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

>>> Up
* Airbnb Raised to Equal-Weight at Wells Fargo; PT $128
* Airbnb Raised to Equal-Weight at Barclays; PT $120
* Altri Raised to Outperform at Grupo Santander; PT 5.49 euros
* Altria Raised to Buy at UBS; PT $63
* Antofagasta Raised to Buy at Goldman; PT 4,000 pence
* Auto Trader Raised to Equal-Weight at Morgan Stanley
* BNP Paribas Raised to Overweight at JPMorgan; PT 102 euros
* Cleveland-Cliffs Raised to Overweight at Morgan Stanley; PT $17
* CrowdStrike Raised to Buy at Berenberg; PT $600
* L'Oreal Raised to Buy at UBS; PT 430 euros
* Marks & Spencer Raised to Buy at Berenberg; PT 415 pence
* Norske Skog Raised to Buy at Pareto Securities; PT 25 kroner
* Scout24 Raised to Overweight at Morgan Stanley; PT 114 euros
* SMG SW Raised to Overweight at Morgan Stanley

>>> Down
* Alcon AG Cut to Hold at Stifel; PT 63.96 Swiss francs
* Aviva Cut to Equal-Weight at Morgan Stanley; PT 670 pence
* BE Semiconductor Cut to Hold at Kepler Cheuvreux
* BMW Cut to Underweight at Barclays; PT 82.50 euros
* Cellnex Cut to Neutral at Goldman; PT 31 euros
* GE Vernova Cut to Neutral at Baird; PT $649
* Hannover Re Cut to Equal-Weight at Morgan Stanley; PT 270 euros
* Herantis Pharma Cut to Reduce at Inderes; PT 2.50 euros
* M&G Cut to Equal-Weight at Morgan Stanley; PT 285 pence
* Metso Cut to Neutral at BofA
* Nucor Cut to Equal-Weight at Morgan Stanley; PT $180
* Porsche Cut to Underweight at Barclays; PT 40 euros
* Rightmove Cut to Underweight at Morgan Stanley; PT 510 pence
* Sandvik Cut to Neutral at BofA
* Sartorius Stedim Cut to Sector Perform at RBC; PT 240 euros
* Sartorius Cut to Sector Perform at RBC; PT 260 euros
* SocGen Cut to Reduce at Kepler Cheuvreux
* Steel Dynamics Cut to Equal-Weight at Morgan Stanley; PT $194
* Vale ADRs Cut to Neutral at Safra; PT $16
* WAG Payment Cut to Equal-Weight at Morgan Stanley; PT 124 pence

>>> Initiation
* Autodesk Rated New Buy at Rothschild & Co Redburn; PT $375
* Dassault Systemes Rated New Neutral at Rothschild & Co Redburn
* DraftKings Rated New Hold at Texas Capital; PT $39
* Flutter Rated New Buy at Texas Capital; PT $294
* Newron Pharma Rated New Buy at Roth Capital Partners
* Novo ADRs Rated New Outperform at CICC; PT $73.50
* Pharma Mar Rated New Outperform at Grupo Santander; PT 102 euros

>>> Call
* Morgan Stanley Sees ‘Notably Improved’ Sentiment on China Stocks