>>> Europe : Brokers Upgrades & Downgrades - 30th of Sept 2026

>>> Up
* Bergman & Beving Raised to Buy at Handelsbanken
* Etteplan Raised to Accumulate at Inderes; PT 8.50 euros
* Fortum Raised to Outperform at Oddo BHF; PT 28 euros
* Hafnia Raised to Buy at Pareto Securities; PT 80.37 kroner
* Hanza Price Target Raised to SEK 182 from SEK 179 by Nordea
* Julius Baer Raised to Equal-Weight at Morgan Stanley
* Nordnet Raised to Overweight at JPMorgan; PT 401 kronor
* NSI NV Raised to Neutral at Oddo BHF; PT 18 euros
* Oxford Nanopore PT Raised to 300 pence from 225 pence at RBC
* Swedish Logistic Property Raised to Buy at Arctic Securities
* Verbund Raised to Neutral at Oddo BHF; PT 63 euros

>>> Down
* Aberdeen Group Cut to Neutral at JPMorgan; PT 267 pence
* Commerzbank Cut to Hold at Deutsche Bank; PT 42 euros
* Generali Cut to Hold at Jefferies; PT 38 euros
* Hemnet Price Target Cut to SEK 80 from SEK 103 by Nordea
* Invisio Price Target Cut to SEK 340 from SEK 350 by Nordea
* Kvika Banki Cut to Neutral at Jakobsson; PT ISK13.40
* Lindt & Spruengli Cut to Underperform at Oddo BHF
* OEM International Cut to Hold at Handelsbanken
* Pan African Cut to Underweight at ABSA Securities
* St James's Place Cut to Neutral at JPMorgan; PT 1,381 pence

>>> Initiation
* DocMorris Rated New Overweight at Cantor; PT 17 Swiss francs
* Elementis Reinstated Buy at Investec; PT 215 pence
* MLP Group Rated New Hold at ING; PT 125 zloty
* Sinch Rated New Sell at Pareto Securities; PT 35 kronor
* SK Hynix ADRs Rated New Buy at Baptista Research; PT $240.10
* TP ICAP Reinstated Overweight at JPMorgan
* Zegona Communications Rated New Buy at Goldman; PT 2,950 pence

>>> Call
* Oddo BHF Positive on Utilities Outlook, Upgrades Fortum, Verbund
* BMW Targeting Auto Margin in Range of 3%-5% in 2028: Bernstein
* Generali Downgraded to Hold at Jefferies Following Re-Rating
* Julius Baer Upgraded at Morgan Stanley After Swiss Probe Ends
* Nordnet Overweight at JPMorgan, Turns More Cautious on UK Names