>>> Europe : Brokers Upgrades & Downgrades - 3rd of Sept 2026 V3(++)

>>> Up
* Ariston Raised to Equal-Weight at Morgan Stanley; PT 4.10 euros
* Azimut Raised to Buy at Deutsche Bank; PT 46 euros (+)
* Banco BPM PT Raised to 18.10 euros at Deutsche Bank (+)
* BW LPG Raised to Buy at SB1 Markets; PT 250 kroner
* CNH Industrial Raised to Outperform at Evercore ISI; PT $18
* Dunelm Raised to Buy at Deutsche Bank; PT 1,050 pence (+)
* Essity Raised to Buy at Kepler Cheuvreux; PT 320 kronor (+)
* FlatexDEGIRO Raised to Overweight at Morgan Stanley
* Fuchs Raised to Hold at Kepler Cheuvreux; PT 43 euros (+)
* Gabriel Raised to Accumulate at Inderes; PT 270 kroner
* Hilton Food Raised to Buy at Peel Hunt; PT 720 pence (+)
* Legrand Raised to Buy at Deutsche Bank
* NIBE Industrier Raised to Equal-Weight at Morgan Stanley
* Nyxoah PT Raised to 9.60 euros at Bank Degroof Petercam (++)
* Ringmetall SE Raised to Buy at SMC Research; PT 4.80 euros (++)
* Soitec Raised to Outperform at Oddo BHF; PT 175 euros (++)
* TBC Bank Group Raised to Buy at Roemer Capital; PT 6,000 pence (++)
* TGS Raised to Buy at SEB Equities; PT 173 kroner

>>> Down
* Aker BP Cut to Sell at SEB Equities; PT 330 kroner
* Austevoll Seafood Cut to Hold at Norne Securities; PT 100 kroner
* Equinor Cut to Sell at SEB Equities; PT 356 kroner
* Essity Cut to Sell at UBS; PT 235 kronor
* Fresnillo Cut to Underweight at Barclays; PT 2,500 pence (++)
* GB Group Cut to Speculative Buy at Canaccord; PT 300 pence (+)
* Leroy Cut to Hold at Norne Securities; PT 50 kroner
* Moderna Cut to Sell at Rothschild & Co Redburn; PT $81
* Salmar Cut to Hold at Norne Securities; PT 630 kroner
* Verve Group Media SE Cut to Hold at Berenberg

>>> Initiation
* 3i Reinstated Equal-Weight at Morgan Stanley
* Adyen Assumed Overweight at Morgan Stanley; PT 1,300 euros
* Aker BP Rated New Underweight at Morgan Stanley; PT 333 kroner
* Amplifon Rated New Overweight at Morgan Stanley; PT 14.90 euros
* APA Corp Rated New Neutral at Seaport Global Securities
* Banca Mediolanum Rated New Equal-Weight at Morgan Stanley
* Conoco Rated New Neutral at Seaport Global Securities
* Crescent Energy Co Rated New Sell at Seaport Global Securities
* Dell Technologies Rated New Buy at Singular Research; PT $575
* Denison Mines Rated New Buy at Jefferies; PT C$5.20
* Deutsche Boerse Reinstated Equal-Weight at Morgan Stanley
* Devon Rated New Buy at Seaport Global Securities; PT $65
* Diamondback Rated New Neutral at Seaport Global Securities
* Energean Rated New Equal-Weight at Morgan Stanley
* EOG Resources Rated New Neutral at Seaport Global Securities
* EQT Reinstated Overweight at Morgan Stanley; PT 410 kronor
* Euronext Reinstated Overweight at Morgan Stanley; PT 200 euros
* Global Atomic Rated New Hold at Jefferies; PT 60 Canadian cents
* Harbour Energy Rated New Equal-Weight at Morgan Stanley
* Ithaca Energy Rated New Equal-Weight at Morgan Stanley
* Kazatomprom GDRs Rated New Buy at Jefferies; PT $106
* Matador Resources Rated New Neutral at Seaport Global Securities
* Murphy Oil Rated New Neutral at Seaport Global Securities
* NexGen Energy Rated New Buy at Jefferies; PT C$21
* Occidental Rated New Buy at Seaport Global Securities; PT $73
* Officina Stellare Rated New Overweight at Cantor; PT 60.50 euros (+)
* Partners Group Reinstated Equal-Weight at Morgan Stanley
* Permian Resources Rated New Buy at Seaport Global Securities
* Prudential Rated New Buy at Berenberg; PT 1,445 pence
* PureTech Health Rated New Buy at Singer Capital Markets (++)
* Saipem Reinstated Hold at SEB Equities; PT 4.75 euros
* St James's Place Reinstated Equal-Weight at Morgan Stanley
* Thermo Fisher Reinstated Accumulate at CLSA; PT $748
* Uranium Energy Rated New Hold at Jefferies; PT $11.50
* Var Energi Rated New Overweight at Morgan Stanley; PT 56 kroner
* Viper Energy Rated New Buy at Seaport Global Securities; PT $45
* Wise Assumed Equal-Weight at Morgan Stanley

>>> Call
* Barclays’ Cau Sees Case for Reducing Risk as September Unfolds (++)
* Barclays’ Cau Says European Stocks Are Facing a Volatile Path (++)
* Citi Analysts Expect Policy Shifts to Support European Equities
* Ariston Raised at Morgan Stanley, Downside Materially Reduced
* ‘AI Bottleneck’ Stocks Look ‘Tired’ Despite Good News: BTIG
* Dunelm Rebounds as Deutsche Upgrades Ahead of Strategy Update (++)
* Fuchs Gains as Kepler Upgrades on Potential to Beat Guidance (++)
* Gimv Gains as KBC Says Results Demonstrate Portfolio Quality (++)
* Goldman Strategists Say It’s Too Early to Revisit French Stocks (+)
* Morgan Stanley Initiates European Exploration, Favors Var Energi (+)
* Morgan Stanley Makes Series of European Financials Initiations (++)
* Voltalia Shares May Drop as Firm Now Forecasts Net Loss for 2026 (+)
* Nibe Upgraded at Morgan Stanley on Better Near-Term Risk-Reward
* Trip.com Shares Fall; MS Flags ‘Rising Near-Term Uncertainties’ (+)