>>> Europe : Brokers Upgrades & Downgrades - 21st of January 2026 V3(++)

>>> Up
* Aixtron Raised to Overweight at JPMorgan; PT 25.20 euros
* Alibaba ADRs Raised to Buy at Arete; PT $190
* Also Raised to Buy at Research Partners; PT 280 Swiss francs (+)
* ASR Nederland Raised to Buy at Goldman; PT 69 euros
* D'Ieteren Raised to Buy at Jefferies; PT 215 euros
* Haleon Raised to Buy at HSBC; PT 430 pence
* Halma PT Raised to 4,200 pence from 3,750 pence at Berenberg
* Komax Raised to Outperform at Oddo BHF; PT 75 Swiss francs
* Nexans Raised to Equal-Weight at Barclays; PT 137 euros
* Novartis Raised to Buy at Bank Vontobel; PT 129 Swiss francs (+)
* Phoenix Group Raised to Neutral at Goldman; PT 752 pence
* Rockhopper Exploration Raised to Buy at Canaccord; PT 113 pence (+)
* RWE PT Raised to 58 euros from 44 euros at RBC (+)
* Sidetrade Raised to Buy at Gilbert Dupont; PT 265 euros (++)
* Smiths Group Raised to Buy at Berenberg; PT 3,000 pence
* SSE PT Raised to 2,800 pence from 2,200 pence at Berenberg
* Tele2 Raised to Buy at ABG; PT 175 kronor
* Telia Raised to Hold at ABG; PT 38 kronor
* UCB PT Raised to 310 euros from 257 euros at ING (++)
* Wacker Chemie Raised to Neutral at BNP Paribas; PT 70 euros
* Weir Group PT Raised to 3,650 pence at Berenberg
* Wise Raised to Overweight at Cantor; PT 1,280 pence

>>> Down
* Admiral Cut to Sell at Goldman; PT 2,920 pence
* Anora Cut to Reduce at Inderes; PT 3.80 euros
* Afya Cut to Neutral at Banco BTG Pactual; PT $17
* Bankinter Cut to Hold at Bestinver; PT 15.15 euros
* Bombardier Cut to Neutral at CIBC; PT C$290
* Bossard Cut to Reduce at AlphaValue/Baader
* Danone PT Cut to 69 euros from 70 euros at BofA (++)
* Danske Bank Cut to Hold at ABG; PT 307 kroner
* Douglas Cut to Underperform at BofA (+)
* Engie Cut to Hold at Berenberg
* Evonik Cut to Neutral at BNP Paribas; PT 14 euros
* FedEx Cut to Neutral at Rothschild & Co Redburn; PT $271
* Flutter Cut to Hold at Craig-Hallum; PT $200 (++)
* NKT Cut to Equal-Weight at Barclays; PT 852 kroner
* Ontex Group downgraded to Reduce from Hold at Kepler Cheuvreux (++)
* Qiagen Cut to Hold at Nephron Research; PT $59 (++)
* SCA Cut to Hold at Berenberg; PT 130 kronor
* Scor Cut to Neutral at Goldman; PT 29 euros
* SKF Cut to Neutral at Rothschild & Co Redburn; PT 270 kronor (++)
* Stora Enso Cut to Reduce at OP Corporate Bank; PT 10 euros (++)
* Swiss Re Cut to Sell at Goldman; PT 121 Swiss francs
* Wacker Chemie Cut to Sell at AlphaValue/Baader (+)

>>> Initiation
* Airbus Rated New Outperform at Grupo Santander; PT 250.50 euros (+)
* Air France-KLM Reinstated Sector Perform at RBC; PT 11.50 euros
* EDP SA ADRs Rated New Buy at Berenberg; PT $54.83
* EDP Renovaveis ADRs Rated New Buy at Berenberg; PT $35
* Elisa Rated New Sell at Rothschild & Co Redburn; PT 33 euros
* Endesa ADRs Rated New Hold at Berenberg; PT $18.08
* Enel ADRs Rated New Hold at Berenberg; PT $11.32
* Engie ADRs Rated New Hold at Berenberg; PT $28.58
* Fortum ADRs Rated New Hold at Berenberg; PT $4.20
* Haypp Group Rated New Hold at Pareto Securities; PT 120 kronor
* One Health Group Rated New Buy at Cavendish; PT 313 pence (+)
* Rheinmetall Rated New Neutral at Grupo Santander; PT 1,990 euros (+)
* Safran Rated New Outperform at Grupo Santander; PT 350.40 euros (+)
* SSE ADRs Rated New Buy at Berenberg; PT $37.60
* Verbund ADRs Rated New Hold at Berenberg; PT $15.17

>>> Call
* Aixtron Raised at JPMorgan With ‘Stars Aligning,’ 2026 De-Risked
* Berenberg Sees 2026 Industrial Strength, Upgrades Smiths Group (+)
* D’Ieteren Investment Case Compelling, Raised to Buy at Jefferies
* Goldman Double-Downgrades Admiral to Sell, Cites Weaker P&C (+)
* Haleon Gains as HSBC Upgrades on Hopes of Better Earnings Growth (++)
* Also Holding Gains as Research Partners Raises on Low Valuation (++)
* Novartis Upgraded to Buy at Vontobel on Defensive Qualities (+)
* RBC Starts Air France-KLM at Sector Perform, Sees Better Options
* SCA Cut to Hold at Berenberg On Likely ‘Margin Squeeze’ (++)
* SSE Now Top Utilities Pick at Berenberg, Engie Cut on Valuation
* Technip Drops as Morgan Stanley Cuts Target, Avoids LNG Exposure (++)

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Albemarle (ALB) upgraded to Buy from Hold at Truist, tgt $205
    • Alibaba (BABA) upgraded to Buy from Neutral at Arete; tgt $190
    • Alliant Energy (LNT) upgraded to Equal Weight from Underweight at Barclays, tgt $67
    • Apellis Pharmaceuticals (APLS) upgraded to Buy from Neutral at BofA Securities, tgt $28
    • Arm Holdings (ARM) upgraded to Positive from Neutral at Susquehanna, tgt $150
    • Auna S.A. (AUNA) upgraded to Buy from Hold at HSBC Securities; tgt $6.90
    • Biohaven Pharma (BHVN) upgraded to Outperform from Sector Perform at RBC Capital, tgt $22
    • Brinker International (EAT) upgraded to Outperform from Market Perform at Raymond James, tgt $195
    • Carter's (CRI) upgraded to Buy from Neutral at Citigroup, tgt $50
    • International Seaways (INSW) upgraded to Buy from Hold at Pareto; tgt $64
    • Invesco (IVZ) upgraded to Outperform from Sector Perform at RBC Capital, tgt $35
    • Oklo (OKLO) upgraded to Buy from Neutral at BofA Securities, tgt $127
    • Sally Beauty Holdings (SBH) upgraded to Outperform from Market Perform at Raymond James, tgt $19
    • ServisFirst Bancshares (SFBS) upgraded to Strong Buy from Outperform at Raymond James, tgt $95
    • Ulta Beauty (ULTA) upgraded to Strong Buy from Outperform at Raymond James, tgt $790
    • Watts Water (WTS) upgraded to Overweight from Sector Weight at KeyBanc, tgt $340
  • Downgrades:
    • ABM Industries (ABM) downgraded to Hold from Buy at Truist, tgt $47
    • Afya (AFYA) downgraded to Neutral from Buy at BTG Pactual
    • APA Corp. (APA) downgraded to Underweight from Equal Weight at Barclays
    • Casey's General (CASY) downgraded to Neutral from Buy at Northcoast
    • Cheesecake Factory (CAKE) downgraded to Market Perform from Outperform at Raymond James
    • CNX Resources (CNX) downgraded to Underweight from Equal Weight at Barclays
    • Darden Restaurants (DRI) downgraded to Market Perform from Outperform at Raymond James
    • Dollar Tree (DLTR) downgraded to Underperform from Neutral at BNP Paribas Exane
    • FedEx (FDX) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $271
    • Flutter Entertainment (FLUT) downgraded to Hold from Buy at Craig-Hallum, tgt $200
    • Kraft Heinz (KHC) downgraded to Underperform from Neutral at BNP Paribas, tgt $22
    • Mercer International (MERC) downgraded to Sell from Hold at TD Cowen, tgt $2.25
    • Netflix (NFLX) downgraded to Hold from Buy at Fubon
    • Rapt Therapeutics (RAPT) downgraded to Market Perform from Outperform at Leerink, tgt $58
    • Southern Copper (SCCO) downgraded to Sell from Neutral at UBS, tgt $148
    • TETRA Technologies (TTI) downgraded to Hold from Buy at Clear Street
    • Waste Management (WM) downgraded to Sector Perform from Outperform at Scotiabank, tgt $250
    • WillScot Holdings (WSC) downgraded to Neutral from Outperform at Robert W. Baird, tgt $23
  • Others:
    • Alumis (ALMS) initiated with a Buy at Chardan, tgt $37
    • Amaze Holdings (AMZE) initiated with a Buy at Ladenburg Thalmann; tgt $3
    • Ametek (AME) resumed with a Buy at Deutsche Bank; tgt $271
    • Applied Digital (APLD) initiated with a Buy at Texas Capital, tgt $42
    • Century Communities (CCS) initiated with an Outperform at Citizens, tgt $92
    • Crescent Biopharma (CBIO) initiated with a Buy at Guggenheim, tgt $35
    • Credo Technology (CRDO) initiated with a Neutral at Rosenblatt, tgt $170
    • Fermi (FRMI) initiated with a Buy at Texas Capital, tgt $23
    • Inhibikase Therapeutics (IKT) initiated with a Buy at BofA Securities, tgt $6
    • National Energy Services Reunited (NESR) initiated with a Buy at UBS, tgt $25
    • Occidental Petro (OXY) resumed with an Equal Weight at Barclays
    • Pinnacle Finl (PNFP) initiated with a Buy at Deutsche Bank

>>> Europe : Brokers Upgrades & Downgrades - 21st of January 2026 V2(+)

>>> Up
* Aixtron Raised to Overweight at JPMorgan; PT 25.20 euros
* Alibaba ADRs Raised to Buy at Arete; PT $190
* Also Raised to Buy at Research Partners; PT 280 Swiss francs (+)
* ASR Nederland Raised to Buy at Goldman; PT 69 euros
* D'Ieteren Raised to Buy at Jefferies; PT 215 euros
* Haleon Raised to Buy at HSBC; PT 430 pence
* Halma PT Raised to 4,200 pence from 3,750 pence at Berenberg
* Komax Raised to Outperform at Oddo BHF; PT 75 Swiss francs
* Nexans Raised to Equal-Weight at Barclays; PT 137 euros
* Novartis Raised to Buy at Bank Vontobel; PT 129 Swiss francs (+)
* Phoenix Group Raised to Neutral at Goldman; PT 752 pence
* Rockhopper Exploration Raised to Buy at Canaccord; PT 113 pence (+)
* RWE PT Raised to 58 euros from 44 euros at RBC (+)
* Smiths Group Raised to Buy at Berenberg; PT 3,000 pence
* SSE PT Raised to 2,800 pence from 2,200 pence at Berenberg
* Tele2 Raised to Buy at ABG; PT 175 kronor
* Telia Raised to Hold at ABG; PT 38 kronor
* Wacker Chemie Raised to Neutral at BNP Paribas; PT 70 euros
* Weir Group PT Raised to 3,650 pence at Berenberg
* Wise Raised to Overweight at Cantor; PT 1,280 pence

>>> Down
* Admiral Cut to Sell at Goldman; PT 2,920 pence
* Anora Cut to Reduce at Inderes; PT 3.80 euros
* Afya Cut to Neutral at Banco BTG Pactual; PT $17
* Bankinter Cut to Hold at Bestinver; PT 15.15 euros
* Bombardier Cut to Neutral at CIBC; PT C$290
* Bossard Cut to Reduce at AlphaValue/Baader
* Danske Bank Cut to Hold at ABG; PT 307 kroner
* Douglas Cut to Underperform at BofA (+)
* Engie Cut to Hold at Berenberg
* Evonik Cut to Neutral at BNP Paribas; PT 14 euros
* FedEx Cut to Neutral at Rothschild & Co Redburn; PT $271
* NKT Cut to Equal-Weight at Barclays; PT 852 kroner
* SCA Cut to Hold at Berenberg; PT 130 kronor
* Scor Cut to Neutral at Goldman; PT 29 euros
* Swiss Re Cut to Sell at Goldman; PT 121 Swiss francs
* Wacker Chemie Cut to Sell at AlphaValue/Baader (+)

>>> Initiation
* Airbus Rated New Outperform at Grupo Santander; PT 250.50 euros (+)
* Air France-KLM Reinstated Sector Perform at RBC; PT 11.50 euros
* EDP SA ADRs Rated New Buy at Berenberg; PT $54.83
* EDP Renovaveis ADRs Rated New Buy at Berenberg; PT $35
* Elisa Rated New Sell at Rothschild & Co Redburn; PT 33 euros
* Endesa ADRs Rated New Hold at Berenberg; PT $18.08
* Enel ADRs Rated New Hold at Berenberg; PT $11.32
* Engie ADRs Rated New Hold at Berenberg; PT $28.58
* Fortum ADRs Rated New Hold at Berenberg; PT $4.20
* Haypp Group Rated New Hold at Pareto Securities; PT 120 kronor
* One Health Group Rated New Buy at Cavendish; PT 313 pence (+)
* Rheinmetall Rated New Neutral at Grupo Santander; PT 1,990 euros (+)
* Safran Rated New Outperform at Grupo Santander; PT 350.40 euros (+)
* SSE ADRs Rated New Buy at Berenberg; PT $37.60
* Verbund ADRs Rated New Hold at Berenberg; PT $15.17

>>> Call
* Aixtron Raised at JPMorgan With ‘Stars Aligning,’ 2026 De-Risked
* Berenberg Sees 2026 Industrial Strength, Upgrades Smiths Group (+)
* D’Ieteren Investment Case Compelling, Raised to Buy at Jefferies
* Goldman Double-Downgrades Admiral to Sell, Cites Weaker P&C (+)
* Novartis Upgraded to Buy at Vontobel on Defensive Qualities (+)
* RBC Starts Air France-KLM at Sector Perform, Sees Better Options
* SSE Now Top Utilities Pick at Berenberg, Engie Cut on Valuation

La Lettre : La mise sous sauvegarde, nouveau talon

La mise sous sauvegarde, nouveau talon d' Achille de la franchise Carrefour

La Cour de cassation vient d'ouvrir une breche supplementaire dans les contraignants contrats qui unissent Carrefour a ses franchises en jugeant que la mise sous sauvegarde de ces derniers, des lors que les conditions le permettent, n'est pas un acte frauduleux. Or cette procedure de sauvegarde facilite grandement le depart chez les concurrents.

FT : US uranium group to buy Australian miner in race to secure rare earths

US uranium group to buy Australian miner in race to secure rare earths
Energy Fuels agrees $300mn deal to acquire Australian Strategic Materials in bid to create non-Chinese supply chain

US uranium group Energy Fuels will acquire Australian Strategic Materials to create a “mines-to-metal” champion in the race to create a non-Chinese supply chain for rare earths.

Energy Fuels has agreed an all-share deal for ASM worth A$447mn ($300mn) that would mean the US-listed group takes a secondary listing on the Australian exchange. Shares of ASM more than doubled on Wednesday after the announcement.

The deal is the latest sign that US companies are looking to Australia for critical minerals development after China placed export controls on refined rare earths last year. The materials are needed to create permanent magnets and other components in industries ranging from defence and energy to cars.

Washington and Canberra in October agreed to invest $1bn each in rare earth and critical mineral projects to bolster the supply chain outside China. Mining billionaire Robert Friedland has backed the development of a scandium project in Parkes, west of Sydney, as part of a broader push to diversify supply.

ASM, chaired by Ian Gandel, a scion of the billionaire Gandel family that owns shopping centres and fashion brands in Australia, was a stock market darling during the Covid-19 pandemic on prospects for its rare earths project in Dubbo, near Parkes.

But its shares have lost almost 90 per cent of their value since late 2021 as investors questioned the project’s viability.

ASM then expanded to processing rare earths, opening a facility in South Korea in 2022 that now supplies metals to Neo Performance Materials, a Canadian maker of permanent magnets operating in Estonia. The company has plans to build a similar facility in the US.

The global effort to build a non-Chinese supply chain has turned ASM into a valuable commodity, said Reg Spencer, a mining analyst at bank Canaccord Genuity.

“There’s no shortage of rare earths projects and mines, but someone has to convert it into [usable] metal. That has been a major gap,” he said of the niche that ASM has carved out.

Energy Fuels said ASM’s South Korean plant was one of the only facilities outside China that produces rare-earth metals and alloys.

Combining it with Energy Fuels’ rare earth separating facility in Utah will create the world’s largest integrated “mining-to-metal and alloy” producer outside China, said the US company. 

“ASM’s proven skills and intellectual property will also allow us to expand [rare-earth] metal and alloy capacity in the US,” said Mark Chalmers, chief executive of Energy Fuels.

“Furthermore, we would gain access to ASM’s significant Dubbo Project, providing additional long-term [rare earths] development and growth opportunities to our existing mineral resource portfolio.”

>>> What to look at today - 21st of January 2026

Japanese bonds rebounded after a selloff that rippled through global debt markets, while US equity-index futures rose as volatility showed tentative signs of easing. Yields on 40-year Japanese debt fell 6.5 basis points after Finance Minister Satsuki Katayama called for calm following a rout that had pushed super-long yields to all-time highs. In a further sign that markets were finding some footing, Treasuries edged up and futures contracts for the S&P 500 rose 0.3% after the underlying gauge had its steepest loss since October. Asian shares fell 0.6%, even as chipmakers such as Samsung Electronics Co. gained. Japanese shares were also well off their session lows. Haven demand continued, with gold rising to yet another record high and silver trading near an all-time peak. President Donald Trump’s threat to impose tariffs on European nations that rejected his proposal to purchase Greenland has unsettled markets, prompting investors to reassess risk after an AI-fueled rally took global stocks to all-time highs. The selloff in Japanese bonds compounded the pressure, adding to strains driven by uncertainty over US policy and trade. Key for markets on Wednesday will be how Trump’s trip to the World Economic Forum in Davos pans out after the president ratcheted up tensions with Europe. While traders have been able to get past a whirlwind of other unexpected developments this year — including the White House’s capture of Venezuela’s leader and its renewed attacks on the Federal Reserve — Tuesday’s moves suggest that investors’ willingness to shrug off earlier shocks is beginning to erode.  Rick Gardner, CIO at RGA Investments, shares his views on the recent selloff in Japanese government bonds and gives his perspective on the fear of a spillover into other markets. After the meltdown in Japanese bonds during the Asian session, stocks fell in Europe and the US. Bond yields jumped. Then there was also news that a Danish pension fund was planning to exit Treasuries.  Tuesday’s trading session in Tokyo saw what dealers said was the most chaotic session in recent memory. Yields on Japan’s 30- and 40-year bonds both jumped by more than 25 basis points, the biggest move since Trump’s ‘Liberation Day’ tariffs rattled global markets last year.  As trading kicked off on Wednesday, Japanese sovereign debt rebounded, easing some concerns. Also, Japan’s second-biggest bank plans to aggressively rebuild its local sovereign debt holdings once a wild surge in yields runs its course.  Asking market participants to calm down, Katayama pointed to Japan’s lowest reliance on debt issuance in 30 years, rising tax revenue and the smallest fiscal deficit among Group of Seven economies as evidence to support the government’s view that its fiscal policy is responsible and sustainable. NFLX -4.9%, IBKR -0.7% lower on earnings; PRGS +8.2%, UAL +3% higher on earnings; AVR +52.3% surges on investment from MDT.US After Hours

Nikkei -0.41% Hang Seng +0.09% CSI +0.07% Shanghai -0.03%% Shenzen +0.58%

Eur$ 1.1724 CNH 6.9603 CNY 6.9640 JPY 158.14 GBP 1.3437 CHF 0.7908 RUB 77.8869 TRY 43.2930 WTI$ 59.78 -0.96% Gold 4844 +1.71% BTC 89,540 +0.19% ETH 2,976.69 -0.44%

S&P +0.26% Nasdaq +0.26% EuroStoxx -0.15% FTSE -0.12% Dax -0.13% SMI -0.08%

Macro :
- South Korea’s President Lee Downplays US Chip Tariff Threats
- Fitch Says Canada’s Credit Profile Has ‘Begun to Stabilize’
- US Miner Eyes Global Rare Earths Clout With Australian Deal
- US Power-Grid Plan Aims to Accelerate Data-Center Connections
- Novogratz’s Galaxy to Launch $100m Crypto Hedge Fund: FT
- Trump’s $200 Billion MBS Buy Is Relief Now, Volatility Later

Keep an eye on :
- ALO FP : Alstom 3Q Orders Beats Estimates
- ALO FP : Alstom Orders Beat, Execution Seen as Encouraging: Street Wrap
- AZA SS : Avanza FY Dividend per Share Beats Estimates
- BARN SW : Barry Callebaut Names Former Unilever Head Hein Schumacher CEO
- BARN SW : Barry Callebaut 1Q Sales Beat Estimates
- CATE SS : Catena Offers Up to 6.04m Shares - Catena Offering of Shares Prices at SEK456/Share
- 1 HK : CK Hutchison Mulls Dual IPO of Global Telco Assets:Rtrs
- EQT SS : EQT Plans to Roll Existing Venture Capital Stakes Into New Fund
- FNMA US : Trump’s $200 Billion MBS Buy Is Relief Now, Volatility Later (1)
- HOTEL SS : Hotel Fast SSE Sells Property Lund to Daimyo Ekstra
- INPST NA : InPost Prelim 4Q Parcel Volume 417.6M, InPost Says Committee Still Assessing Indicative Offer
- IBKR US : Interactive Brokers 4Q Adjusted EPS Beats Estimates
- JNJ US : J&J to Report Results After US Deals on Drug Prices: Preview
- KER FP : Kering Says Bottega Veneta CEO Rongone Leaving March 31
- LULU US : Lululemon Pauses Online Sales of New Collection After Complaints
- MC FP : Fired Moët Hennessy worker acquitted of defamation - FT
- META US : US FTC to Appeal Court Ruling on Meta Win in Monopoly Case
- MONC IM : Moncler CEO Pick Praised as Marketing Chief Resigns: Street Wrap
- MOWI NO : Mowi Prelim 4Q Ebit About EU213M, Est. EU233.2M
- NFLX US : Netflix Falls After 1Q Profit Outlook Trails Estimate
- NVDA US : Nvidia’s Huang Plans to Visit China as He Works to Reopen Market
- OCI NA : Orascom Construction Says Shareholder Vote on OCI Merger Jan. 22
- OPen AI : OpenAI, Gates Foundation to Invest $50M in Africa Health AI
- PZZA Us : Papa John’s Shares Rise By Most in Two Months; Options Active
- PGHN SW : Partners Group Starts Special Opportunities Strategy
- PIRC IM : Pirelli Holder Camfin to End Pact With Sinochem: Messaggero
- QIA GY : Qiagen Said to Weigh Strategic Options Amid Fresh Interest
- RIO LN : Rio Tinto 4Q Pilbara Ore Shipments Beats Estimates
- RYA ID : Elon Musk and Ryanair Keep Escalating an Online War of Words
- SBO AV : SBO AG FY Ebit Misses Estimates
- 9434 JP : SoftBank Group Credit Default Swaps Rise to Widest in 9 Months
- SWEDA SS : Swedbank Board Member Eckerström Steps Down
- MAIRE IM : Tecnimont Signs Pact With Argent LNG for Facility in Louisiana
- TEMN SW : Thoma Bravo Eyes Software Deals Amid Plunge in Valuations: FT
- UAL US : United Air Leads Peers Higher After 4Q EPS Beats Estimates
- UBSG SW : UBS Also Considering External CEO Candidates, Ermotti Says
- WBD IM : Webuild’s US JV Gets $643M Contract in Florida
- WIEV AV : Wienerberger Prelim FY Adjusted Ebitda About EU753M

>>> Europe : Brokers Upgrades & Downgrades - 21st of January 2026

>>> Up
* Aixtron Raised to Overweight at JPMorgan; PT 25.20 euros
* Alibaba ADRs Raised to Buy at Arete; PT $190
* ASR Nederland Raised to Buy at Goldman; PT 69 euros
* D'Ieteren Raised to Buy at Jefferies; PT 215 euros
* Haleon Raised to Buy at HSBC; PT 430 pence
* Halma PT Raised to 4,200 pence from 3,750 pence at Berenberg
* Komax Raised to Outperform at Oddo BHF; PT 75 Swiss francs
* Nexans Raised to Equal-Weight at Barclays; PT 137 euros
* Phoenix Group Raised to Neutral at Goldman; PT 752 pence
* Smiths Group Raised to Buy at Berenberg; PT 3,000 pence
* SSE PT Raised to 2,800 pence from 2,200 pence at Berenberg
* Tele2 Raised to Buy at ABG; PT 175 kronor
* Telia Raised to Hold at ABG; PT 38 kronor
* Wacker Chemie Raised to Neutral at BNP Paribas; PT 70 euros
* Weir Group PT Raised to 3,650 pence at Berenberg
* Wise Raised to Overweight at Cantor; PT 1,280 pence

>>> Down
* Admiral Cut to Sell at Goldman; PT 2,920 pence
* Anora Cut to Reduce at Inderes; PT 3.80 euros
* Afya Cut to Neutral at Banco BTG Pactual; PT $17
* Bankinter Cut to Hold at Bestinver; PT 15.15 euros
* Bombardier Cut to Neutral at CIBC; PT C$290
* Bossard Cut to Reduce at AlphaValue/Baader
* Danske Bank Cut to Hold at ABG; PT 307 kroner
* Engie Cut to Hold at Berenberg
* Evonik Cut to Neutral at BNP Paribas; PT 14 euros
* FedEx Cut to Neutral at Rothschild & Co Redburn; PT $271
* NKT Cut to Equal-Weight at Barclays; PT 852 kroner
* SCA Cut to Hold at Berenberg; PT 130 kronor
* Scor Cut to Neutral at Goldman; PT 29 euros
* Swiss Re Cut to Sell at Goldman; PT 121 Swiss francs

>>> Initiation
* Air France-KLM Reinstated Sector Perform at RBC; PT 11.50 euros
* EDP SA ADRs Rated New Buy at Berenberg; PT $54.83
* EDP Renovaveis ADRs Rated New Buy at Berenberg; PT $35
* Elisa Rated New Sell at Rothschild & Co Redburn; PT 33 euros
* Endesa ADRs Rated New Hold at Berenberg; PT $18.08
* Enel ADRs Rated New Hold at Berenberg; PT $11.32
* Engie ADRs Rated New Hold at Berenberg; PT $28.58
* Fortum ADRs Rated New Hold at Berenberg; PT $4.20
* Haypp Group Rated New Hold at Pareto Securities; PT 120 kronor
* SSE ADRs Rated New Buy at Berenberg; PT $37.60
* Verbund ADRs Rated New Hold at Berenberg; PT $15.17

>>> Call
* Aixtron Raised at JPMorgan With ‘Stars Aligning,’ 2026 De-Risked
* D’Ieteren Investment Case Compelling, Raised to Buy at Jefferies
* RBC Starts Air France-KLM at Sector Perform, Sees Better Options
* SSE Now Top Utilities Pick at Berenberg, Engie Cut on Valuation