>>> Europe : Brokers Upgrades & Downgrades - 26th of February 2026

>>> Up
* Ambarella Raised to Buy at Summit Insights
* Aixtron PT Raised to 31 euros from 25.20 euros at JPMorgan
* Marriott Vacations PT Raised to $80 from $64 at Barclays
* Nestle PT Raised to 99 Swiss francs at Berenberg
* Nexstim Raised to Accumulate at Inderes; PT 11.50 euros
* QT Group Raised to Buy at Inderes; PT 32 euros
* Warner Bros Discovery PT Raised to $26 from $22 at TD Cowen

>>> Down
* Iberdrola Cut to Neutral at Goldman; PT 20.50 euros
* Lindt & Spruengli Cut to Sell at Berenberg
* Redeia Cut to Underperform at Mediobanca SpA; PT 15 euros
* Sandoz Group Cut to Underweight at Morgan Stanley
* Sandoz Group Cut to Hold at Deutsche Bank; PT 70 Swiss francs
* Segro Cut to Neutral at Goldman; PT 890 pence
* Swisscom Cut to Neutral at UBS; PT 735 Swiss francs
* Warner Bros Discovery Cut to Underperform at Raymond James

>>> Initiation
* CSG Rated New Buy at Berenberg; PT 35 euros
* Magnum Ice Cream Rated New Hold at Berenberg; PT 14.60 euros
* OXB Reinstated Outperform at RBC; PT 1,170 pence
* Palantir Rated New Buy at Rosenblatt Securities Inc

>>> Call