>>> Europe : Brokers Upgrades & Downgrades - 4th of May 2026

>>> Up
* Fortum Raised to Equal-Weight at Morgan Stanley; PT 23 euros
* Leroy Raised to Buy at Pareto Securities; PT 50 kroner
* Norsk Hydro Raised to Buy at Pareto Securities; PT 116 kroner

>>> Down
* Incap Cut to Accumulate at Inderes; PT 12 euros
* Komplett Cut to Hold at Nordea
* Sanofi Cut to Equal-Weight at Morgan Stanley; PT 90 euros
* Sanofi ADRs Cut to Equal-Weight at Morgan Stanley; PT $52

>>> Initiation
* IPC Rated New Sector Perform at National Bank; PT 304.87 kronor

>>> Call