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

>>> Up

* Air France-KLM Raised to Overweight at Morgan Stanley

* Aryzta Raised to Buy at Berenberg; PT 75 Swiss francs vs 65 CHF

* Autoliv Raised to Buy at Handelsbanken; PT $145 (+)

* Bodycote PT Raised to 1,000 pence from 850 pence at Peel Hunt (+)

* British Land Raised to Overweight at Barclays; PT 465 pence

* Carmila Raised to Buy at Jefferies; PT 20 euros
* Iberdrola Raised to Overweight at Barclays; PT 22.60 euros

* Kingfisher Raised to Equal-Weight at Morgan Stanley (+)

* Outokumpu Raised to Outperform at Oddo BHF; PT 7.60 euros

* QinetiQ Raised to Buy at Peel Hunt; PT 615 pence

* Sparebanken Ost Raised to Hold at Pareto Securities (+)

* VGP Raised to Buy at Jefferies; PT 96 euros

* Zurich PT Raised from 656 CHF 711 CHF

>>> Down

* Elior Cut to Neutral at Citi; PT 2.40 euros

* Ence Cut to Neutral at Grupo Santander; PT 2.87 euros (+)

* Frontline PLC Cut to Hold at Pareto Securities; PT $40

* Grand City Properties Cut to Hold at Jefferies; PT 9.90 euros

* Hexagon Cut to Hold at Handelsbanken; PT 94.50 kronor (+)

* Lufthansa Cut to Underweight at Morgan Stanley; PT 6.20 euros

* Taylor Wimpey Cut to Sell at Goldman; PT 75 pence
* Wacker Chemie Cut to Neutral at UBS; PT 104 euros

>>> Initiation
* Circle Internet Rated New Sector Weight at KeyBanc

* GE Vernova Rated New Add at Huatai Research; PT $1,174

* Pershing Square USA Rated New Market Perform at KBW; PT $42

* Pershing Square Inc. Rated New Neutral at UBS; PT $39

* Pershing Square Inc. Rated New Sector Perform at RBC; PT $40

* Science Group Rated New Buy at Peel Hunt; PT 755 pence

* Ypsomed Rated New Underperform at Jefferies; PT 280 Swiss francs

>>> Call

* Air France Raised, Lufthansa Cut at Morgan Stanley, IAG Top Pick

* Aryzta Nearing a Turning Point, Upgraded to Buy at Berenberg
* Outokumpu Raised, Oddo BHF More Positive on Stainless Steel

* Attractive Entry Point in European Listed Real Estate: Jefferies