>>> Europe : Brokers Upgrades & Downgrades - 5th of June 2026

>>> Up
* Aena Raised to Neutral at JPMorgan; PT 24 euros
* Atria Raised to Accumulate at Inderes; PT 16 euros
* Belimo Raised to Outperform at BNP Paribas
* Chipotle Raised to Overweight at JPMorgan; PT $35
* CMC Markets Raised to Buy at Jefferies; PT 500 pence
* Hyatt Raised to Buy at HSBC; PT $212
* Inditex Raised to Overweight at Morgan Stanley; PT 62 euros
* Moncler Raised to Add at AlphaValue/Baader
* Nordnet Raised to Buy at Berenberg; PT 400 kronor

>>> Down
* Air France-KLM Cut to Underweight at Barclays; PT 10 euros
* Carel Cut to Neutral at BNP Paribas; PT 34 euros
* CrowdStrike Cut to Hold at Berenberg; PT $720
* DiscoverIE Cut to Sector Perform at RBC; PT 800 pence
* Finnair Cut to Underweight at Barclays; PT 3.60 euros
* Fiserv Cut to Underperform at BNP Paribas; PT $46
* Grainger PT Cut to 175 pence from 200 pence at Peel Hunt
* Wacker Chemie Cut to Sell at Citi; PT 95 euros

>>> Initiation
* Airbnb Rated New Outperform at CICC; PT $165
* Marriott Intl Rated New Buy at William O'Neil
* Munters Rated New Buy at UBS; PT 245 kronor
* Pandox Reinstated Buy at SEB Equities; PT 205 kronor

>>> Call
* Aena Raised to Neutral at JPMorgan With Risks Now Receding
* CMC Markets Set for a Good Year, Upgraded to Buy at Jefferies
* Inditex is Bright Spot of Resilience, Raised to Overweight: MS
* Wacker Chemie Cut to Sell at Citi, Novonesis Preferred Name