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

>>> Up
* Air Liquide Raised to Equal-Weight at Morgan Stanley
* Atlantic Lithium Raised to Neutral at Macquarie; PT 16.56 pence
* Bellway Raised to Buy at Peel Hunt; PT 2,380 pence
* Berkeley Raised to Buy at BofA
* Billerud Raised to Buy at Pareto Securities; PT 93 kronor
* Brown-Forman Raised to Neutral at Citi; PT $28
* Brown-Forman Raised to Neutral at JPMorgan; PT $27
* BT PT Raised to 175 pence from 140 pence at Citi
* Derwent London Raised to Equal-Weight at Barclays
* Eni Raised to Outperform at Mediobanca SpA; PT 28 euros
* Evonik Raised to Overweight at Morgan Stanley; PT 18 euros
* Intesa Sanpaolo Raised to Buy at Goldman; PT 6.90 euros
* JM Raised to Buy at SEB Equities; PT 140 kronor
* Knorr-Bremse Raised to Buy at BofA
* Marks Electrical Group Raised to Buy at Cavendish; PT 55 pence
* MONY Group Raised to Buy at Jefferies; PT 230 pence
* National Bank of Greece Raised to Buy at Alpha Finance
* Novonesis Raised to Buy at Rothschild & Co Redburn
* Savills Raised to Buy at UBS; PT 1,040 pence
* Securitas Raised to Buy at Pareto Securities; PT 173 kronor
* Vallourec PT Raised to 29 euros from 23.60 euros at Bernstein

>>> Down
* Banco BPM Cut to Neutral at Goldman; PT 14.30 euros
* Barry Callebaut Cut to Underweight at Barclays
* Beiersdorf Cut to Neutral at Goldman; PT 90 euros
* Boliden Cut to Hold at Deutsche Bank; PT 580 kronor
* Corbion Cut to Equal-Weight at Barclays; PT 20 euros
* Elisa Cut to Underweight at JPMorgan; PT 39 euros
* Future Plc Cut to Hold at Jefferies; PT 466 pence
* Galp Cut to Underperform at Mediobanca SpA; PT 20.50 euros
* Givaudan Cut to Equal-Weight at Barclays; PT 3,050 Swiss francs
* Lanxess Cut to Equal-Weight at Morgan Stanley; PT 20 euros
* Ontex Cut to Underperform at Oddo BHF; PT 3.70 euros
* Saipem Cut to Neutral at Mediobanca SpA; PT 3.60 euros
* SKF Cut to Underperform at BofA
* Syensqo Cut to Equal-Weight at Morgan Stanley; PT 50 euros
* TotalEnergies Cut to Neutral at Mediobanca SpA; PT 80 euros
* Yubico Cut to Hold at ABG; PT 35 kronor

>>> Initiation
* Arjo Rated New Neutral at SB1 Markets; PT 27 kronor
* Bittium Rated New Buy at Stifel; PT 40 euros
* BPER Banca Reinstated Neutral at Goldman; PT 13.70 euros
* Cereno Scientific Rated New Buy at Stifel; PT 20 kronor
* Electrolux Reinstated Neutral at Goldman; PT 65 kronor
* Meko Rated New Neutral at SB1 Markets; PT 75 kronor
* Monte Paschi Reinstated Buy at Goldman; PT 10.10 euros
* Novagold Resources Rated New Speculative Buy at Canaccord
* SEB Reinstated Buy at Goldman; PT 64 euros

>>> Call
* Barclays Sees S&P 500 Jump Up to 5% on Iran Deal: Equity Insight
* Morgan Stanley Favors Upstream in Chemicals, BASF Now Top Pick
* Netcompany Set to Gain Following Margin Upgrade: Morgan Stanley
* Vallourec PT Lifted at Bernstein on North America Inflection