>>> Europe : Brokers Upgrades & Downgrades - 26th of Aug 2026 V2(+)

>>> Up
* ADP Raised to Buy at Deutsche Bank; PT 130 euros
* AMD Raised to Strong Buy at Raymond James; PT $641
* Argenx ADRs Raised to Buy at UBS; PT $1,400
* Bytes Technology Raised to Buy at Deutsche Bank; PT 500 pence (+)
* Cerillion Raised to Buy at Deutsche Bank; PT 1,400 pence (+)
* Chesnara PT Raised to 437 pence from 404 pence at Berenberg
* Enea Raised to Outperform at Erste Biuro Maklerskie (+)
* E.On Raised to Buy at Berenberg; PT 21 euros
* E.On ADRs Raised to Buy at Berenberg; PT $24.50
* Konecranes Raised to Buy at SEB Equities; PT 35 euros
* Orsted Raised to Buy at Citi, Route to Growth Becoming Clearer
* PGE Raised to Outperform at Erste Biuro Maklerskie
* Salmar Raised to Hold at Nordea
* Tessenderlo Raised to Hold at Kepler Cheuvreux; PT 22 euros (+)

>>> Down
* Ambu Cut to Hold at Nordea
* AutoWallis Nyrt Cut to Neutral at Concorde; PT 154 forint (+)
* Canatu Cut to Sell at DNB Carnegie; PT 5.40 euros (+)
* Ferrovial NV Cut to Neutral at UBS; PT 59 euros
* Fielmann Cut to Hold at DZ Bank; PT 43 euros
* H&M Cut to Hold at Handelsbanken; PT 190 kronor
* SAP Cut to Neutral at UBS; PT 201 euros
* Softcat Cut to Hold at Deutsche Bank; PT 2,140 pence
* Tecan Cut to Neutral at Oddo BHF; PT 192 Swiss francs

>>> Initiation
* Avarda Bank AB Rated New Buy at SB1 Markets; PT 235 kronor
* CTT Systems Rated New Buy at SB1 Markets; PT 190 kronor
* Enity Holding Rated New Buy at SB1 Markets; PT 100 kronor
* Lattice Semi Rated New Buy at Benchmark on Growth Potential
* Lea Bank Rated New Buy at SB1 Markets; PT 18 kronor
* Morrow Bank Rated New Buy at SB1 Markets; PT 22 kronor
* NOBA Rated New Buy at SB1 Markets; PT 110 kronor
* Nolato Rated New Buy at SB1 Markets; PT 62 kronor
* OHB SE Rated New Outperform at Oddo BHF; PT 290 euros
* Talanx Reinstated Buy at William O'Neil (+)
* VBG Group Rated New Neutral at SB1 Markets; PT 350 kronor
* Yellow Cake Rated New Buy at Stifel; PT 725 pence

>>> Call
* ADP Raised to Buy at Deutsche Bank on Regulatory Clarity (+)
* Ambu Shares May Drop on Underlying Ebit Miss, JPMorgan Says
* Ambu Downgraded to Hold from Buy at Nordea on Earnings Outlook (+)
* Argenx ADRs Upgraded to Buy at UBS on Vyvgart’s $20b Potential (+)
* E.On Can Sustain Scaled-Up Growth, Raised to Buy at Berenberg
* Konecranes Upgraded at SEB on Multiple Expansion Opportunity (+)
* Orsted Raised at Citi on Growth Outlook: Europe Research Digest (+)