>>> Europe : Brokers Upgrades & Downgrades - 2nd of February 2026

>>> Up
* Aallon Group Raised to Buy at Inderes; PT 13 euros
* Anglo American Raised to Buy at Citi; PT 4,500 pence
* Applied Materials PT Raised to $364 from $273 at Morgan Stanley
* Byggmax Raised to Hold at ABG; PT 55 kronor
* Crest Nicholson Raised to Buy at Peel Hunt; PT 190 pence
* Elisa Raised to Buy at Inderes; PT 44 euros
* Elisa Raised to Hold at Nordea
* Exail Technologies PT Raised to 167 euros at Bernstein
* Hexagon Raised to Buy at Pareto Securities; PT 115 kronor
* Infineon PT Raised to 54 euros from 45 euros at Morgan Stanley
* ISS PT Raised to 300 kroner from 250 kroner at Berenberg
* Sage Group Raised to Buy at Canaccord; PT 1,135 pence

>>> Down
* Carl Zeiss Meditec Cut to Equal-Weight at Barclays; PT 32 euros
* Humana Cut to Underweight at Morgan Stanley; PT $174
* International Paper Cut to Neutral at UBS; PT $44
* Lloyds Cut to Sell at Shore Capital
* Maersk Cut to Hold at ABG; PT 16,300 kroner
* Novo Cut to Hold at ABG; PT 350 kroner
* Olin PT Cut to $18 from $20 at Morgan Stanley
* Scanfil Cut to Reduce at Inderes; PT 11 euros
* Signify Cut to Neutral at JPMorgan; PT 18.40 euros

>>> Initiation
* Circle Internet Rated New Equal-Weight at Morgan Stanley; PT $66
* KLA Corp Rated New Neutral at CTBC Securities; PT $1,750
* Micron Rated New Buy at Phillip Secs; PT $500
* Sandisk Rated New Buy at CTBC Securities; PT $660

>>> Call
* Defense Preferred, Civil Aerospace Backdrop Mixed: Jefferies
* Lloyds Cut to Sell at Shore Capital, Fully Valued After Good Run
* Signify Cut at JPMorgan After Profit Warning on Margin Erosion