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

>>> Up
* Accor Raised to Overweight at Morgan Stanley; PT 55 euros
* ACS Raised to Buy at Bestinver; PT 124.50 euros
* Altra Fastigheter Price Target Raised to SEK 90 from SEK 85 by Nordea
* AT&S Raised to Outperform at Oddo BHF; PT 220 euros
* Continental Raised to Outperform at Oddo BHF; PT 84 euros
* GTT Raised to Buy at Berenberg; PT 245 euros
* Hilton Food PT Raised to 850 pence at Deutsche Bank (+)
* Note Raised to Buy at SEB Equities; PT 197 kronor
* Prysmian Raised to Outperform at Oddo BHF; PT 153 euros
* Roche Price Target Raised to CHF 415 from CHF 380 by Bank of America
* Shell Raised to Overweight at Morgan Stanley; PT 3,780 pence
* Shell ADRs Raised to Overweight at Morgan Stanley
* Vodafone Raised to Buy at Goldman; PT 155 pence
* Vodafone ADRs Raised to Buy at Goldman; PT $20.93

>>> Down
* BBVA Cut to Underweight at JB Capital Markets; PT 24 euros
* Bodycote Cut to Hold at Berenberg; PT 933 pence
* Castellum Cut to Neutral at Van Lanschot Kempen; PT 130 kronor (+)
* Cellnex Cut to Sell at Goldman; PT 26 euros
* Cirsa Enterprises Cut to Equal-Weight at Morgan Stanley
* Clas Ohlson Cut to Hold at Nordea
* Daimler Truck Cut to Equal-Weight at Morgan Stanley; PT 50 euros
* Elisa Cut to Neutral at Goldman; PT 38 euros
* J D Wetherspoon Cut to Underweight at Morgan Stanley
* Kuehne + Nagel Cut to Underweight at Morgan Stanley
* Lonza Price Target Raised to CHF 630 from CHF 610 by Bank of America
* Senior Cut to Hold at Berenberg; PT 300 pence
* Telenor Cut to Neutral at Goldman; PT 150 kroner
* Vontobel Cut to Underperform at ZKB (+)
* Wihlborgs Cut to Sell at Van Lanschot Kempen; PT 70 kronor (+)

>>> Initiation
* Microsoft Reinstated Buy at William O'Neil

>>> Call
* Daimler Truck Cut at MS as Rally Leaves Sector Less Attractive (+)
* Moderna Dips as Rothschild Says Stock ‘Overvalued,’ Cuts to Sell
* Shell Upgraded to Top Pick by Morgan Stanley on Dividend Growth (+)