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

>>> Up

* Academedia Raised to Buy at SEB Equities; PT 130 kronor
* Bakkafrost Raised to Buy at ABG; PT 505 kroner

* Catena Raised to Buy at Van Lanschot Kempen; PT 440 kronor

* Centrica Raised to Buy at Jefferies; PT 200 pence

* Check Point Software PT Raised to $160 from $140 at BMO

* Framery Group Raised to Buy at Inderes; PT 8 euros

* GE Vernova Raised to Buy at HSBC; PT $1,100

* Howmet Aerospace Raised to Overweight at KeyBanc

* Ilkka Oyj Raised to Accumulate at Inderes; PT 4 euros

* Lumentum Raised to Strong Buy at Raymond James; PT $1,328

* Modulight Raised to Accumulate at Inderes; PT 1.15 euros

* Shell ADRs PT Raised to $106 from $83 at Freedom Capital

* Telia Raised to Buy at New Street Research; PT 53 kronor

* Tempus AI Raised to Hold at Jefferies; PT $70

* Twilio Raised to Hold at HSBC; PT $215

>>> Down

* Adidas Cut to Sell at UBS; PT 156 euros
* Alstom Cut to Neutral at Oddo BHF; PT 12 euros

* Alstom Cut to Neutral at JPMorgan; PT 15.60 euros

* Coca-Cola Femsa ADRs Cut to Market Perform at Itau BBA; PT $116

* DSM-Firmenich Cut to Hold at Bank Degroof Petercam; PT 113 euros

* Fuchs Cut to Hold at Jefferies; PT 46 euros

* Lumentum Cut to Neutral at B Riley; PT $770

* Lumentum Cut to Hold at Stifel; PT $806
* Marvell Technology Cut to Hold at TD Cowen; PT $175

* Marvell Technology Cut to Neutral at BofA

* Monday.com Cut to Hold at TD Cowen; PT $105

* MTU Aero Cut to Neutral at BofA; PT 370 euros

* Randstad Cut to Underperform at BNP Paribas; PT 35 euros

* Sobi PT Raised to 600 kronor from 570 kronor at Berenberg

* Solstad Maritime Cut to Hold at Arctic Securities; PT 30 kroner

* Sonova Cut to Neutral at UBS; PT 293 Swiss francs

>>> Initiation

* Dormy Rated New Buy at ABG; PT 100 kronor

* Dropbox Rated New Equal-Weight at Stephens; PT $39

* General Fusion Group Rated New Neutral at Wedbush; PT $7

* Nano Nuclear Energy Rated New Outperform at Wedbush; PT $18

* Outlet Group Holding Rated New Buy at SB1 Markets; PT 46 kroner
* Pony AI ADRs Rated New Overweight at Morgan Stanley; PT $10

* Rigetti Computing Rated New Sell at Mirae Asset Securities

* Quantinuum Rated New Buy at Mirae Asset Securities; PT $49.55

>>> Call

* Alstom Cut to Neutral at JPMorgan as Warning Dents Confidence

* Centrica Raised at Jefferies on Retail and Infrastructure Growth

* Fuchs Faces Increasing Normalization, Cut to Hold at Jefferies

* Galderma CFO Exit Comes as a Significant Surprise, RBC Says

* Grifols Results Beat, With Benefit From Phasing, JPMorgan Says
* SiriusXM Upgraded at Goldman on Ramping YouTube Monetization