>>> Europe : Brokers Upgrades & Downgrades - 5th of May 2026 V3(++)

>>> Up
* Aixtron Raised to Neutral at Van Lanschot Kempen; PT 41 euros
* BT Raised to Buy at BofA (+)
* Bureau Veritas Raised to Sector Perform at RBC; PT 26 euros
* CATL H-Share Raised to Overweight at MS on Growth Visibility
* H&R Raised to Add at Baader Helvea; PT 5 euros (+)
* Hafnia Raised to Buy at SEB Equities; PT 91 kroner
* Intertek Raised to Outperform at RBC; PT 5,850 pence
* L'Oreal Raised to Neutral at BNP Paribas; PT 414 euros
* L'Oreal ADRs Raised to Neutral at BNP Paribas; PT $97
* Melexis PT Raised to 82 euros from 70 euros at Berenberg
* Naturgy Raised to Buy at BofA (+)
* Orange Raised to Buy at Goldman; PT 21.60 euros
* Sandoz Group Raised to Overweight at Barclays
* Scout24 Raised to Outperform at Grupo Santander; PT 94.50 euros
* SGS Raised to Sector Perform at RBC
* Spirax Raised to Outperform at BNP Paribas; PT 8,350 pence
* Torm Raised to Buy at SEB Equities; PT 231 kroner

>>> Down
* Austriacard Cut to Hold at Wood & Company; PT 8.60 euros
* Douglas Cut to Hold at Kepler Cheuvreux
* Fuchs Price Target Cut to EUR 47 from EUR 50 by Bank of America
* Maasoeval Cut to Hold at Arctic Securities; PT 35 kroner
* Magnora Cut to Hold at Fearnley; PT 29 kroner (+)
* NKT Cut to Hold at Jyske Bank; PT 950 kroner (+)
* Planisware Cut to Neutral at Citi; PT 20 euros
* Pony AI ADRs Cut to Neutral at President Capital Management
* X-Fab Silicon Foundries Cut to Hold at Berenberg

>>> Initiation
* Acea Rated New Outperform at Oddo BHF; PT 27 euros
* Burberry Rated New Hold at Berenberg; PT 1,080 pence
* Delivery Hero ADRs Rated New Buy at Berenberg; PT $3.63
* Kodal Minerals Rated New Buy at Peel Hunt
* Mha Rated New Buy at Investec; PT 192 pence (+)
* Princes Group Rated New Buy at Canaccord; PT 625 pence (+)
* Neste Rated New Sell at SB1 Markets; PT 25 euros

>>> Call
* BT Raised to Buy at BofA on Fibre Build, Dividend Re-Rating (+)
* Goldman Strategists Surprised by European Stocks’ Resilience (++)
* Naturgy Rises as BofA Rates Buy, Goldman Adds to Conviction List (++)
* Orange Lifted to Buy at Goldman Sachs on Improving Returns (+)