>>> Europe : Brokers Upgrades & Downgrades - 9th of February 2026

>>> Up
* BW Energy Raised to Buy at Arctic Securities; PT 55 kroner
* Doximity Raised to Buy at Canaccord; PT $34
* Dunelm Raised to Buy at Jefferies; PT 1,075 pence
* Kreate Raised to Accumulate at Inderes; PT 15 euros
* Lagercrantz Raised to Buy at SB1 Markets; PT 245 kronor
* Revenio Raised to Buy at Inderes; PT 26 euros
* Scout24 Raised to Buy at UBS; PT 102.60 euros
* Under Armour PT Raised to $8 from $5 at Barclays
* Under Armour PT Raised to $8 from $6 at Truist Secs
* Valmet Raised to Buy at SEB Equities; PT 33 euros
* Vitec Software Group Raised to Buy at SB1 Markets; PT 305 kronor

>>> Down
* Coloplast Downgraded to Hold from Buy by Danske Bank
* Crown Holdings Cut to Neutral at UBS; PT $126
* Exel Composites Cut to Reduce at Inderes; PT 55 euro cents
* Greggs Cut to Hold at Jefferies; PT 1,610 pence
* Li Auto ADRs Cut to Underweight at JPMorgan; PT $14
* Nokian Renkaat Cut to Hold at SEB Equities; PT 11 euros
* Orsted Cut to Hold at Arctic Securities; PT 145 kroner
* Prysmian Cut to Hold at Deutsche Bank; PT 100 euros
* SocGen Cut to Neutral at Oddo BHF; PT 79 euros
* Unilever Cut to Hold at Deutsche Bank; PT 5,150 pence
* Vestas Cut to Hold at Kepler Cheuvreux

>>> Initiation
* Cipher Mining Rated New Overweight at Morgan Stanley; PT $38
* Electrolux Rated New Neutral at UBS; PT 82 kronor
* MARA Holdings Rated New Underweight at Morgan Stanley; PT $8
* Xpeng ADRs Reinstated Buy at GF Securities; PT $25.13

>>> Call
* Deutsche Bank Strategists See Record Surge in Flows Outside Tech