>>> Europe : Brokers Upgrades & Downgrades - 27th of July 2026

>>> Up
* Alphabet Raised to Buy at Phillip Secs; PT $425
* Amplifon Raised to Overweight at JPMorgan; PT 16.70 euros
* Ford Raised to Buy at Jefferies; PT $17.50
* General Motors Raised to Buy at Jefferies; PT $99
* Inditex Raised to Overweight at Barclays; PT 62.50 euros
* Interroll Raised to Outperform at Oddo BHF
* SCA Raised to Buy at Pareto Securities; PT 118 kronor
* Thales Raised to Buy at Deutsche Bank; PT 296 euros

>>> Down
* Auroora Group Cut to Hold at Nordea
* Bytes Technology Cut to Sell at UBS; PT 365 pence
* Delivery Hero Cut to Hold at Jefferies; PT 41.50 euros
* Havas NV Cut to Neutral at JPMorgan; PT 22 euros
* Metso Cut to Reduce at Inderes; PT 17 euros
* Metso Cut to Hold at SEB Equities; PT 18 euros
* Mobileye Raised to Overweight at Piper Sandler; PT $12
* Nurminen Logistics Cut to Reduce at Inderes; PT 70 euro cents
* Rivian Raised to Overweight at Piper Sandler; PT $20
* Standard Life PLC Cut to Sector Perform at RBC; PT 885 pence
* Stellantis Cut to Underweight at Piper Sandler; PT $4
* WBD US Cut to Neutral at Seaport Global Securities

>>> Initiation
* Bending Spoons Rated New Buy at Goldman; PT $43
* Bending Spoons Rated New Neutral at JPMorgan; PT $35
* Bending Spoons Rated New Outperform at Mizuho Securities; PT $45
* Cellnex Reinstated Outperform at Oddo BHF; PT 35 euros
* Cipher Digital Rated New Buy at Chardan Capital Markets; PT $32
* ITG Rated New Overweight at Morgan Stanley; PT $19
* ITG Rated New Buy at UBS; PT $18
* ITG Reinstated Buy at Stifel; PT $16
* ITG Rated New Outperform at Baird; PT $19
* Johnson Service Reinstated Buy at Shore Capital; PT 196 pence
* Neutron Rated New Overweight at KeyBanc; PT $33
* Neutron Rated New Overweight at JPMorgan; PT $35
* Neutron Rated New Buy at Goldman; PT $39
* Neutron Rated New Buy at Jefferies; PT $40
* Neutron Rated New Market Outperform at Citizens; PT $45
* Terawulf Rated New Buy at Chardan Capital Markets; PT $32
* Var Energi Reinstated Buy at William O'Neil
* Williams-Sonoma Rated New Overweight at Piper Sandler; PT $253

>>> Call
* Goldman Strategists See Strongest European Profit Jump in Years