>>> US Gapping downGapping down

Gapping down
In reaction to earnings/guidance
:
  • XPEV -4%, RLMD -1.9%
Other news:
  • SMCI -26.6% (Super Micro Computer issues statement; addresses DOJ indictment involving employees)
  • UMAC -8.9% (announces proposed public offering)
  • NVGS -6.1% (7 mln share offering by selling shareholder)
  • FLOC -6% (prices offering by selling shareholders of 7.8 mln shares of common stock at $22.00 per share)
  • KNOP -5.3% (terminates discussion on proposed buyout offer from Knutsen NYK offshore tankers AS)
  • SATL -3.4% (files for $200 mln stock offering)
  • AHRT -1.8% (files for $300 mln mixed securities shelf offering)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • PL +15.3%, CURV +13.6%, SCHL +10.1% (also to repurchase up to $200 mln of its stock through modified dutch auction tender offer), YSS +9.7%, FDX +8.5%, FLY +6.9%, UAMY +5.4%, GEMI +4.8%, ZGN +2.7%, ORLA +2.5%
Other news:
  • TGNA +9.3% (Nexstar Media Group (NXST) closes acquisition of TEGNA)
  • RYTM +5.7% (receives FDA approval for expanded IMCIVREE indication)
  • CHAC +5.2% (shareholders approve combination with Xanadu Quantum)
  • CORT +4.2% (Director bought 100000 shares worth ~$3.31 mln)
  • ORN +4% ($125 mln in contract wins)
  • PHR +3.9% (Phreesia and Sesame Workshop win POC marketing award)
  • TNET +2% (increases dividend)
  • DVS +2% (provides update on exchangeable share election process)
  • WPRT +1.8% (discloses cybersecurity breach, delays financials)
  • SLDB +1.7% (two stock offerings by selling shareholders)
  • PBH +1.6% (to acquire the Breathe Right brand and certain other brands from Foundation Consumer Healthcare for $1.045 billion, or approximately $900 million net of anticipated tax benefits valued at $150 million)
  • INDB +1.2% (increases dividend)

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Accelerant (ARX) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $15
    • Air Products (APD) upgraded to Overweight from Neutral at JPMorgan, tgt $310
    • AptarGroup (ATR) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $144
    • Arm (ARM) upgraded to Buy from Reduce at HSBC, tgt $205
    • BP (BP) upgraded to Hold from Reduce at HSBC, tgt $45.30
    • Chevron (CVX) upgraded to Buy from Hold at HSBC, tgt $215
    • Chipotle (CMG) upgraded to Outperform from Neutral at Mizuho, tgt $40
    • Crescent Energy (CRGY) upgraded to Overweight from Neutral at JPMorgan, tgt $19
    • Equinor (EQNR) upgraded to Neutral from Sell at UBS
    • Figs (FIGS) upgraded to Outperform from Perform at Oppenheimer, tgt $22
    • Freshpet (FRPT) upgraded to Outperform from Perform at Oppenheimer, tgt $80
    • German American Bancorp (GABC) upgraded to Overweight from Neutral at Piper Sandler, tgt $47
    • Infineon (IFNNY) upgraded to Overweight from Neutral at JPMorgan
    • Mettler-Toledo (MTD) upgraded to Buy from Hold at Jefferies, tgt $1,450
    • Norsk Hydro (NHYDY) upgraded to Outperform from Sector Perform at RBC Capital
    • Occidental Petroleum (OXY) upgraded to Neutral from Underweight at JPMorgan, tgt $63
    • ONEOK (OKE) upgraded to Buy from Hold at Jefferies, tgt $98
    • SM Energy (SM) upgraded to Overweight from Neutral at JPMorgan, tgt $40
  • Downgrades:
    • Amcor (AMCR) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $43
    • Antofagasta (ANFGF) downgraded to Underperform from Sector Perform at RBC Capital
    • Bank of Montreal (BMO) downgraded to Underweight from Equal Weight at Barclays
    • Galp Energia (GLPEY) downgraded to Hold from Buy at HSBC
    • Greystone Housing (GHI) downgraded to Market Perform from Outperform at Citizens
    • Lufthansa (DLAKY) downgraded to Sell from Neutral at Goldman
    • Magnera (MAGN) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $12
    • Magnum Ice Cream (MICC) downgraded to Sell from Neutral at Goldman
    • Mosaic (MOS) downgraded to Neutral from Buy at BofA Securities, tgt $30
    • Mosaic (MOS) downgraded to Sell from Hold at Freedom Capital, tgt $24
    • O-I Glass (OI) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $13
  • Others:
    • Adlai Nortye (ANL) initiated with an Outperform at Leerink, tgt $23
    • CEVA (CEVA) initiated with a Buy at TD Cowen, tgt $22
    • Fluence Energy (FLNC) initiated with a Hold at Needham
    • Immunovant (IMVT) initiated with a Market Perform at Bernstein, tgt $28
    • OGE Energy (OGE) initiated with an Overweight at JPMorgan, tgt $52
    • Perion Network (PERI) initiated with a Buy at Canaccord, tgt $14
    • Roivant Sciences (ROIV) initiated with an Outperform at Bernstein, tgt $35
    • Rubrik (RBRK) initiated with a Buy at BTIG Research, tgt $64
    • Solid Biosciences (SLDB) initiated with a Buy at Guggenheim, tgt $26
    • Solaris Energy (SEI) initiated with an Equal Weight at Wells Fargo, tgt $71
    • Strategy (MSTR) initiated with a Buy at Texas Capital, tgt $200

FT : Edward Jones insists AI will not replace its $2.5tn financial adviser netwo

Edward Jones insists AI will not replace its $2.5tn financial adviser network
Clients will want human insights even as new technology shakes up investing, according to chief executive Penny Pennington

JPMorgan Chase has started to scrutinise whether the hours junior investment bankers claim to work match up against activity electronically logged by the bank’s IT systems, as it seeks to guard against overwork.

The bank will now issue reports to junior bankers that compare computer-generated estimates of junior bankers’ work week against their self-reported time sheets as part of a pilot scheme, according to people familiar with the matter.

JPMorgan plans to roll out the programme more widely across its investment bank, the people added. The estimate is based on employees’ weekly digital footprint, including video calls, desktop keystrokes and scheduled meetings.

“Much like the weekly screen time summaries on a smartphone, this tool is about awareness — not enforcement,” JPMorgan said in a statement. “It’s designed to support transparency, wellbeing, and encourage open conversations about workload.”

Wall Street banks are famous for the punishing workloads required to meet the demands of clients which pay multimillion-dollar fees. In return the banks offer salaries which can stretch to $200,000 for entry-level analyst and associate roles. 

There has been broader scrutiny of these long hours following the death two years ago of a young investment banker at Bank of America. One of the bank’s interns died in London in 2013, which a coroner said may have been linked to long working hours.

During the Covid-19 pandemic, first-year Goldman Sachs analysts compiled a slide deck documenting their arduous hours, while in 2024 JPMorgan appointed a senior banker to oversee the wellbeing of junior staff. JPMorgan has since curtailed weekend work and also capped the working week for younger employees at 80 hours, typically based on self-reported numbers.

This process has proved imperfect as some junior bankers misreport the hours they work. One issue is they declare fewer hours than they have actually spent to avoid being pulled from existing deals or to ensure they can still be added to new ones. 

Workplace surveillance technologies have become more commonplace since the pandemic but have proved controversial with some workers who argue that they are unnecessarily intrusive and violate privacy rights. 

At Goldman Sachs, junior bankers on occasion have been pulled aside and told to rest when its internal electronic monitoring was triggered.

“Management monitors junior banker staffing and activity levels and regularly adjusts the workloads of our teams,” Goldman said in a statement.

BofA launched a tool in 2024 to monitor the workload of interns and junior bankers and flag when it exceeded 80 hours in a week. The system, which tracks reported work hours on a weekly basis, is designed to help spread the workload among employees according to their capacity.

Investment banks are in the process of using AI tools to automate or streamline laborious and time-consuming tasks assigned to junior bankers, such as preparing pitchbooks, running financial models and summarising corporate earnings calls. 

The technology has been welcomed by younger employees for giving them more time to work on more analytical tasks such as advising clients on strategy. But it has also fuelled concerns of a potential slowdown in hiring in the industry.

>>> LA LETTRE — 20 MARS 2026

LA LETTRE — 20 MARS 2026

Résumé bilingue / Bilingual Summary

L’ÉVÉNEMENT / TOP STORY

🇮🇷 Opposition iranienne : grandes manœuvres de Paris à Bruxelles
Iranian Opposition: Major Manoeuvres from Paris to Brussels

FR — La France et plusieurs partenaires européens tentent de structurer une opposition iranienne post-conflit. Les chancelleries française, néerlandaise et espagnole ont noué des contacts pour servir d’interface à un régime iranien amendé. Au Parlement européen, une majorité se dégage pour réunir à Bruxelles sept familles d’opposants aux mollahs, avec des échanges prévus entre le 14 et le 16 avril, à huis clos.

EN — France and several European partners are working to structure a post-conflict Iranian opposition. French, Dutch and Spanish chancelleries have opened contacts to interface with a reformed Iranian regime. At the European Parliament, a majority has emerged to convene seven opposition families in Brussels, with closed-door talks planned for April 14–16.

Reza Pahlavi : le prince face au jeu démocratique / The Prince vs. Democratic Rules

FR — Reza Pahlavi espère s’imposer comme chef d’une autorité transitoire, mais les organisateurs du forum veulent qu’il se présente comme un membre parmi d’autres de l’opposition. Très efficacement soutenu par des structures liées aux néo-conservateurs américains, il n’a pas encore répondu favorablement à l’invitation d’avril.

EN — Reza Pahlavi hopes to position himself as head of a transitional authority, but forum organisers insist he appear as one opposition figure among equals. Backed by US neoconservative networks, he has so far declined the April invitation.

Les Moudjahidines du peuple sur la sellette / MEK Under Fire

FR — L’OMPI (Organisation des moudjahidines du peuple iranien) fait l’unanimité contre elle au sein des autres mouvements de l’opposition. Disposant de longue date d’emprises à Bruxelles et à Paris, ils sont peu à peu écartés des futures auditions. La députée Ayda Hadizadeh est personnellement ciblée par la guérilla numérique des moudjahidines, accusée tour à tour d’être une agente du régime ou une pahlaviste. Elle a obtenu le soutien inattendu de François Hollande pour éloigner les socialistes de cette organisation.

EN — The MEK (Mojahedin-e Khalq) faces near-universal opposition from other Iranian exile movements and is being gradually sidelined from upcoming hearings. MP Ayda Hadizadeh has been targeted by MEK’s online harassment campaigns and secured the unexpected backing of François Hollande to distance the Socialist Party from the group.

POLITIQUE / POLITICS

🇮🇪 Présidence irlandaise de l’UE : priorité aux biotechs
Irish EU Presidency: Biotech Regulation a Priority

FR — La présidence irlandaise du Conseil de l’UE, qui démarrera le 1er juillet, portera en priorité à l’agenda deux règlements stratégiques : celui sur les biotechs et celui sur la révision des dispositifs médicaux. L’Irlande, de tradition très libérale, prévoit de défendre les accords avec des pays tiers. Le pays accueille huit des dix plus gros poids lourds de la filière pharmaceutique mondiale.

EN — The Irish EU Council Presidency, starting July 1st, will prioritise two strategic regulatory files: biotech regulation and the medical devices revision. True to its liberal tradition, Ireland will push for trade deals with third countries and hosts eight of the world’s top ten pharmaceutical companies.

ENTREPRISES / BUSINESS

💻 Wallix : KKR se retire, la quête d’un partenaire continue
Wallix: KKR Pulls Out, Partnership Hunt Continues

FR — Des discussions ont été engagées en début d’année avec le fonds KKR, qui a même proposé fin février de racheter les minoritaires de Wallix au prix de 33 € par action. Mais les négociations n’ont pas abouti et KKR a depuis retiré son offre non engageante. L’action Wallix s’échange autour de 22 €, pour une capitalisation proche de 150 millions d’euros, en baisse de 11 % depuis le début de l’année.

EN — Talks with KKR opened early this year, with the US fund proposing in late February to buy out Wallix minorities at €33/share. Negotiations broke down and the non-binding offer was withdrawn. Wallix shares now trade around €22, valuing the company at approximately €150m, down 11% year-to-date.

Haropa : une nouvelle DRH pour un dialogue social tendu
Haropa Port: New HR Chief for Troubled Labour Relations

FR — Caroline Marx, ancienne DRH chez Colas (filiale Bouygues) et Imerys, a pris le 9 mars ses fonctions de directrice générale adjointe chargée des ressources humaines à Haropa Port. Elle devra composer avec les injonctions contradictoires de Bercy, qui presse la direction de limiter la masse salariale, et des syndicats FNPD-CGT qui réclament des créations de postes. Le directeur général Benoît Rochet est également sous pression des ministères des transports et de l’économie sur sa gestion globale.

EN — Caroline Marx, formerly HR director at Colas (Bouygues) and Imerys, took up her role as deputy CEO for HR at Haropa Port on March 9. She faces contradictory pressures: Bercy demanding wage bill restraint while the FNPD-CGT union demands new hires. Director General Benoît Rochet also faces mounting scrutiny from the transport and economy ministries.

MÉDIAS / MEDIA

📺 Journalistes français arrêtés dans le Golfe
French Journalists Detained in the Gulf

FR — Depuis l’élimination du guide suprême Ali Khamenei par les forces israélo-américaines le 1er mars, les journalistes français ont afflué vers les pays du Golfe. Aux Émirats arabes unis, ils suscitent une intense surveillance. Le 3 mars, lors d’explosions près du consulat américain à Dubaï, cinq journalistes de France TV ont été arrêtés, placés en garde à vue, puis transférés menottés et cagoulés dans les locaux des services secrets. Ils ont finalement été relâchés dans le désert après intervention du Quai d’Orsay.

EN — Following the Israeli-American killing of Supreme Leader Ali Khamenei on March 1st, French journalists flooded into Gulf states, where they face intense surveillance. On March 3rd, during explosions near the US consulate in Dubai, five France TV journalists were arrested, held in custody, then transferred hooded and handcuffed to secret service premises. They were eventually released in the desert after France’s foreign ministry intervened.

📡 BFM Locales : motion de défiance contre le DG
BFM Local Channels: No-Confidence Vote Against CEO

FR — Les rédactions des BFM Locales ont approuvé à 79 % une motion de défiance présentée par les syndicats SNJ, SNJ-CGT et SNME-CFDT à l’encontre d’Arnaud de Courcelles. Les journalistes déplorent le manque de visibilité sur l’avenir du réseau et dénoncent ce qu’ils décrivent comme un démantèlement silencieux des antennes locales. Une grève initialement envisagée pour le 23 mars a été abandonnée pour l’instant.

EN — BFM Local newsrooms voted 79% in favour of a no-confidence motion against CEO Arnaud de Courcelles, filed jointly by the SNJ, SNJ-CGT and SNME-CFDT unions. Journalists denounced what they describe as a silent dismantling of local news operations. A strike initially planned for March 23 has been called off for now.

>>> Europe : Brokers Upgrades & Downgrades - 20th of March 2026 V2(+)

>>> Up
* Aasen Sparebank Raised to Buy at Norne Securities; PT 164 kroner
* Air Products Raised to Overweight at JPMorgan; PT $310
* Bayer Raised to Outperform at Oddo BHF; PT 55 euros
* Belimo Raised to Neutral at Van Lanschot Kempen
* BP Raised to Hold at HSBC; PT 565 pence
* Chevron Raised to Buy at HSBC; PT $215
* Equinor Raised to Neutral at UBS; PT 410 kroner
* Freshpet Raised to Outperform at Oppenheimer; PT $80
* GAP Airports ADRs Raised to Outperform at Grupo Santander
* Infineon Raised to Overweight at JPMorgan; PT 48 euros
* Moncler Raised to Outperform at Oddo BHF; PT 65 euros
* NIBE Industrier Raised to Hold at Handelsbanken; PT 35 kronor (+)
* Norsk Hydro Raised to Outperform at RBC; PT 95 kroner
* Rational Raised to Sector Perform at RBC; PT 640 euros
* Technogym Raised to Overweight at Cantor; PT 21 euros (+)

>>> Down
* Alior Cut to Neutral at Citi; PT 113.60 zloty
* ATALAYA MINING COPPER SA Cut to Sector Perform at RBC
* Bank Pekao Cut to Neutral at Citi; PT 226 zloty
* Boliden Cut to Sector Perform at RBC; PT 600 kronor
* Central Asia Metals Cut to Underperform at RBC; PT 170 pence
* Close Brothers Raised to Buy at Shore Capital; PT 495 pence
* Flekkefjord Raised to Buy at Norne Securities; PT 141 kroner
* Galp Cut to Hold at HSBC; PT 21 euros
* InPost Cut to Hold at Jefferies; PT 15.60 euros
* Lufthansa Cut to Sell at Goldman; PT 6.60 euros
* Magnum Ice Cream Cut to Sell at Goldman; PT 13 euros
* Mosaic Cut to Sell at Freedom Capital
* Nidaros Sparebank Raised to Buy at Norne Securities
* PKO Cut to Neutral at Citi; PT 93 zloty
* Sparebank 68 Grader Nord Cut to Sell at Norne Securities
* Thyssenkrupp Nucera Cut to Underperform at Grupo Santander
* Volaris ADRs Cut to Neutral at Grupo Santander; PT $7.20

>>> Initiation
* CVS Group Rated New Equal-Weight at Barclays; PT 1,340 pence
* Dustin Rated New Neutral at SB1 Markets; PT 1.50 kronor
* Galderma Rated New Outperform at Oddo BHF; PT 197 Swiss francs
* Georg Fischer Rated New Buy at Van Lanschot Kempen
* Mha Rated New Buy at Peel Hunt; PT 179 pence
* Mha Rated New Buy at Berenberg; PT 215 pence
* Novo ADRs Rated New Outperform at CCB Intl; PT $43.29 (+)
* Strategy Rated New Buy at Texas Capital; PT $200
* Temenos Rated New Buy at Berenberg; PT 95 Swiss francs

>>> Call
* Goldman Clients Eye S&P 500 at 6,200 as Level to ‘Blindly Buy’
* Lufthansa Cut to Sell as Goldman Sachs Flags Higher Fuel Costs (+)
* SocGen Strategists Overweight Europe, Commodities in Allocation

>>> What to look at today - 20th of March 2026

Equity markets turned choppy heading into the weekend, while oil prices cooled as investors weighed efforts by the US and Israel to ease concerns over the Iran war. The MSCI Asia Pacific Index traded in a tight range after a 2.6% slide on Thursday — when strikes on energy assets in the Middle East stoked fears of a prolonged economic impact from the conflict. S&P 500 futures were steady after the underlying benchmark recovered from a 1% drop to finish the last session down 0.3%. Brent crude declined from its highest closing level since July 2022 to trade around $107 per barrel. Israel’s Prime Minister Benjamin Netanyahu said the nation will no longer target energy infrastructure, and added that the war will end a lot faster than people think as Iran is no longer able to enrich uranium or manufacture ballistic missiles. Meanwhile, US President Donald Trump told reporters he’s “not putting troops anywhere” after being asked about the possibility of deploying ground troops. Traders are parsing every geopolitical headline as the conflict has upended the energy supply chain. Prices of gasoline and jet fuel have surged while cooking gas shortages have triggered fistfights in India. The International Energy Agency has called the war the biggest supply disruption in the history of the oil market. Trading in Asia was thin on account of holidays in Indonesia, Malaysia and the Philippines. Japanese markets were also shut, meaning there was no cash trading in Treasuries during Asian hours. A slump in shares of heavyweight Alibaba Group Holding Ltd. also weighed on the MSCI Asia gauge. The Chinese tech giant’s stock lost as much as 6.4% in Hong Kong after it reported sales that missed estimates, dragged by sluggish growth in its core e-commerce business. Meanwhile, shares of AIA Group Ltd. jumped nearly 5% after its results and the announcement of a buyback plan. The MSCI Asia benchmark was up 0.3% for this week, after falling in each of the previous two weeks. Elsewhere in markets, a gauge of the dollar rose 0.2% on Friday after slipping 0.7% in the last session. India’s rupee weakened past 93 per dollar to a fresh record low. The risk of a global inflation shock has also complicated the policy outlook for global central banks. Investors in bond markets around the world are rushing to bet on higher interest rates amid the jump in energy prices.
Australia’s benchmark bond yields climbed to the highest level in almost 15 years on Friday, while New Zealand’s two-year yields hit the highest in about a year. On Thursday, UK’s two-year rate jumped 31 basis points to 4.40% after the Bank of England said it “stands ready” to act to prevent inflation from accelerating. The US Treasury 10-year yield fell two basis points to 4.25%. However, the policy-sensitive two-year yield rose two basis points to 3.79%. As the war reduces prospects for a US interest-rate cut in the near term, gold is heading for the biggest weekly loss in six years. The precious metal — widely viewed as a haven — has dropped every week since the US and Israel attacked Iran last month. Kyle Rodda, senior market analyst at Capital.com, says “right now there seems to be, still, a degree of complacency that things will be resolved swiftly enough.”  Treasury Secretary Scott Bessent noted the US is looking to remove sanctions that it has long imposed on Iranian oil in an effort to lower surging energy prices. The White House doesn’t plan to ban the export of oil and gas, an official said Thursday. Meanwhile, Kuwait on Friday shut down several units at the Al Ahmadi Refinery after multiple drone attacks caused a fire, according to state-run Kuna. US After Hours FDX +8.9%, PL +16.4%, SCHL +9.4% higher on earnings; CORT +3% on insider buy.

Nikkei Closed Hang Seng -1.13% CSI -0.26% Shanghai -1.09% Shenzen -0.96%

Eur$ 1.1558 CNH 6.8978 CNY 6.8959 JPY 158.38 GBP 1.3405 CHF 0.7894 RUB 86.0507 TRY 44.3085 WTI$ 93.94 -1.68% Gold 4,707 +1.99% BTC 70,600 +0.16% ETH 2,140 -0.27%

S&P -0.07% Nasdaq -0.19% EuroStoxx +0.34% FTSE +0.14% Dax +0.43% SMI +0.13%

Macro :
- Meloni: ‘Confident’ EU Will Approve Italy Energy Measures
- EU to Propose ‘ETS Booster’ With €30B Budget: Von Der Leyen
- Goldman Clients Eye S&P 500 at 6,200 as Level to ‘Blindly Buy’
- QatarEnergy Sees $20b/Year Lost Rev From Ras Laffan Attack
- Poland May Release Fuel Reserves If Necessary: Deputy Minister
- Trump, Takaichi Unveil $40 Billion US Nuclear Power Project

Keep an eye on :
- AMZN US ; Blue Origin Files With FCC for Data Center Satellite Network
- BABA US : Alibaba Sinks as Delivery War, Weak Consumer Weigh: Street Wrap
- AUTO NO : Amazon Acquires Robotics Startup, Boosting Efforts to Streamline Deliveries
- BAS GY : BASF Active as Strategist Pitches Short: EMEA Options Snapshot
- EN FP : Colas to Pay €30M Fine as Part of French Corruption Settlement
- ENEL IM : Enel Sees 2026 EPS EU0.72-EU0.74, EST. EU0.72
- FDX US : FedEx Shares Gain After Boosting Full-Year Profit Outlook
- GEMI US : Winklevosses Say Job Cuts at Gemini Exchange Reach 30%
- ELG GY : German Semiconductor Group Elmos Explores a Sale: Reuters
- FPE GY : Fuchs Sees 2026 Ebit About EU450M, Est. EU456.6M
- GN DC : GN CEO Peter Karlstromer Buys Shares in Company for DKK2.79m
- GS US : Goldman M&A Head Says Buyers Are Keeping ‘Eyes on the Sunset’
- GOOGL US : Google Begins Testing Gemini Mac App to Match ChatGPT and Claude
- IDR SM : Indra Chairman Seeks to End Government Fight, Shelves Deal
- INW IM : INWIT Sees 2026 Rev. EU1.05B-EU1.09B, Cites Tenant Conflicts
- META US : Brazil Regulator Orders Meta to Halt New AI Chatbot Pricing
- MKC US : Unilever Is Said in Talks to Merge Food Business With McCormick --+3%
- NXST US : Nexstar Media Group, Closes Acquisition of TEGNA
- NOVOB DC : Novo’s High-Dose Wegovy Gets US Approval in Needed Boost
- NBG6 GY : Bank of Family That Lent to Popes and Emperors May Be for Sale
- SMIN LN : Smiths Group 1H Group Operating Profit GBP159M
- SpaceX IPO : NASA Plans Bigger SpaceX Moon-Mission Role in Blow to Boeing
- SPI LN : Bridgepoint Prepares £1b Offer for Spire Healthcare: Sky
- SYZ CN : Activist OneMove Raises Stake in Sylogist to Over 10%
- TGNA US : FCC Approves Sale of Some Stations to Nexstar From Tegna
- TSLA US : Tesla in Talks to Buy $2.9b of Chinese Solar Equipment: Reuters
- TSLA US : What to Know About Tesla's Terafab Project and the Company's AI Future
- ULVR LN : Unilever Is Said in Talks to Merge Food Business With McCormick
- UPS US : *UPS FOLLOWS FEDEX SHARES HIGHER, UP 1.3%

>>> Europe : Brokers Upgrades & Downgrades - 20th of March 2026

>>> Up
* Aasen Sparebank Raised to Buy at Norne Securities; PT 164 kroner
* Air Products Raised to Overweight at JPMorgan; PT $310
* Bayer Raised to Outperform at Oddo BHF; PT 55 euros
* Belimo Raised to Neutral at Van Lanschot Kempen
* BP Raised to Hold at HSBC; PT 565 pence
* Chevron Raised to Buy at HSBC; PT $215
* Equinor Raised to Neutral at UBS; PT 410 kroner
* Freshpet Raised to Outperform at Oppenheimer; PT $80
* GAP Airports ADRs Raised to Outperform at Grupo Santander
* Infineon Raised to Overweight at JPMorgan; PT 48 euros
* Moncler Raised to Outperform at Oddo BHF; PT 65 euros
* Norsk Hydro Raised to Outperform at RBC; PT 95 kroner
* Rational Raised to Sector Perform at RBC; PT 640 euros

>>> Down
* Alior Cut to Neutral at Citi; PT 113.60 zloty
* ATALAYA MINING COPPER SA Cut to Sector Perform at RBC
* Bank Pekao Cut to Neutral at Citi; PT 226 zloty
* Boliden Cut to Sector Perform at RBC; PT 600 kronor
* Central Asia Metals Cut to Underperform at RBC; PT 170 pence
* Close Brothers Raised to Buy at Shore Capital; PT 495 pence
* Flekkefjord Raised to Buy at Norne Securities; PT 141 kroner
* Galp Cut to Hold at HSBC; PT 21 euros
* InPost Cut to Hold at Jefferies; PT 15.60 euros
* Lufthansa Cut to Sell at Goldman; PT 6.60 euros
* Magnum Ice Cream Cut to Sell at Goldman; PT 13 euros
* Mosaic Cut to Sell at Freedom Capital
* Nidaros Sparebank Raised to Buy at Norne Securities
* PKO Cut to Neutral at Citi; PT 93 zloty
* Sparebank 68 Grader Nord Cut to Sell at Norne Securities
* Thyssenkrupp Nucera Cut to Underperform at Grupo Santander
* Volaris ADRs Cut to Neutral at Grupo Santander; PT $7.20

>>> Initiation
* CVS Group Rated New Equal-Weight at Barclays; PT 1,340 pence
* Dustin Rated New Neutral at SB1 Markets; PT 1.50 kronor
* Galderma Rated New Outperform at Oddo BHF; PT 197 Swiss francs
* Georg Fischer Rated New Buy at Van Lanschot Kempen
* Mha Rated New Buy at Peel Hunt; PT 179 pence
* Mha Rated New Buy at Berenberg; PT 215 pence
* Strategy Rated New Buy at Texas Capital; PT $200
* Temenos Rated New Buy at Berenberg; PT 95 Swiss francs

>>> Call
* Goldman Clients Eye S&P 500 at 6,200 as Level to ‘Blindly Buy’
* SocGen Strategists Overweight Europe, Commodities in Allocation