>>> US After Hours Summary: CDNA +8.7% and PPG +6.1% higher on upside guidance;

After Hours Summary: CDNA +8.7% and PPG +6.1% higher on upside guidance; QDEL -21.2% lower on downside guidance; CAG +0.8% on insider purchases

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: CDNA +8.7% (guidance; also to divest Lab Products business), PPG +6.1% (guidance; also price increases across product lines; completes Ozark Materials acquisition), JBHT +1.4%

Companies trading higher in after hours in reaction to news: VOYG +7.8% (selected by NASA for private astronaut mission), NKTX +1.7% (agreement with FDA on key changes to the ongoing Ntrust-1 and Ntrust-2 clinical trials), JCI +1.6% (report it's weighing $4.5 bln in divestitures, according to Bloomberg), BMM +0.8% (drilling activities at its Nussir Copper-Gold-Silver Project), CAG +0.8% (insider purchases) AWK +0.5% (completes acquisition of Livingston Municipal Water Works system), CRBG +0.5% (names interim CFO), LW +0.4% (10% owner JANA Partners bought another 150,000 shares at $42.12 - $43.19 worth approximately $6.4 mln), RTX +0.1% (awarded $234.8 mln US Air Force contract)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: QDEL -21.2% (guidance), SLG -2%, HOMB -0.1%

Companies trading lower in after hours in reaction to news: GEVO -7% (withdraws from Department of Energy financing process), SFST -4.1% (stock offering), YORW -3.4% (stock offering), ESE -2.5% (to acquire Megger Group Limited; also Q2 guidance), F -1.1% (establishes new product creation and industrialization organization to scale next-gen vehicles and technology), WVE -0.5% (proposed redomiciliation to the United States), ZIM -0.4% (CEO to step down), COST -0.2% (increases dividend), TX -0.1% (lowers dividend proposal in response to global uncertainty)

The Information : OpenAI Plans New Pricing for ChatGPT Ads, Explores Other Upgr

OpenAI Plans New Pricing for ChatGPT Ads, Explores Other Upgrades

The Takeaway
  • Some advertisers paying less than $60 CPM OpenAI sought in pilot.
  • OpenAI targets $2.4 billion in ad revenue this year, $11 billion by 2027.
  • ChatGPT ads pilot extended as OpenAI spends early advertisers’ budgets slowly.

OpenAI plans to start pricing some ChatGPT ads based on whether people click on the ads rather than just how many people see them, an agency executive who spoke with OpenAI employees and works with ChatGPT advertisers said.

At the same time, OpenAI has also indicated it plans to introduce ads aimed at getting people to take a specific action, like making a purchase or downloading an app, the agency executive said, though it hasn’t put a firm timeline on when that could happen. The discussions reflect OpenAI’s efforts to make ChatGPT more appealing for marketers as it chases its ambitious growth targets and looks to challenge Meta Platforms and Google.

OpenAI, which started showing ads in ChatGPT in early February, has so far only provided early advertisers with aggregated data such as impressions, clicks and spend. Digital ad giants Meta and Google, by contrast, provide more information on who sees ads and whether they lead to purchases.

Marketers have said it’s difficult to tell if ChatGPT’s early ads are working and likely need stronger tracking and measurement tools from OpenAI before they’ll move beyond small, experimental ad spending. Offering pricing on a per-click basis would let advertisers pay when users engage with an ad, while conversion-oriented ad campaigns could let them optimize spending toward actions like purchases.

“A lot of clients who would have the budget to want to test on a new surface are holding back and are tentative because they don’t think they’re going to be able to get the measurement that they want out of it,” said Ben Kahan, head of the programmatic practice at marketing agency Brainlabs.

OpenAI began testing ads in early February for logged-in U.S. users of the free and lowest-priced version of ChatGPT, and so far the rollout has been slow. The company has extended the pilot period for its earliest advertisers past the end of March because it hasn’t shown ads often enough to exhaust the initial spending commitments, two people managing ChatGPT ads on behalf of advertisers said.

OpenAI is also selling some ads for less than it initially wanted. It targeted a cost per thousand impressions, or cost per mille, as high as $60, on par with premium ads like those on streaming TV. But one media buyer working with a handful of early ChatGPT advertisers said some of their clients had paid CPMs ranging from $15 to $25, likely reflecting limited competition for ad inventory.

An OpenAI spokesperson said the company is exploring different approaches to understand what creates real value for users and advertisers and will continue to iterate.

Design Capabilities

OpenAI told investors in the first quarter that it expects $2.4 billion in ad revenue this year and $11 billion in 2027. If it met next year’s target, that would make it far bigger than long-established ad sellers like Snap and Pinterest. In a blog post in late March, OpenAI said the pilot had reached more than $100 million in ARR in six weeks, though it did not define how it calculated that metric.

And in recent weeks, OpenAI staffers have signaled to marketers their intention to make the ChatGPT ad offering more competitive with the big digital ad giants.

OpenAI has told some advertisers that it will allow them to run ad campaigns that charge advertisers based on the number of clicks their ads get within the coming days, the agency executive who spoke with OpenAI employees said. That offering would be alongside its existing model that charges based on how often ads are shown.

While the company has also discussed setting up ways for advertisers to run more action-oriented ads in the near future, how quickly it could roll out those capabilities is less clear. That expansion is also likely to require OpenAI to build or partner on tools to better track what ChatGPT users do after seeing an ad, such as tracking whether they go on to make a purchase.

In recent weeks, OpenAI has already started giving some advertisers access to a portal where they can manage ad campaigns themselves, the two people managing ads on behalf of advertisers said. That’s an upgrade from the manual processes involving spreadsheets and phone calls it had relied on earlier. It has also partnered with outside firms including advertising technology company Criteo, which help sell ads on its behalf.

As it looks to broaden its ad business, OpenAI has started to sign up some advertisers on a month-to-month basis, asking for monthly commitments of between $30,000 and $50,000, said Jai Amin, chief solutions officer at marketing agency Jellyfish, which has a range of clients buying ChatGPT ads. That’s a shift from OpenAI’s earliest deals, where it asked for up-front commitments of at least $200,000 to spend by the end of the first quarter.

Lingering Limitations

OpenAI advertisers still see other areas for improvement. For one, they have limited control over where their ads appear. Right now, instead of trying to line up ads with specific searches or types of users in ChatGPT, OpenAI is asking advertisers for broad keywords to give guidance on where it makes sense to show their ads, agency executives said.

But because each ChatGPT response is unique, it’s difficult for advertisers to ensure their ads will show up in response to certain prompts, even if the answers reference topics advertisers have listed. “It’s not a true keyword targeting strategy. Every prompt looks different,” said Alyson Scacciotti, senior director of digital investment at Jellyfish.

And for some marketers like Kahan, the uncertainty regarding what kinds of responses brands’ ads could appear next to is a turnoff.

“The same question can be answered in a thousand different ways,” he said. “From what we can tell, there are very limited tools that we have at our disposal to make this brand safe. Brand safety is really, really important and something that we really take very, very far with our clients, and we want to have everything watertight.”

The ChatGPT ads’ appearance, which so far only includes short headlines and a small image, is also basic compared to digital ads available elsewhere.

“It’s quite old-school in terms of what the formats are right now. And I think we should expect that to evolve quite quickly so that one, it keeps up pace with other formats—video et cetera—that the other platforms are doing. But also, I think there’s an opportunity there. Why can’t they be a bit more radically different from the other platforms?” Jellyfish’s Amin said.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • DOO -23.5% (suspends FY27 outlook citing tariff changes and cost impact), ASML -1.4%, PNC -0.8%, BTI -0.6% (guidance)
Other news:
  • ALLO -7.5% (prices offering of 87.5 mln shares of common stock at $2.00 per share)
  • WULF -7.2% (guidance; prices offering of 47.4 mln shares of common stock at $19.00 per share)
  • SPWR -4.9% (discloses material errors in prior quarterly results)
  • BORR -4.2% (prices offering of $260 mln of 3.50% Convertible Senior Notes due 2033)
  • TLX -1.8% (doses first patient in Phase 3 IPAX-BrIGHT trial of TLX101-Tx for Recurrent Glioblastoma)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • SNAP +10.3% (guidance), FHN +2.9%, BAC +1.1%, MTB +0.7%
Other news:
  • GLOO +12.3% (to acquire Enterprisemarketdesk)
  • FTW +8.2% (declares initial dividend following public listing)
  • STNE +6% (approved the payment of an extraordinary cash dividend of $2.53 per share of the company)
  • GTLB +5.7% (expanded collaboration with Google (GOOG/GOOGL) Cloud)
  • OKLO +5.2% (changes to its Board and management team)
  • STXS +4.9% (enters into a definitive agreement to acquire Robocath; Transaction consideration includes upfront payment of $20 mln and additional contingent payments of up to $25 mln)
  • CRGO +4.7% (reports Q1 platform KPIs)
  • FNB +4.3% (increases dividend and authorizes new $250 mln share repurchase program)
  • LGO +3.8% (Q1 production/sales update)
  • DHT +3.6% (provided the following business update)
  • SPOK +3.2% (announces strategic realignment; to reduce workfoce 10%)
  • MESO +3.1% (licenses CAR technology to enhance cell therapy platform)
  • DTIL +3% (expands ELIMINATE-B trial following clinical trial application approval in two European countries)
  • STLA +2.9% (reports Q1 shipments up 12% yr/yr to 1.4 mln units)
  • AVGO +2.8% (extends partnership with Meta to support MTIA chips)
  • VLN +2.8% (CFO plans to step down by July 13)
  • POET +2.8% (to provide PFIC election support and pursue U.S. redomicile)
  • NKE +2.6% (discloses insider purchases)
  • NAVN +2.3% (selected by Opella for global travel and expense management)
  • TE +2.1% (prices upsized offering of $160.0 mln of its 4.00% convertible senior notes due 2031)

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Alector (ALEC) upgraded to Overweight from Neutral at Cantor Fitzgerald
    • American Tower (AMT) upgraded to Outperform from Neutral at Mizuho, tgt $205
    • Atlas Energy Solutions (AESI) upgraded to Buy from Neutral at Citigroup; tgt $18
    • Cloudflare (NET) upgraded to Overweight from Neutral at Piper Sandler, tgt $222
    • CRH (CRH) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $135
    • ProPetro (PUMP) upgraded to Buy from Neutral at Citigroup; tgt $16
    • Symbotic (SYM) upgraded to Buy from Neutral at DA Davidson, tgt $70
  • Downgrades:
    • Adecoagro (AGRO) downgraded to Neutral from Buy at Citigroup, tgt $15
    • Autoliv (ALV) downgraded to Hold from Buy at Jefferies, tgt $120
    • BRP Inc. (DOO) downgraded to Hold from Buy at TD Cowen
    • Energy Recovery (ERII) downgraded to Neutral from Buy at Northcoast
    • Immunic (IMUX) downgraded to Hold from Buy at D. Boral Capital
    • Integra LifeSciences (IART) downgraded to Hold from Buy at Argus
    • Janux Therapeutics (JANX) downgraded to Neutral from Buy at UBS, tgt $15
    • Parsons (PSN) downgraded to Sector Weight from Overweight at KeyBanc
    • Public Service Enterprise Group (PEG) downgraded to Hold from Buy at Jefferies, tgt $89
    • Shift4 Payments (FOUR) downgraded to Peer Perform from Outperform at Wolfe Research
    • SolarEdge Technologies (SEDG) downgraded to Sell from Neutral at Goldman, tgt $31
  • Others:
    • Align Technology (ALGN) initiated with a Buy at Citigroup, tgt $240
    • Autodesk (ADSK) initiated with a Buy at Jefferies, tgt $300
    • Chime (CHYM) initiated with a Buy at Texas Capital, tgt $28
    • Climb Bio (CLYM) initiated with an Outperform at Mizuho, tgt $18
    • Dentsply Sirona (XRAY) initiated with a Sell at Citigroup, tgt $10
    • Eagle Bancorp (EGBN) initiated with a Strong Buy at Raymond James, tgt $32
    • Elanco Animal Health (ELAN) initiated with a Buy at Citigroup, tgt $30
    • Elicio Therapeutics (ELTX) initiated with a Buy at Ladenburg, tgt $20
    • Envista (NVST) initiated with a Neutral at Citigroup, tgt $29
    • Evotec (EVO) assumed with a Buy at H.C. Wainwright, tgt $7
    • Henry Schein (HSIC) initiated with a Buy at Citigroup, tgt $100
    • IDEXX Laboratories (IDXX) initiated with a Neutral at Citigroup, tgt $650
    • John Marshall Bancorp (JMSB) initiated with a Strong Buy at Raymond James, tgt $24
    • Kazia Therapeutics (KZIA) initiated with a Buy at Laidlaw, tgt $25
    • Minerva Neurosciences (NERV) initiated with an Outperform at Citizens, tgt $14
    • Navan (NAVN) initiated with a Buy at TD Cowen, tgt $18
    • NervGen Pharma (NGEN) initiated with a Buy at Lucid Capital, tgt $18
    • OBOOK Holdings (OWLS) initiated with a Buy at Benchmark, tgt $11
    • Phibro Animal Health (PAHC) initiated with a Neutral at Citigroup, tgt $62
    • Royal Gold (RGLD) initiated with a Buy at UBS, tgt $325
    • SoFi Technologies (SOFI) initiated with a Hold at Argus
    • Southside Bancshares (SBSI) assumed with a Neutral at Piper Sandler, tgt $35
    • Tyra Biosciences (TYRA) initiated with a Buy at Guggenheim, tgt $54
    • XBP Global (XBP) initiated with an Overweight at Cantor Fitzgerald, tgt $5
    • Zoetis (ZTS) initiated with a Buy at Citigroup, tgt $145

>>> Pres. Trump: China is very happy that I am permanently opening the Strait of

Pres. Trump: China is very happy that I am permanently opening the Strait of Hormuz. I am doing it for them, also - And the World .

This situation will never happen again. They have agreed not to send weapons to Iran. President Xi will give me a big, fat, hug when I get there in a few weeks. We are working together smartly, and very well! Doesn’t that beat fighting???

BUT REMEMBER, we are very good at fighting, if we have to - far better than anyone else!!! President DJT - Source TradeTheNews.com

>>> La Lettre -15/04/2026

La Lettre – 15 avril 2026 | Résumé bilingue

🇫🇷 FRANÇAIS
1. Défense / Iran — Les armées françaises testent les solutions antidrones face aux Shahed
Les start-ups Alta Ares et Harmattan AI ont été mobilisées par l’état-major français pour protéger ses alliés aux Émirats, au Qatar et en Jordanie, venant compléter le dispositif antidrone déployé sur place. Ces deux entreprises sont expérimentées aux côtés du néerlandais Destinus, fournisseur de l’armée ukrainienne ayant noué un partenariat avec Thales. La PME Alta Ares, dirigée par Hadrien Canter, s’est distinguée en Ukraine avec son X-Wing Interceptor à IA embarquée. Les premiers retours de terrain font état de performances jugées inégales, sans qu’une solution ne se dégage clairement pour l’instant. Au sol, l’armée de terre a déployé des systèmes Mistral de MBDA et des VAB antidrones Arlad, ainsi que le système Proteus avec son canon de 20 mm boosté à l’IA, développé par l’Amiad sous la direction de Bertrand Rondepierre avec CS Group et Sofema. Plusieurs hélicoptères Tigre ont par ailleurs été déployés depuis le sol et les navires de la Marine nationale au large de Chypre, équipés de roquettes guidées laser Thales, et sont parvenus à abattre des drones Shahed à plusieurs reprises.

2. Politique / Lobbying — François Fillon, guide de la délégation japonaise au FIC
L’ancien Premier ministre François Fillon, senior advisor de la société de renseignement d’affaires Forward Global, a fait office de guide pour une délégation japonaise composée de Dentsu, Dentsu Soken, Japan Nexus Intelligence et du Nakasone Peace Institute lors du Forum InCyber à Lille le 31 mars. La composition de cette délégation reflète un double intérêt commercial et institutionnel, dans un contexte où la Première ministre Sanae Takaichi conduit sa réforme du renseignement au Japon.

3. Cybersécurité — Wallix, cible incontournable pour un rachat
Malgré l’échec des discussions avec KKR, le cofondateur de Wallix Jean-Noël de Galzain est épaulé par Société Générale Corporate & Investment Banking dans sa recherche d’un partenaire financier, une sortie de la Bourse de Paris étant envisagée. Le groupe fondé en 2003 est une cible d’autant plus attractive qu’il n’a pas de noyau dur actionnarial : ses deux fondateurs détiennent moins de 15 % du capital (9,45 % pour De Galzain, 3,84 % pour le DG Amaury Rosset), et TDH, la holding de Thierry Dassault, en détient 6,42 %. En acquérant la start-up bretonne Malizen pour 1,6 M€, Wallix s’est positionné sur l’IA agentique, et le groupe vise un résultat d’exploitation positif en 2026.

4. Grande Distribution — Casino évince la CGT au profit de l’Unsa et de FO
La branche des supérettes de Casino (Petit Casino, Casino Shop, Vival) opère une conversion massive vers la franchise, entraînant des licenciements massifs de gérants sans plan de sauvegarde de l’emploi (PSE), ce que Bercy considère pourtant comme obligatoire. L’ensemble des dix-neuf gérants élus CGT ont été licenciés, tandis que les représentants FO et Unsa ont été, dans leur grande majorité, épargnés. La CGT a saisi la DGFIP pour dénoncer un mécanisme de corruption syndicale, évoquant des élus FO et Unsa qui auraient acquis un patrimoine immobilier et mobilier disproportionné depuis leur accès aux fonctions représentatives.

5. Conseil / Communication — Burson Paris recrute l’ex-chef média du CEA
Cyril Rizk, ancien chef des médias du CEA jusqu’en juillet 2025, a rejoint l’agence Burson comme directeur de clientèle senior au sein du pôle crises et affaires publiques, piloté par Marie Min-Young Begou, filiale française de WPP.

🇬🇧 ENGLISH
1. Defence / Iran — French military tests anti-drone solutions against Iranian Shaheds
Start-ups Alta Ares and Harmattan AI have been deployed by the French military command to protect allied forces in the UAE, Qatar and Jordan, supplementing the existing ground and air anti-drone systems. Field returns are mixed, with no single solution yet standing out. On the ground, Mistral systems from MBDA, Arlad anti-drone armoured vehicles and the AI-enhanced Proteus 20mm cannon — developed by the defence AI agency Amiad — have all been engaged. Several Tiger attack helicopters deployed from both land and Navy vessels off Cyprus have successfully intercepted Shahed drones on multiple occasions, using laser-guided Thales rockets.

2. Politics / Lobbying — François Fillon guides Japanese delegation at FIC
Former Prime Minister François Fillon, senior advisor to intelligence firm Forward Global, acted as guide for a Japanese delegation — including Dentsu, Japan Nexus Intelligence, and the Nakasone Peace Institute — at the InCyber Forum in Lille on March 31. The visit signals both commercial and institutional interest as Tokyo pursues its intelligence reform agenda.

3. Cybersecurity — Wallix remains a prime M&A target
Despite failed talks with KKR, Wallix co-founder Jean-Noël de Galzain is being advised by Société Générale CIB in his search for a financial partner, with a potential Paris Stock Exchange delisting on the table. The fragmented shareholder base — founders hold under 15% combined, Thierry Dassault’s TDH holds 6.42% — makes Wallix a particularly attractive external takeover target. The company is targeting a positive operating result in 2026.

4. Retail — Casino pushes CGT union out of its convenience store network
Casino’s convenience branch is converting integrated stores to franchise format, resulting in mass dismissals of store managers without the mandatory redundancy plan (PSE) required under French labour law. All nineteen CGT-affiliated elected managers have been dismissed, while FO and Unsa representatives were largely spared — raising serious concerns over anti-union discrimination. The CGT has filed a complaint with the tax authority DGFIP alleging a union corruption mechanism, citing disproportionate wealth accumulation by FO and Unsa representatives since taking office.

5. PR / Consulting — Burson Paris hires former CEA media chief
Cyril Rizk, formerly head of media at the French Atomic Energy Commission (CEA), has joined Burson Paris as senior client director in its crisis and public affairs practice, a WPP subsidiary.​​​​​​​​​​​​​​​​

The Information : What Amazon’s Globalstar Purchase Means for SpaceX

What Amazon’s Globalstar Purchase Means for SpaceX

Every now and then we get a reminder that big tech’s pockets are as deep as the Mariana Trench. Amazon’s purchase of satellite firm Globalstar offers one of those reminders. Despite spending $200 billion this year on capital expenditures for its AI expansion and committing $50 billion on an OpenAI investment, Amazon can still find a few loose coins in the couch to buy Globalstar.

Amazon is paying about $4.6 billion in cash and issuing stock currently worth around $6.2 billion for the satellite firm. For that, it gets to expand the offering of its yet-to-be-launched Leo broadband satellite service to include direct-to-cell capabilities. That would help Leo compete with SpaceX’s Starlink, which already offers a limited mobile service through T-Mobile in the U.S. and other carriers overseas.

Amazon has essentially acquired an option on the possibility that the satellite mobile market will become a big thing—an outcome far from certain. As our story reported, there’s little evidence so far that enough consumers care to pay extra for satellite capabilities to justify the investments required for direct-to-cell services.

That makes sense. The ability to get a satellite signal when you’re in a national park is valuable if you break your leg while you’re hiking, but otherwise you might never think about it. Still, SpaceX CEO Elon Musk has bet he can change that with expanded mobile services such as video streaming. (Watch satellite industry consultant Tim Farrar discuss the Amazon-Globalstar deal on The Information’s Tuesday TITV.)

The big winner out of this deal, though, may be Apple, which currently uses Globalstar for the very limited satellite service offered on iPhones. The swirl of uncertainty around Globalstar’s future presented Apple with a quandary: It didn’t want to buy Globalstar itself, but it needed the service to keep operating. While critics say Globalstar’s service is slow and less advanced than Starlink’s, Apple wouldn’t have been able to switch over to a rival satellite service easily. Moreover, it has put a couple of billion dollars into Globalstar in recent years to help the company put up satellites used for the iPhone service.

Amazon’s purchase means Globalstar now has a financially solid owner, one Apple has dealt with in other business areas (Apple and Amazon already have reached a new Globalstar deal). As it has done in AI, Apple smartly lets other companies do the heavy lifting of making risky investments.

AST SpaceMobile Hit
Amazon’s purchase of Globalstar was bad news for another satellite firm, AST SpaceMobile, which is also aiming to launch a direct-to-cell service later this year in competition with Starlink Mobile.

Unlike SpaceX and Amazon—both of which will soon have their own mobile spectrum once their deals close next year—AST relies on borrowing spectrum for its service from its mobile carrier partners, which include Verizon, AT&T and Vodafone. That means AST will have a disadvantage in future negotiations with mobile carriers compared to SpaceX and Amazon, which probably explains why its shares fell 11% on Tuesday after the Amazon-Globalstar announcement.

Still, AST shares are still up nearly 300% over the past year thanks to broad investor interest in space and an enthusiastic base of individual shareholders. We’ll see if the hype about the SpaceX IPO continues to keep pushing share prices of its rivals into orbit.

>>> Europe : Brokers Upgrades & Downgrades - 15th of April 2026 V2(+)

>>> Up
* Anglo American Raised to Outperform at Oddo BHF
* Aperam Raised to Buy at Jefferies; PT 47 euros
* Bank of Ireland Raised to Overweight at Barclays; PT 19.50 euros
* Basic-Fit Raised to Buy at KBC Securities; PT 41 euros (+)
* CaixaBank Raised to Overweight at Barclays; PT 11.70 euros
* Deutsche Boerse Raised to Buy at MP Capital Markets (+)
* Dometic Raised to Buy at Nordea; PT 39 kronor
* Embla Medical HF Raised to Buy at ABG; PT 34 kroner
* Entain Raised to Buy at Peel Hunt; PT 750 pence
* Fluidra Raised to Hold at Kepler Cheuvreux (+)
* Givaudan Raised to Overweight at JPMorgan; PT 3,600 Swiss francs
* Husqvarna Raised to Hold at SEB Equities; PT 41 kronor
* JD.com ADRs Raised to Outperform at Macquarie
* JD.com ADRs PT Raised to $41 from $34 at Barclays
* Norsk Hydro PT Raised to 139 kroner from 103 kroner at JPMorgan
* Permanent TSB Raised to Equal-Weight at Barclays; PT 2.97 euros
* Sandvik Raised to Hold at Nordea
* Uniphar Raised to Buy at Deutsche Bank; PT 5 euros

>>> Down
* Ageas Cut to Hold at ING; PT 72 euros
* Autoliv GDRs Cut to Hold at Jefferies; PT 1,107 kronor
* Avarda Bank AB Cut to Hold at SEB Equities; PT 187 kronor
* BBVA Cut to Equal-Weight at Barclays; PT 20.50 euros
* Imperial Brands Cut to Neutral at UBS; PT 3,150 pence
* Norsk Hydro Cut to Hold at Deutsche Bank
* Permanent TSB Cut to Market Perform at KBW; PT 2.97 euros
* Poulaillon Cut to Hold at TP ICAP Midcap; PT 9 euros
* Sunrise Communications Cut to Underperform at BNP Paribas
* Swisscom Cut to Neutral at BNP Paribas; PT 690 Swiss francs
* Swisscom ADRs Cut to Neutral at BNP Paribas; PT $90
* Telenor Cut to Neutral at BNP Paribas; PT 170 kroner
* Telenor ADRs Cut to Neutral at BNP Paribas; PT $17.50

>>> Initiation
* AB Dynamics Rated New Buy at Investec; PT 1,750 pence (+)
* Antofagasta Rated New Neutral at Oddo BHF
* ArcelorMittal Reinstated Buy at William O'Neil
* Celestica Rated New Buy at William O'Neil
* Ferrari Rated New Overweight at Oxcap
* Gabler Group Rated New Overweight at Cantor; PT 67.20 euros
* Lattice Semi Reinstated Buy at William O'Neil
* Novo Rated New Buy at SB1 Markets; PT 280 kroner
* Somec Rated New Buy at Alantra Capital Markets; PT 25 euros (+)

>>> Call
* Aixtron May See Optoelectronics Demand Continue Into 2027: Citi
* Anglo American Raised to Outperform at Oddo on Copper Demand (+)
* Aperam Raised at Jefferies After De-Rating, Turning Point Ahead
* Barclays Turns Defensive on Spanish Banks, BBVA Downgraded (+)
* Ferrari New Overweight at Oxcap, Entering a ‘Golden Mix Era’
* Givaudan Upgraded at JPMorgan as Volume, Pricing Set to Improve (+)
* Helvetia Baloise Sets Ambitious Goals Before CMD, Says Vontobel (+)
* Husqvarna Loses Only Sell as SEB Equities Sees Bad News in Price
* Nibe Forecasts Raised at Citi on Prospects for Heat Pump Growth (+)