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

>>> Up
* Continental Raised to Overweight at Morgan Stanley; PT 78 euros

* Estee Lauder Raised to Overweight at Barclays; PT $108

* Evonik Raised to Hold at Berenberg

* GAP Airports ADRs Raised to Buy at HSBC; PT $277

* Givaudan Raised to Overweight at Barclays; PT 3,850 Swiss francs

* Wartsila Raised to Buy at Nordea; PT 33 euros

* Z AI Raised to Buy from Neutral, PT HK$ 1,560 at Goldman

>>> Down

* Colruyt Cut to Sell at UBS; PT 31.50 euros

* Hermes Cut to Sell at UBS; PT 1,168 euros

* Jupiter Cut to Hold at Investec; PT 170 pence

* Mosaic Cut to Sector Perform at RBC; PT $25

* Oriola Cut to Reduce at Inderes; PT 80 euro cents

* Paradox Interactive Cut to Hold at ABG; PT 155 kronor

* Polar Capital Tech Cut to Hold at Investec; PT 850 pence

* Sinch Cut to Hold at Handelsbanken; PT 49.50 kronor

* Skanska AB cuts to Hold from Buy, price target: SEK297 at Jefferies
* Skanska Cut to Hold at Jefferies; PT 297 kronor

* Solid Forsakring Cut to Hold at ABG; PT 120 kronor

>>> Initiation

* Brunello Cucinelli Reinstated Neutral at Goldman; PT 93 euros

* Burberry Reinstated Neutral at Goldman; PT 1,250 pence

* Hermes Reinstated Sell at Goldman; PT 1,350 euros

* Hexagon Composites Rated New Buy at Arctic Securities

* Kering Reinstated Neutral at Goldman; PT 250 euros

* LVMH Reinstated Buy at Goldman; PT 500 euros

* Metro Bank Rated New Neutral at Citi; PT 183 pence

* Moncler Reinstated Buy at Goldman; PT 62 euros

* Paccar Rated New Overweight at Oxcap; PT $150

* Richemont Reinstated Buy at Goldman; PT 225 Swiss francs
* Swatch Reinstated Sell at Goldman; PT 174 Swiss francs

* Tatton Asset Management Rated New Buy at Berenberg; PT 820 pence

* Traton Rated New Overweight at Oxcap; PT 50 euros

* Volvo Rated New Equal-Weight at Oxcap; PT 350 kronor

>>> Call

* Brunello Cucinelli Upgraded at RBC on Defensive Attributes
* Continental a Pure Play at a Discount, Morgan Stanley Upgrades

* IG Group Still Outpeform at RBC Ahead of Potential Catalysts

* Skanska Downgraded to Hold at Jefferies on Rising Bond Yields