>>> Europe : Brokers Upgrades & Downgrades - 7th of January 2026

>>> Up
* ABB Raised to Market Perform at Bernstein
* Albemarle Raised to Outperform at Baird; PT $210
* ArcelorMittal Raised to Overweight at Morgan Stanley
* Atlas Copco Raised to Outperform at Bernstein; PT 200 kronor
* Bayer Raised to Overweight at Barclays; PT 45 euros
* BNP Paribas Raised to Buy at Rothschild & Co Redburn
* Elisa Raised to Buy at UBS; PT 45.70 euros
* Hershey Raised to Overweight at Piper Sandler; PT $213
* Hicl Infrastructure Raised to Overweight at Barclays
* Intl Public Partnerships Raised to Overweight at Barclays
* Lufthansa Raised to Overweight at Morgan Stanley; PT 9.30 euros
* McDonald's Raised to Outperform at Oppenheimer; PT $355
* Nokia Raised to Buy at Kepler Cheuvreux
* Novartis Raised to Equal-Weight at Barclays; PT 120 Swiss francs
* Roche Raised to Overweight at Barclays; PT 390 Swiss francs
* SocGen Raised to Buy at Rothschild & Co Redburn; PT 85 euros
* Vodafone Raised to Buy at Berenberg; PT 119 pence

>>> Down
* Bank of America Cut to Peerperform at Wolfe
* BioMerieux Cut to Equal-Weight at Barclays; PT 110 euros
* Carlsberg Cut to Hold at ABG; PT 850 kroner
* Crocs Cut to Neutral at Baird; PT $100
* Deckers Outdoor Cut to Neutral at Baird; PT $125
* DiaSorin Cut to Underweight at Barclays; PT 60 euros
* Elisa Cut to Underperform at BNP Paribas; PT 35 euros
* Evonik Cut to Sell at Berenberg; PT 11.60 euros
* Fractal Gaming Group Cut to Hold at ABG; PT 32 kronor
* GSK Cut to Underweight at Barclays; PT 1,780 pence
* Hikma Cut to Underweight at Barclays; PT 1,600 pence
* JPMorgan Cut to Peerperform at Wolfe
* NatWest Cut to Equal-Weight at Barclays; PT 700 pence
* Rexel Cut to Hold at Kepler Cheuvreux
* Sodexo Cut to Underweight at Morgan Stanley; PT 46 euros
* TUI Cut to Hold at Peel Hunt; PT 9.50 euros
* Var Energi Cut to Hold at ABG; PT 33 kroner

>>> Initiation
* Assa Abloy Resumed Market Perform at Bernstein
* Avio Rated New Buy at Jefferies; PT 39.50 euros
* DSV Rated New Outperform at Oddo BHF; PT 1,930 kroner
* I-RES Rated New Outperform at Oddo BHF; PT 1.25 euros
* Kuehne + Nagel Rated New Underperform at Oddo BHF
* Magnum Ice Cream Rated New Hold at Jefferies; PT 13.60 euros
* Playtech Reinstated Buy at Citi; PT 355 pence
* Siemens Re-Initiated Outperform at Bernstein
* Volvo Car Rated New Sell at Citi; PT 25 kronor

>>> Call
* Atlas Copco, ABB Raised at Bernstein, Rexel Among Key Picks
* Avio Rated New Buy at Jefferies on Growth Prospects in US
* Evonik Cut to Sell at Berenberg Over Expected Pricing Pressures
* Lufthansa Double-Upgraded at Morgan Stanley, Avoids Easyjet
* Morgan Stanley Lifts Sector View on Leisure, But Cuts Sodexo
* Vodafone Raised to Buy at Berenberg on Growth Potential