>>> Europe : Brokers Upgrades & Downgrades - 3rd of Aug 2026

>>> Up
* Azimut Raised to Buy at Intesa Sanpaolo; PT 40.70 euros
* Clariant Raised to Overweight at Barclays; PT 11.50 Swiss francs
* Elis Raised to Outperform at RBC
* E.On Raised to Buy at Jefferies; PT 22.70 euros
* Evolution Raised to Neutral at UBS; PT 750 kronor
* GTT Raised to Buy at UBS; PT 230 euros
* Ingersoll Rand Raised to Buy at Stifel; PT $101
* Legrand Raised to Outperform at RBC; PT 160 euros
* LyondellBasell Raised to Overweight at JPMorgan; PT $80
* Mersen Raised to Buy at Berenberg; PT 50 euros
* MOL Raised to Overweight at Morgan Stanley; PT 5,350 forint
* Siltronic Raised to Buy at UBS; PT 105 euros
* Telenor Raised to Equal-Weight at Barclays; PT 135 kroner
* Thales Raised to Equal-Weight at Barclays; PT 280 euros
* UCB Raised to Hold at Jefferies; PT 220 euros

>>> Down
* Argan Cut to Hold at Jefferies; PT 79 euros
* Birkenstock Cut to Hold at Williams Trading; PT $44
* CPH Group AG Cut to Add at Baader Helvea; PT 67 Swiss francs
* JD Sports Cut to Sector Perform at RBC; PT 100 pence
* Klepierre Cut to Hold at Jefferies; PT 40 euros
* Merlin Properties Cut to Hold at Jefferies; PT 16 euros
* NN Group Cut to Hold at KBC Securities; PT 77 euros
* NXP Semi Cut to Neutral at UBS; PT $270
* Philips Cut to Neutral at UBS; PT 24 euros
* Severn Trent Cut to Hold at Jefferies; PT 3,220 pence
* Stellantis Cut to Neutral at UBS
* Unite Group Cut to Neutral at Citi; PT 579 pence

>>> Initiation
* Circle Internet Rated New Buy at TD Cowen; PT $82
* Endeavour Mining Rated New Buy at Jefferies; PT C$107.74
* Fresnillo Reinstated Hold at Jefferies; PT 2,700 pence
* Hochschild Mining Rated New Buy at Jefferies; PT 625 pence
* Ipsen Cut to Underperform at Jefferies; PT 135 euros
* Pan African Rated New Buy at Jefferies; PT 130 pence
* Robyg Rated New Buy at Goldman; PT 45 zloty
* Schwab Reinstated Buy at Compass Point; PT $135

>>> Call
* Citi’s Manthey Says European Earnings Draw Strong Stock Reaction
* JD Sports Downgraded at RBC on Continued Sector Challenges
* Legrand Pullback Creates Opportunity, RBC Raises to Outperform
* UCB Raised to Hold at Jefferies Following Meaningful De-Rating