>>> Europe : Brokers Upgrades & Downgrades - 28th of January 2026

>>> Up
* Engie PT Raised to 27 euros from 25.70 euros at Jefferies
* Getinge Raised to Buy at Pareto Securities; PT 240 kronor
* HMS Networks Raised to Buy at Nordea; PT 500 kronor
* Johnson & Johnson Raised to Overweight at Morgan Stanley
* KKR & Co. Raised to Buy at HSBC; PT $144
* PSP Swiss Raised to Buy at UBS; PT 162 Swiss francs
* Ringkjoebing Landbobank Raised to Hold at ABG; PT 1,575 kroner
* Siegfried Raised to Buy at Octavian; PT 125 Swiss francs
* Swiss Prime Raised to Neutral at UBS; PT 125 Swiss francs
* Tecnotree Raised to Hold at Inderes; PT 5.70 euros
* UPS PT Raised to $115 from $101 at TD Cowen
* Visa Raised to Buy at Rothschild & Co Redburn; PT $385

>>> Down
* Atlas Copco Cut to Hold at Pareto Securities; PT 200 kronor
* Atlas Copco Cut to Hold at ABG; PT 190 kronor
* BBVA Cut to Sector Perform at RBC; PT 19.75 euros
* Birkenstock PT Cut to $47 from $57 at Morgan Stanley
* Enel Chile ADRs Cut to Neutral at Grupo Santander; PT $4.60
* Essity Cut to Hold at Pareto Securities; PT 270 kronor
* Evli Cut to Reduce at Inderes; PT 26 euros
* Intershop Cut to Neutral at UBS; PT 170 Swiss francs
* Mobimo Cut to Sell at UBS; PT 330 Swiss francs
* Neste Cut to Neutral at UBS; PT 23 euros
* PayPal Cut to Sell at Rothschild & Co Redburn; PT $50
* Redeia Cut to Neutral at Citi; PT 15.60 euros
* Roche Cut to Hold at Intron Health; PT 350 Swiss francs
* SocGen Cut to Market Perform at KBW; PT 77 euros
* Solvay Cut to Hold at ING; PT 26 euros
* Var Energi Cut to Hold at Norne Securities; PT 39 kroner
* Veidekke Cut to Hold at ABG; PT 185 kroner

>>> Initiation
* Inventiva SACA ADRs Rated New Overweight at Barclays; PT $18
* Nano Nuclear Energy Rated New Buy at Texas Capital; PT $49
* Oklo Rated New Buy at Texas Capital; PT $138
* Warner Music Rated New Buy at MoffettNathanson LLC; PT $38
* Valbiotis SA Rated New Buy at Euroland Corporate; PT 2.16 euros

>>> Call
* BBVA Best-in-Class But Fully Valued, RBC Cuts to Sector Perform
* Ferragamo Retail Sales Stand Out, Wholesale Drags, JPMorgan Says
* Redeia Downgraded at Citi, Regulatory Framework is Restrictive
* Roche Risk-Reward Now More Balanced, Intron Health Cuts to Hold