>>> Europe : Brokers Upgrades & Downgrades - 27th of March 2026 V3(++)

>>> Up
* Air Liquide Raised to Equal-Weight at Morgan Stanley
* Aker BP Raised to Buy at Pareto Securities; PT 400 kroner (+)
* Amadeus Raised to Buy at Intermoney Valores; PT 70 euros
* 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
* DNB Bank Raised to Hold at Danske Bank Markets; PT 290 kroner (++)
* 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
* Ion Beam PT Raised to 18.50 euros at Bank Degroof Petercam (++)
* 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
* Nemetschek Raised to Hold at DZ Bank; PT 70 euros (+)
* Novonesis Raised to Buy at Rothschild & Co Redburn
* Pernod Ricard Raised to Hold at Deutsche Bank; PT 65 euros (+)
* PORR Raised to Buy at MP Capital Markets (+)
* Savills Raised to Buy at UBS; PT 1,040 pence
* Securitas Raised to Buy at Pareto Securities; PT 173 kronor
* SMA Solar PT Raised to 52 euros at Bankhaus Metzler (+)
* SOL Raised to Buy at Kepler Cheuvreux (+)
* Thermo Fisher Rated New Buy at DZ Bank; PT $610 (+)
* Vallourec PT Raised to 29 euros from 23.60 euros at Bernstein
* Var Energi Raised to Buy at Pareto Securities; PT 55 kroner (++)

>>> Down
* Aixtron Cut to Sell at mwb research AG; PT 30 euros (++)
* 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
* EQT Cut to Underperform at Autonomous (+)
* Equinor Cut to Hold at Pareto Securities; PT 400 kroner (++)
* Ericsson Cut to Neutral at Grupo Santander; PT 113 kronor (+)
* FACC Cut to Hold at Kepler Cheuvreux; PT 14.70 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
* GVS PT Cut to 4 euros from 5.30 euros at Banca Akros (++)
* IAG PT Cut to 355 pence from 370 pence at UBS (++)
* Lanxess Cut to Equal-Weight at Morgan Stanley; PT 20 euros
* Nokia Cut to Underperform at Grupo Santander; PT 6.85 euros (+)
* Ontex Cut to Underperform at Oddo BHF; PT 3.70 euros
* PORR Cut to Accumulate at Erste Group; PT 39.50 euros (+)
* Saipem Cut to Neutral at Mediobanca SpA; PT 3.60 euros
* SKF Cut to Underperform at BofA
* Sofina PT Cut to 290 euros at Bank Degroof Petercam (++)
* 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
* ABN Amro ADRs Rated New Underperform at BNP Paribas; PT $34.50 (+)
* AIB Group ADRs Rated New Neutral at BNP Paribas; PT $23.20 (+)
* Arjo Rated New Neutral at SB1 Markets; PT 27 kronor
* Bank of Ireland ADRs Rated New Outperform at BNP Paribas (+)
* Barclays ADRs Rated New Outperform at BNP Paribas; PT $29.20 (+)
* BBVA ADRs Rated New Underperform at BNP Paribas; PT $21.10 (+)
* Bittium Rated New Buy at Stifel; PT 40 euros
* BPER Banca Reinstated Neutral at Goldman; PT 13.70 euros
* CaixaBank ADRs Rated New Outperform at BNP Paribas; PT $5 (+)
* Commerzbank ADRs Rated New Outperform at BNP Paribas; PT $45 (+)
* Credit Agricole ADRs Rated New Neutral at BNP Paribas; PT $11 (+)
* DNB Bank ADRs Rated New Neutral at BNP Paribas; PT $34.70
* Electrolux Reinstated Neutral at Goldman; PT 65 kronor
* HSBC ADRs Rated New Outperform at BNP Paribas; PT $100.50 (+)
* ING ADRs Rated New Outperform at BNP Paribas; PT $34.50 (+)
* Julius Baer ADRs Rated New Outperform at BNP Paribas; PT $18.50 (+)
* KBC ADRs Rated New Neutral at BNP Paribas; PT $72.60 (+)
* KGHM Rated New Reduce at Kepler Cheuvreux; PT 185.12 zloty (+)
* Lloyds ADRs Rated New Neutral at BNP Paribas; PT $6 (+)
* Meko Rated New Neutral at SB1 Markets; PT 75 kronor
* Monte Paschi Reinstated Buy at Goldman; PT 10.10 euros
* NatWest ADRs Rated New Neutral at BNP Paribas; PT $17.90
* Nordea Bank ADRs Rated New Outperform at BNP Paribas; PT $23.20 (+)
* Novagold Resources Rated New Speculative Buy at Canaccord
* Palfinger Rated New Buy at Kepler Cheuvreux; PT 48 euros (+)
* Santander ADRs Rated New Outperform at BNP Paribas; PT $15.10 (+)
* Standard Chartered ADRs Rated New Neutral at BNP Paribas (+)
* SEB Reinstated Buy at Goldman; PT 64 euros
* SocGen ADRs Rated New Outperform at BNP Paribas; PT $20.50 (+)
* Strabag Rated New Buy at Bankhaus Metzler; PT 120 euros (+)
* Swedbank ADRs Rated New Neutral at BNP Paribas; PT $40.70 (+)

>>> Call
* Barclays Sees S&P 500 Jump Up to 5% on Iran Deal: Equity Insight
* Fraport Kept at Sell as Mwb Notes Terminal 2 Reopening Delay (++)
* Goldman Sachs Upgrades Intesa, Initiates Paschi at Buy (+)
* JM Rallies as SEB Equities Upgrades on Limited Downside Risk (++)
* Mediobanca Upgrades Eni, Cuts Total and Galp on Oil Outlook (++)
* Morgan Stanley Favors Upstream in Chemicals, BASF Now Top Pick
* Netcompany Set to Gain Following Margin Upgrade: Morgan Stanley
* SOL Jumps as Analysts Flag FY Sales Increase, Margin Expansion (++)
* UK Homebuilders Have Estimates Cut at BofA; Berkeley Upgraded (+)
* Vallourec PT Lifted at Bernstein on North America Inflection