>>> Europe : Brokers Upgrades & Downgrades - 31st of July 2026

>>> Up
* Amazon PT Raised to $365 from $330 at JPMorgan
* CVS Group Raised to Overweight at Barclays; PT 1,630 pence
* H&R Raised to Buy at Baader Helvea; PT 7.50 euros
* Hammerson Raised to Buy at Van Lanschot Kempen; PT 430 pence (+)
* Mondi Raised to Equal-Weight at Morgan Stanley; PT 810 pence
* Siltronic Raised to Buy at Deutsche Bank; PT 100 euros
* Siltronic Raised to Neutral at BofA; PT 84 euros (+)
* Siltronic Raised to Buy at Kepler Cheuvreux; PT 97 euros (+)
* Subsea 7 Raised to Neutral at SB1 Markets; PT 290 kroner

>>> Down
* 3i Infra Cut to Sell at Canaccord
* Arcadis Cut to Hold at KBC Securities; PT 42 euros
* Greencoat Renewables Cut to Hold at Canaccord
* Greggs Cut to Sector Perform at RBC; PT 1,960 pence
* Intl Public Partnerships Cut to Sell at Canaccord
* Norwegian Cruise PT Cut to $17 from $20 at JPMorgan
* Rentokil Cut to Neutral at BNP Paribas; PT 400 pence
* Rentokil ADRs Cut to Neutral at BNP Paribas; PT $26.70

>>> Initiation
* Vienna Insurance Rated New Buy at William O'Neil

>>> Call
* Greggs Loses a Bull as RBC Downgrades After Results-Fueled Rally
* RBC’s Calvasina Sees Valuation Opportunity Emerging in US Stocks