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

>>> Up
* Aedifica Raised to Buy at Van Lanschot Kempen; PT 78 euros
* Air France-KLM Raised to Equal-Weight at Barclays
* IAG Raised to Overweight at Barclays; PT 440 pence
* Dow Raised to Outperform at RBC; PT $40
* Finnair Raised to Equal-Weight at Barclays; PT 2.80 euros
* GE Vernova Raised to Buy at Rothschild & Co Redburn; PT $1,100
* Hensoldt Raised to Buy at Jefferies
* Hermes Raised to Buy at HSBC; PT 2,350 euros
* Kering Raised to Buy at HSBC; PT 310 euros
* Leonardo Raised to Overweight at Barclays; PT 68 euros
* Lufthansa Raised to Equal-Weight at Barclays; PT 8 euros
* LyondellBasell Raised to Outperform at RBC; PT $82
* Moncler Raised to Buy at HSBC; PT 72 euros
* Nexi Raised to Equal-Weight at Morgan Stanley; PT 3 euros
* Otovo Raised to Buy at Arctic Securities; PT 22 kroner
* Sectra Raised to Buy at SEB Equities; PT 250 kronor
* Swatch Raised to Hold at HSBC; PT 170 Swiss francs

>>> Down
* Aalberts Cut to Sell at Van Lanschot Kempen; PT 29 euros
* Anglo American Cut to Underweight at JPMorgan; PT 2,800 pence
* Aperam Cut to Neutral at JPMorgan; PT 40.70 euros
* ArcelorMittal Cut to Underweight at JPMorgan; PT 40 euros
* Ferrovial Cut to Hold at Jefferies; PT 60 euros
* Huscompagniet Cut to Hold at Nordea
* Jefferies Cut to Equal-Weight at Morgan Stanley; PT $49
* Lundin Mining Cut to Underweight at JPMorgan; PT C$28.20
* Marriott Vacations Cut to Market Perform at Citizens
* NSI NV Cut to Neutral at Van Lanschot Kempen; PT 19 euros
* Wix.com Cut to Neutral at Baird; PT $90
* Zealand Pharma Cut to Neutral at BNP Paribas; PT 275 kroner

>>> Initiation
* AFRY Rated New Neutral at SB1 Markets; PT 139 kronor
* Rejlers Rated New Buy at SB1 Markets; PT 210 kronor
* Sweco Rated New Buy at SB1 Markets; PT 170 kronor
* Vanquis Rated New Buy at Berenberg; PT 165 pence

>>> Call
* Nexi Risk/Reward Now More Balanced; Morgan Stanley Ugrades