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

>>> Up
* Biohit Raised to Buy at Inderes; PT 3.50 euros
* KPN Raised to Buy at Kepler Cheuvreux; PT 5.30 euros
* Puig Raised to Outperform at BNP Paribas; PT 20.50 euros
* Puig ADRs Raised to Outperform at BNP Paribas; PT $11.70
* Securitas Raised to Buy at ABG; PT 175 kronor

>>> Down
* Adobe Cut to Neutral at Phillip Secs; PT $203
* Bravida Cut to Hold at ABG; PT 135 kronor
* Essity Cut to Sell at SB1 Markets; PT 270 kronor
* Salesforce Cut to Neutral at Phillip Secs; PT $166

>>> Initiation
* Honeywell Aerospace Rated New Hold at TD Cowen; PT $250
* Leonardo Rated New Overweight at Oxcap; PT 60 euros
* Pennon Reinstated Outperform at BNP Paribas; PT 560 pence
* Pennon ADRs Reinstated Outperform at BNP Paribas; PT $15.10
* Rheinmetall Rated New Equal-Weight at Oxcap; PT 1,000 euros
* Saab Rated New Overweight at Oxcap; PT 755 kronor
* Severn Trent Reinstated Neutral at BNP Paribas; PT 3,260 pence
* Severn Trent ADRs Reinstated Neutral at BNP Paribas; PT $44
* Terawulf Rated New Buy at Citi; PT $36
* United Utilities Reinstated Outperform at BNP Paribas
* United Utilities ADRs Reinstated Outperform at BNP Paribas

>>> Call