>>> Europe : Brokers Upgrades & Downgrades - 29th of January 2026

>>> Up
* Aperam Raised to Overweight at JPMorgan; PT 41.20 euros
* ASML PT Raised to 1,500 euros from 1,000 euros at TD Cowen
* ASML Raised to Overweight at Barclays; PT 1,500 euros
* ASML PT Raised to 1,600 euros from 1,400 euros at Citi
* Fresnillo Raised to Buy at Banco BTG Pactual; PT 5,400 pence
* General Motors Raised to Buy at DZ Bank; PT $98
* Lassila & Tikanoja Raised to Buy at Inderes; PT 8.80 euros
* LVMH Raised to Buy at DZ Bank; PT 650 euros
* Meta PT Raised to $825 from $750 at Morgan Stanley
* Nordnet Raised to Buy at SEB Equities; PT 332 kronor
* Schindler Raised to Neutral at Oddo BHF; PT 294 Swiss francs
* UMG Raised to Buy at ING; PT 27.20 euros
* Volvo Raised to Buy at ABG; PT 365 kronor

>>> Down
* Acerinox Cut to Underweight at JPMorgan; PT 10.50 euros
* CAF Cut to Underperform at Oddo BHF; PT 54 euros
* Consti Cut to Reduce at Inderes; PT 12.50 euros
* Helleniq Energy Cut to Neutral at Piraeus Securities S.A.
* Motor Oil Hellas Cut to Neutral at Piraeus Securities S.A.
* OMV Cut to Underperform at RBC; PT 46 euros
* Stolt-Nielsen Cut to Hold at Pareto Securities; PT 317.85 kroner
* SSAB Cut to Neutral at JPMorgan; PT 71 kronor
* Unite Group Cut to Hold at Jefferies; PT 629 pence

>>> Initiation
* Austriacard Rated New Outperform at Piraeus Securities S.A.
* Barrick Mining Rated New Overweight at JPMorgan; PT C$91.96
* Cenergy Rated New Outperform at Oddo BHF; PT 22.40 euros
* Unite Group Reinstated Buy at Deutsche Bank; PT 700 pence

>>> Call
* Exail Tech’s Preliminary Figures ‘Encouraging,’ Bernstein Says
* JPMorgan Sees Risk/Reward Improving for EU Stainless Steel
* OMV Cut to Underperform at RBC on Extended Chemicals Downcycle