>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2026 V3(++)

>>> Up
* Adecco Raised to Buy at Deutsche Bank; PT 210 Swiss francs (+)
* Admiral Raised to Neutral at Goldman; PT 3,860 pence
* BHP ADRs PT Raised to $61.50 from $56.50 at Bernstein (++)
* Bjorn Borg Raised to Accumulate at Inderes; PT 69 kronor
* Clariant Raised to Outperform at On Field; PT 9.50 Swiss francs (+)
* Comet Raised to Buy at BofA; PT 518 Swiss francs (++)
* Fincantieri Raised to Outperform at Mediobanca SpA; PT 17 euros
* Glencore Raised to Buy at Goldman; PT 630 pence (+)
* Indutrade Raised to Buy at ABG; PT 235 kronor
* J. Martins Raised to Buy at Kepler Cheuvreux; PT 20.40 euros (++)
* OKEA Raised to Buy at SB1 Markets; PT 38 kroner
* Orange Raised to Buy at Kepler Cheuvreux; PT 20.20 euros (++)
* Pandora Raised to Buy at SEB Equities; PT 1,000 kroner
* Roche Raised to Buy at Bank Vontobel; PT 400 Swiss francs (+)
* Sampo Raised to Buy at Goldman; PT 10.60 euros
* Scatec Price Target Raised to NOK 129 from NOK 122 by Nordea
* Schott Pharma Raised to Outperform at RBC; PT 21 euros
* Siltronic Raised to Outperform at BNP Paribas; PT 108 euros
* Sonae Raised to Buy at CaixaBank BPI; PT 2.90 euros (++)
* Tele2 Raised to Buy at Kepler Cheuvreux; PT 195 kronor (++)
* Unibail Raised to Buy at Berenberg; PT 120 euros
* Veidekke Raised to Buy at ABG; PT 210 kroner
* Viaplay Raised to Buy at Kepler Cheuvreux; PT 1.50 kronor (++)
* Vincit Raised to Accumulate at Inderes; PT 1.15 euros
* Wolters Kluwer Raised to Overweight at JPMorgan; PT 87 euros

>>> Down
* Admicom Cut to Hold at Nordea
* Barrick Mining PT Cut to $61 from $66 at Bernstein (++)
* Bytes Technology Cut to Hold at Deutsche Bank; PT 410 pence (++)
* Caesars Entertainment Cut to Equal-Weight at Barclays; PT $31
* Elisa Price Target Cut to EUR 38 from EUR 39 by Nordea
* Freeport PT Cut to $50 from $58.50 at Bernstein (++)
* Gjensidige Cut to Hold at Norne Securities; PT 295 kroner
* GlobalData Cut to Hold at Peel Hunt; PT 77 pence (+)
* HelloFresh PT Cut to 3.30 euros from 3.50 euros at Stifel (++)
* Hensoldt Cut to Sell at mwb research AG; PT 62 euros (++)
* Industrivarden Cut to Sell at Nordea; PT 464 kronor
* New Wave Price Target Cut to SEK 100 from SEK 105 by Danske Bank
* Nokian Tyres Downgraded to Hold from Buy by Danske Bank
* Nokian Renkaat Cut to Hold at Danske Bank Markets; PT 13 euros (++)
* Partners Group Cut to Neutral at UBS; PT 705 Swiss francs
* RAI Way Cut to Hold at Kepler Cheuvreux; PT 5.20 euros (++)
* Rheinmetall Cut to Hold at mwb research AG; PT 1,150 euros (++)
* Salesforce Cut to Sector Weight at KeyBanc
* Siltronic Cut to Hold at Kepler Cheuvreux; PT 90 euros (++)
* Simon Property Cut to Hold at Deutsche Bank; PT $220
* Stellantis Cut to Neutral at JPMorgan; PT $6.85
* STMicro Cut to Neutral at Banca Akros (ESN); PT 5.50 euros (++)
* Telenor Price Target Cut to NOK 174 from NOK 183 by Nordea
* Vale ADRs PT Cut to $12 from $14.80 at Bernstein (++)

>>> Initiation
* Bavarian Nordic Resumed with Buy by Nordea
* Elementis Rated New Buy at Kepler Cheuvreux; PT 205 pence (++)
* Erste Resumed with Buy by Goldman Sachs
* Franchetti S.P.A Rated New Buy at Banca Akros (++)
* Saga Rated New Buy at Berenberg; PT 1,025 pence
* Scorpio Tankers Reinstated Equal-Weight at Morgan Stanley
* Straumann Rated New Outperform at BMO; PT 121 Swiss francs
* Tesla Reinstated Market Perform at Citizens

>>> Call
* Admiral Upped to Neutral at Goldman as Pricing Turns, Risks Fade (+)
* Morgan Stanley Lifts African, Egyptian Stocks; Cuts Saudi Arabia
* Siltronic Jumps as BNP Paribas Upgrades on AI Demand for Wafers (++)
* Stellantis Gets Cut to Neutral at JPMorgan on Slower Recovery (+)
* Simon Property Downgraded as Deutsche Bank Says Fully Valued (++)
* VW May Take Big Restructuring Hit and Warn on Profit, Says UBS (++)
* Wolters Kluwer Upgraded to Overweight at JPMorgan on Valuation (+)