Cut to Underweight at KeyBanc; PT $18
* Deutsche Telekom Cut to Market Perform at Bernstein
* HelloFresh Cut to Sell at mwb research AG; PT 1.80 euros (++)
* Mercialys Cut to Reduce at Kepler Cheuvreux; PT 10.20 euros (++)
* Pharos Energy Cut to Hold at Peel Hunt; PT 33 pence
* Ryanair PT Cut to 27.50 euros from 34 euros at Davy (+)
* Stadler Rail Cut to Hold at Research Partners
* Tele2 Cut to Market Perform at Bernstein; PT 166 kronor
* Unibail Cut to Hold at Kepler Cheuvreux; PT 101 euros (++)
* Var Energi Cut to Sell at DNB Carnegie; PT 46 kroner (++)

>>> Initiation
* Acerinox Reinstated Neutral at BofA (+)
* Aperam Reinstated Neutral at BofA (+)
* Cancom Rated New Buy at UBS; PT 26 euros
* Emerson Electric Rated New Overweight at Wells Fargo; PT $177
* Eramet Rated New Neutral at CIC; PT 47 euros (++)
* Hammerson Rated New Hold at Kepler Cheuvreux; PT 360 pence (++)
* Johnson Controls Rated New Overweight at Wells Fargo; PT $186
* Lionsgate Studios Rated New Underweight at JPMorgan; PT $9
* Lockheed Rated New Overweight at Oxcap; PT $600
* Medicover Reinstated Buy at Danske Bank Markets; PT 314 kronor (++)
* Otis Worldwide Rated New Underweight at Wells Fargo
* Outokumpu Reinstated Buy at BofA (+)
* Rockwell Automation Rated New Equal-Weight at Wells Fargo
* Sartorius Reinstated Buy at William O'Neil (++)
* Ubaldi Costruzioni Rated New Buy at Banca Akros (++)

>>> Call
* European Stainless Steel Stocks Gain as BofA Notes EU Protection (++)
* Alten Shares Rise as CIC CIB Flags ‘Impressive’ 1H Results
* Bernstein Cautious on Europe Telcos, Downgrades Deutsche Telekom
* Glencore is Upgraded to Buy at UBS (++)
* Kerry Group Raised at Citi, PTs Lifted Across Ingredients Sector
* KPN Upgraded at JPMorgan on Improving Trends, Free Cash Flow
* Merck Up, Citi Sees Best-in-Class Potential for Eye Disease Drug
* QT Group Raised to Buy at SEB Equities on Attractive Discount