>>> Europe : Brokers Upgrades & Downgrades - 8th of January 2026 V2(+)

>>> Up
* Adyen Raised to Outperform at Wolfe (+)
* Aedifica Raised to Buy at Kepler Cheuvreux (+)
* Airbnb Raised to Neutral at Cantor; PT $141
* Alphabet Raised to Overweight at Cantor; PT $370
* Amadeus Raised to Buy at Alantra Equities; PT 75.90 euros (+)
* Atea Raised to Buy at Arctic Securities; PT 180 kroner
* Bellway Raised to Buy at BofA (+)
* Berkeley Raised to Neutral at BofA (+)
* BNP Paribas Raised to Buy at UBS; PT 103 euros
* Boliden Raised to Neutral at JPMorgan; PT 530 kronor
* Boliden Raised to Equal-Weight at Barclays; PT 565 kronor
* Catena Raised to Hold at Jefferies; PT 440 kronor
* Cofinimmo Raised to Buy at Kepler Cheuvreux (+)
* CTP Raised to Buy at Jefferies; PT 21 euros
* National Bank of Greece Raised to Buy at Deutsche Bank
* Puig Raised to Outperform at BNP Paribas; PT 18 euros
* Puig ADRs Raised to Outperform at BNP Paribas; PT $10.50
* Rational Raised to Buy at Berenberg; PT 790 euros
* Repsol Raised to Buy at Jefferies; PT 19 euros
* Rockwool Raised to Neutral at UBS; PT 240 kroner
* Shurgard Raised to Buy at Jefferies; PT 36 euros
* Sobi Raised to Buy at ABG; PT 450 kronor
* TotalEnergies Raised to Buy at Jefferies; PT 66 euros
* Volvo Upgraded to Buy from Neutral by Goldman Sachs

>>> Down
* Alcoa Cut to Underweight at JPMorgan; PT $50
* Antofagasta Cut to Sell at Deutsche Bank; PT 2,800 pence
* BASF Raised to Buy at M.M. Warburg; PT 53 euros (+)
* Bucher Cut to Hold at Berenberg; PT 397 Swiss francs
* Carmila Cut to Hold at Jefferies; PT 18.50 euros
* Carnival Plc Cut to Hold at Peel Hunt; PT 2,300 pence (+)
* Colonial SFL Socimi Cut to Hold at Kepler Cheuvreux (+)
* Covivio Cut to Hold at Jefferies; PT 58 euros
* Ericsson Cut to Hold at ABG; PT 97 kronor
* Essity Cut to Neutral at BNP Paribas; PT 290 kronor
* Galp Cut to Underperform at Jefferies; PT 12.20 euros
* Icade Cut to Reduce at Kepler Cheuvreux (+)
* Ipsen Cut to Neutral at UBS; PT 125 euros
* Logitech Cut to Neutral at BNP Paribas; PT 85 Swiss francs
* Mondi Cut to Hold at Goodbody; PT 965 pence (+)
* Oxford Nanopore Raised to Hold at Stifel; PT 140 pence (+)
* Randstad Cut to Underperform at Jefferies; PT 26 euros
* Saint-Gobain Cut to Sell at UBS; PT 78 euros
* Segro Cut to Hold at Kepler Cheuvreux (+)
* Solvay Cut to Market Perform at Bernstein
* Unilever Cut to Neutral at BNP Paribas; PT 5,300 pence
* Unilever ADRs Cut to Neutral at BNP Paribas; PT $71
* VGP Cut to Hold at Jefferies; PT 97 euros

>>> Initiation
* BMW Rated New Underweight at Oxcap; PT 90 euros
* Danone Reinstated Neutral at Grupo Santander; PT 86.59 euros (+)
* Exosens SAS Rated New Buy at William O'Neil (+)
* Infineon Reinstated Buy at William O'Neil
* Mercedes Rated New Neutral at Oxcap; PT 65 euros
* Nestle Rated New Outperform at Grupo Santander (+)
* Porsche Rated New Neutral at Oxcap; PT 48 euros
* PVA TePla Rated New Buy at Bankhaus Metzler; PT 31 euros (+)
* Renault Rated New Underweight at Oxcap; PT 34 euros
* Solaria Energia Reinstated Buy at William O'Neil
* Stellantis Rated New Overweight at Oxcap; PT 12 euros
* VW Rated New Overweight at Oxcap; PT 132 euros

>>> Call
* AHOLD DELHAIZE PLACED ON NEGATIVE CATALYST WATCH AT JPMORGAN (+)
* Bernstein Not ‘Ready to Give Up on Chemicals Yet,’ Solvay Cut
* Boliden Raised to Hold at JPMorgan on Increasing Gold Leverage
* Bucher’s End Markets Under Pressure, Cut to Hold at Berenberg (+)
* European Investment Banks Set for Good Quarterly Earnings: MS
* Goldman: Silver faces continued 'extreme price swings' as the metal may stay stuck in the wrong places
* Jefferies Sees ‘Cautious Optimism’ in European Real Estate
* Jefferies Downgrades Galp, Upgrades TotalEnergies and Repsol (+)
* Logitech Downgraded at BNP Paribas on Memory Price Rise Impact
* Rational Raised to Buy at Berenberg on Growth Potential (+)