>>> Europe : Brokers Upgrades & Downgrades - 26th of November 2025 V2(+)

>>> Up
* Ambarella PT Raised to $100 from $90 at Stifel (+)
* Autoliv Raised to Overweight at JPMorgan; PT $140
* Boliden Raised to Buy at Deutsche Bank; PT 490 kronor
* Borr Drilling Raised to Buy at SB1 Markets; PT $3.80
* Carlsberg Raised to Overweight at JPMorgan; PT 975 kroner
* Deutsche Post Raised to Neutral at UBS; PT 42.50 euros (+)
* Eni Raised to Buy From Neutral by UBS (+)
* Flughafen Wien Raised to Outperform at Oddo BHF; PT 67 euros
* Generali PT Raised to 40 euros from 39 euros at JPMorgan
* Neste Raised to Buy at UBS; PT 20.50 euros
* Siltronic Raised to Buy at mwb research AG; PT 57.50 euros (+)
* Smiths Group PT Raised to 2,900 pence from 2,700 pence at Citi
* Sparebank 68 Grader Nord Raised to Buy at Norne Securities (+)
* Thyssenkrupp Nucera Raised to Neutral at Goldman; PT 7.80 euros
* Tkms AG Raised to Buy at Deutsche Bank; PT 80 euros

>>> Down
* Colruyt Cut to Underweight at Barclays; PT 30 euros (+)
* Cyfrowy Cut to Hold at Erste Group; PT 12.60 zloty
* eDreams ODIGEO Cut to Equal-Weight at Barclays; PT 4.25 euros
* Egetis Therapeutics AB Cut to Sell at Pareto Securities
* FinecoBank Cut to Neutral at BofA
* Grong Sparebank Cut to Hold at Norne Securities; PT 176 kroner (+)
* HP Inc. PT Cut to $20 from $21 at Morgan Stanley
* Ipsen Cut to Underperform at BNPP Exane; PT 105 euros
* NIO Inc. ADRs Cut to Neutral at Macquarie
* Shell Cut to Neutral at UBS
* Solaria Energia Cut to Market Perform at Renta 4; PT 18 euros (+)
* Surgical Science Sweden Cut to Hold at Pareto Securities (+)
* Viridien Cut to Neutral at Oddo BHF; PT 100 euros

>>> Initiation
* Avanza Rated New Neutral at BofA; PT 385 kronor
* Bertrandt Rated New Buy at TP ICAP Midcap; PT 32 euros (+)
* Cyfrowy Rated New Reduce at HSBC; PT 9.20 zloty
* Develia SA Rated New Buy at Wood & Company; PT 9.90 zloty
* Fevertree Drinks Rated New Hold at Kepler Cheuvreux (+)
* flatexDEGIRO Rated New Buy at BofA; PT 37.40 euros
* Galapagos Rated New Market Perform at Bernstein; PT 27.90 euros (+)
* Genus Rated New Buy at Berenberg; PT 3,050 pence
* Greggs Rated New Outperform at Davy; PT 1,730 pence (+)
* Nordnet Rated New Underperform at BofA; PT 252 kronor
* Swissquote Rated New Buy at BofA; PT 543 Swiss francs

>>> Call
* Deutsche Bank Sees S&P 500 Rallying 18% by the End of 2026
* FlatexDEGIRO, Swissquote Shares Gain as BofA Rates Both New Buys (+)
* Genus Exposed to Positive Trends, Initiated Buy at Berenberg
* JPMorgan Likes Tobacco, Beer and Beauty in Consumer Staples
* JPMorgan Strategists See 11% Rally for S&P 500 on Earnings Lift (+)
* MOL Cut to Neutral-Short Term Sell at Santander Biuro Maklerskie (+)
* Premium Auto Names Favored Into 2026 at JPMorgan, Autoliv Raised
* Salzgitter Gains on Upgrade, Deutsche Bank Lifts Steel Stock PTs (+)