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

>>> Up
* Admiral Raised to Buy at Citi; PT 4,243 pence
* International Paper Raised to Overweight at JPMorgan; PT $51
* K+S Raised to Outperform at BNP Paribas; PT 19 euros
* K+S ADRs Raised to Outperform at BNP Paribas; PT $11.10
* Mandatum Raised to Buy at SEB Equities; PT 6.20 euros
* Schweiter Raised to Buy at Baader Helvea; PT 383 Swiss francs

>>> Down
* Essity Cut to Sell at Goldman; PT 255 kronor
* Fresenius Medical Care ADRs Cut to Underperform at BNP Paribas
* Fresenius Medical Care Cut to Underperform at BNP Paribas
* Gabriel Cut to Reduce at Inderes; PT 270 kroner
* Sabre Insurance Cut to Add at Peel Hunt; PT 200 pence
* SES GDRs Cut to Sell at New Street Research; PT 6.40 euros
* Swiss Re Cut to Underweight at JPMorgan; PT 125 Swiss francs
* Veolia Cut to Equal-Weight at Morgan Stanley; PT 38 euros
* Vesuvius Cut to Neutral at BNP Paribas; PT 420 pence

>>> Initiation
* Anglo Asian Mining Rated New Buy at Peel Hunt; PT 568 pence
* AUTO LN Rated New Neutral at Rothschild & Co Redburn
* Bohus Rated New Buy at SEB Equities; PT 45 kroner
* Cyberoo Rated New Outperform at Mediobanca SpA; PT 1.80 euros
* Gerard Perrier Rated New Outperform at Oddo BHF; PT 100 euros
* Maire Rated New Market Perform at Bernstein; PT 15 euros
* Pensionbee Group Raised to Outperform at RBC; PT 175 pence
* Rightmove Reinstated Buy at Rothschild & Co Redburn
* Scout24 Rated New Neutral at Rothschild & Co Redburn
* Talanx Reinstated Buy at Goldman; PT 137 euros
* Trainline Rated New Buy at Jefferies; PT 350 pence
* Villeroy & Boch Reinstated Outperform at Oddo BHF; PT 20 euros
* VW ADRs Rated New Buy at Berenberg; PT $11.50
* Ypsomed Reinstated Buy at William O'Neil

>>> Call
* Kingfisher Placed on a Negative Catalyst Watch at JPMorgan
* Swiss Re Downgraded at JPMorgan, Hannover Re on Negative Watch