>>> Europe : Brokers Upgrades & Downgrades - 4th of May 2026 V2(+)

>>> Up
* Aktia Bank Raised to Accumulate at Inderes; PT 12 euros (+)
* Fortum Raised to Equal-Weight at Morgan Stanley; PT 23 euros
* Glaston Raised to Accumulate at Inderes; PT 1.30 euros (+)
* Kion Raised to Outperform at Oddo BHF; PT 58 euros (+)
* Leroy Raised to Buy at Pareto Securities; PT 50 kroner
* Norsk Hydro Raised to Buy at Pareto Securities; PT 116 kroner
* Rheinmetall Raised to Outperform at Grupo Santander (+)

>>> 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
* Scatec Cut to Neutral at SB1 Markets; PT 120 kroner

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

>>> Call
* Sanofi Cut to Equal-Weight at Morgan Stanley on Few Catalysts (+)
* US 1Q Earnings ‘Exceptionally Strong’ so Far: Goldman’s Snider (+)