>>> Europe : Brokers Upgrades & Downgrades - 26th of September 2025

>>> Up
* Allegro Raised to Neutral at Goldman; PT 40 zloty
* Ayvens Raised to Outperform at BNPP Exane; PT 12 euros
* Croda Raised to Overweight at Barclays; PT 3,100 pence
* Glenveagh Raised to Buy at Deutsche Bank; PT 2.15 euros
* InterContinental Hotels Raised to Overweight at JPMorgan
* Microsoft PT Raised to $625 from $582 at Morgan Stanley
* SwedenCare Raised to Buy at Pareto Securities; PT 40 kronor

>>> Down
* Accenture PT Cut to $280 from $300 at Evercore ISI
* Aena Cut to Underweight at JPMorgan; PT 21 euros
* Brunello Cucinelli Cut to Neutral at Oddo BHF; PT 83 euros
* Colruyt Cut to Underweight at JPMorgan; PT 28.60 euros
* Hanza Cut to Hold at Nordea
* Norbit Cut to Neutral at SpareBank; PT 200 kroner

>>> Initiation
* Rheinmetall Rated New Market Perform at Bernstein
* Sobi ADRs Rated New Underperform at BNPP Exane; PT $14.70
* Zurich Airport Reinstated Overweight at JPMorgan

>>> Call
* Colruyt Double-Downgraded at JPMorgan on Unsupportive Outlook
* IHG Gets Double-Upgrade as JPMorgan Flags Earnings Visibility
* Rheinmetall Priced For Perfection, Bernstein is Market Perform
* Zurich Airport New Overweight at JPMorgan, Aena Downgraded