>>> Europe : Brokers Upgrades & Downgrades - 5th of February 2026 V2(+)

>>> Up
* AKVA Raised to Buy at Norne Securities; PT 110 kroner (+)
* Alphabet PT Raised to $395 from $385 at JPMorgan (+)
* BAT Raised to Outperform at Avior Capital Markets
* Celanese Raised to Buy at Jefferies; PT $86
* DigitalOcean Raised to Overweight at Cantor; PT $68
* DSV PT Raised to 2,200 kroner from 1,700 kroner at Jefferies
* DSV Price Target Raised to DKK 2,050 from DKK 1,900 by Danske Bank
* Equinor Raised to Buy at Pareto Securities; PT 280 kroner
* FuboTV Raised to Buy at Seaport Global Securities; PT $3
* HgCapital Raised to Buy at Investec (+)
* Loomis Raised to Buy at SEB Equities; PT 450 kronor
* National Grid PT Raised to 1,400 pence at Morgan Stanley
* NOBA Raised to Buy at ABG; PT 128 kronor
* Peab Raised to Buy at SEB Equities; PT 105 kronor
* Snap Raised to Buy at B Riley; PT $10 (+)
* Springvest Raised to Reduce at Inderes; PT 9.50 euros
* Zegna Group Raised to Buy at UBS; PT $11.50

>>> Down
* Apotea Cut to Hold at SEB Equities; PT 68 kronor
* Atlas Copco Cut to Neutral at Goldman; PT 184 kronor
* Babcock Cut to Neutral at Citi; PT 1,554 pence
* Beazley Cut to Equal-Weight at Morgan Stanley; PT 1,335 pence
* Beazley Cut to Hold at Jefferies; PT 1,310 pence
* Borregaard Cut to Hold at SEB Equities; PT 200 kroner
* Carlsberg Cut to Sell at Nordea; PT 780 kroner
* DNB Bank Cut to Neutral at SB1 Markets; PT 300 kroner
* DNB Bank Cut to Hold at Pareto Securities; PT 315 kroner (+)
* DSV Cut to Hold at ABG; PT 1,900 kroner
* Equinor Cut to Neutral at BofA (+)
* E.On Cut to Neutral at BofA (+)
* Fresnillo Cut to Hold at Berenberg; PT 3,800 pence
* Grieg Seafood Cut to Hold at Pareto Securities; PT 74 kroner (+)
* Handelsbanken Cut to Sell at SEB Equities; PT 137 kronor
* Lundin Mining Cut to Hold at Paradigm Capital; PT C$34
* Melexis Cut to Equal-Weight at Morgan Stanley on Lack of Growth (+)
* Microsoft Cut to Hold at Stifel; PT $392
* Novo Nordisk Price Target Cut to DKK 332 from DKK 390 by UBS
* OMV Cut to Reduce at HSBC; PT 44 euros
* Santander Cut to Equal-Weight at Morgan Stanley; PT 11.50 euros
* Securitas Cut to Hold at Pareto Securities; PT 173 kronor
* Subsea 7 Cut to Underperform at Oddo BHF; PT 160 kroner
* TechnipFMC Cut to Neutral at Oddo BHF
* Wartsila Cut to Sell at Inderes; PT 30 euros

>>> Initiation
* Cava Group Rated New Buy at Benchmark; PT $80
* Embracer Rated New Neutral at SB1 Markets; PT 50 kronor
* GEA Group Rated New Buy at Berenberg; PT 73 euros

>>> Call
* Anglo Cuts Copper Target, Warns of Possible De Beers Writedown (+)
* Atlas Copco Cut to Neutral at Goldman as Auto-Exposed Arm Weighs (+)
* Engie Cut to Neutral at JPMorgan Over Market Valuation, Earnings
* Equinor Raised to Buy at Pareto on Cash-Flow Improvement (+)
* Saipem, Subsea 7 Cut at Oddo BHF, SBM Offshore Among Top Picks