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

>>> Up
* Byggmax Raised to Buy at ABG; PT 57 kronor
* Carrefour Raised to Buy at UBS; PT 19 euros
* CTS Eventim Raised to Outperform at Oddo BHF; PT 67 euros
* Digital Workforce Services Raised to Buy at Inderes
* Dof Group Raised to Buy at SEB Equities; PT 132 kroner
* Puma Raised to Neutral at JPMorgan
* Repsol Raised to Outperform at Grupo Santander; PT 27 euros
* Solstad Maritime Raised to Buy at SEB Equities; PT 29 kroner

>>> Down
* AB Foods PT Cut to 1,330 pence from 1,410 pence at Citi
* TGS Cut to Hold at SEB Equities; PT 135 kroner
* Trip.com ADRs Cut to Hold at China Renaissance; PT $42
* Wihlborgs Price Target Cut to SEK 90 from SEK 105 by Nordea

>>> Initiation
* Adidas Resumed Overweight at JPMorgan; PT 230 euros
* Informa Reinstated Outperform at BNP Paribas; PT 1,075 pence
* JD Sports Resumed Neutral at JPMorgan; PT 90 pence
* Kongsberg Maritime Rated New Buy at ABG; PT 60 kroner
* On Holding Resumed Overweight at JPMorgan
* Pearson Reinstated Neutral at BNP Paribas; PT 1,200 pence
* RELX Reinstated Underperform at BNP Paribas; PT 2,100 pence
* Semco Technologies SAS Rated New Outperform at Oddo BHF
* Springer Nature Reinstated Neutral at BNP Paribas; PT 20 euros
* Wolters Kluwer Reinstated Underperform at BNP Paribas

>>> Call
* CTS Eventim Valuation Appealing, Oddo BHF Raises to Outperform
* BofA Forecasts Ryanair Fiscal Q1 Fare Drop Amid Shifting Short-Haul Travel Outlook
* Seeing Machines at Inflection Point, New Buy at Shore Capital
* Semco Technologies New Outperform at Oddo BHF on Growth Outlook