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

>>> Up
* ArcelorMittal Raised to Buy at UBS; PT 71 euros
* Bureau Veritas Raised to Buy at Citi; PT 31.54 euros
* Cboe Raised to Overweight at Morgan Stanley; PT $358
* Cloetta Raised to Buy at SB1 Markets; PT 62 kronor
* Handelsbanken Raised to Equal-Weight at Barclays; PT 146 kronor
* Heidelberg Materials Raised to Outperform at RBC
* Hexagon Raised to Overweight at JPMorgan; PT 125 kronor
* Humana Raised to Outperform at Baird; PT $596
* Informa PT Raised to 1,290 pence at Deutsche Bank (+)
* Momentum Group Raised to Buy at SB1 Markets; PT 145 kronor (++)
* Morgan Advanced Raised to Outperform at RBC
* Nederman Raised to Buy at Handelsbanken; PT 160 kronor
* Rational Raised to Outperform at RBC; PT 700 euros
* Sage Group Raised to Buy at Investec; PT 1,300 pence
* Salzgitter Raised to Buy at UBS; PT 71 euros
* SEB Raised to Overweight at Barclays; PT 262 kronor
* Soitec Raised to Buy at BofA; PT 300 euros (+)
* Swedbank Raised to Overweight at Barclays; PT 467 kronor
* Voestalpine Raised to Buy at UBS; PT 64 euros
* Zscaler Raised to Buy at CFRA as Event Underscores Tailwinds

>>> Down
* BEWI Cut to Hold at Arctic Securities; PT 21 kroner
* Danske Bank Cut to Equal-Weight at Barclays; PT 391 kroner
* DCC Energy Cut to Hold at Peel Hunt; PT 6,567 pence (++)
* DNB Bank Cut to Underweight at Barclays; PT 282 kroner
* doValue Cut to Neutral at Banca Akros (ESN); PT 1.80 euros (++)
* DSV Cut to Neutral at JPMorgan; PT 1,400 kroner
* Evolution Cut to Hold at Pareto Securities; PT 800 kronor
* Joby Aviation Cut to Underweight at Barclays
* Orion Cut to Hold at Danske Bank Markets; PT 83 euros (++)
* Pearson Cut to Neutral at UBS; PT 1,300 pence
* Pennon Cut to Sector Perform at RBC; PT 400 pence
* Rheinmetall Cut to Hold at Berenberg; PT 1,020 euros
* Ryanair Cut to Equal-Weight at Barclays; PT 24 euros
* Saint-Gobain Cut to Sector Perform at RBC
* Schott Pharma Cut to Hold at Deutsche Bank; PT 25 euros (+)
* Tieto Oyj Cut to Hold at Nordea; PT 19.50 euros

>>> Initiation
* Biogen Rated New Outperform at CCB Intl; PT $290.69 (++)
* Boeing Rated New Overweight at Barclays; PT $300
* Lotus Bakeries Rated New Equal-Weight at Morgan Stanley
* Molecule Group Rated New Corporate at Edison Investment Research (+)
* Palantir Rated New Overweight at Barclays; PT $265
* Palisade Bio Inc Rated New Outperform at Raymond James; PT $6
* Rocket Lab Rated New Overweight at Barclays
* SIG Group Reinstated Neutral at BNP Paribas
* SpaceX Rated New Overweight at Barclays
* Vicore Pharma Rated New Buy at Jefferies; PT 23 kronor
* Vicore Pharma ADRs Rated New Buy at Jefferies; PT $25
* Zigup Rated New Buy at Shore Capital; PT 535 pence

>>> Call
* Barclays Turns Positive on Swedish Banks, DNB, Danske Cut
* Berenberg Says Stick With Energy as Hormuz Keeps Supplies Tight (+)
* Bureau Veritas Gains as Citi Upgrades on Margins Progression (++)
* DSV Loses Clean Sweep of Buy Ratings as JPMorgan Cuts to Neutral
* Evolution Cut to Hold at Pareto as Brazil Gambling Ban Weighs (++)
* Givaudan Cut to Hold at Research Partners; PT 3,900 Swiss francs (+)
* Heidelberg Raised, Knife River and Saint-Gobain Cut at RBC (++)
* Hexagon on ‘Solid Footing,’ JPMorgan Upgrades to Overweight
* Lotus Bakeries Initiated Equal-Weight at Morgan Stanley (+)
* Mercedes May Cut 2026 Profit Guidance, RBC Analyst Says
* Morgan Advanced and Rational Raised to Outperform at RBC (+)
* Pennon Cut to Sector Perform at RBC on Difficult Returns Outlook (+)
* Rheinmetall Cut at Berenberg on Medium-Term Outlook Uncertainty
* Rightmove Falls as Goldman Cuts PT on Cautious Growth View (++)
* RS Group Gains as Citi Sets Street-High PT, Boosts Estimates (++)
* Ryanair, Norwegian Air Cut at Barclays on High Fuel Costs
* Salzgitter Jumps; UBS Says Stock a High-Beta Play on Steel Rally (++)
* Schott Pharma Cut to Hold at Deutsche Bank After YTD Rally (++)
* Soitec Gains; Raised to Buy at BofA on Photonics-Led Growth (++)
* Tieto Cut to Hold at Nordea on Tech Consulting Weakness (+)

>>> Alumis : Phase 3 envudeucitinib data in moderate-to-severe plaque psoriasis;

Phase 3 envudeucitinib data in moderate-to-severe plaque psoriasis; PASI 100 response rate 54% at Week 48
- ONWARD3 included 1,509 patients; data from 773 patients who received up to 48 weeks of continuous treatment showed over 80% maintained clear or almost clear scalp skin at Week 48, and nearly 80% sustained clinically meaningful itch reduction through Week 48.
- In ONWARD1/2, approximately one-third achieved clinically meaningful itch reduction by Week 2; about 40% had complete itch resolution and approximately 60% reported minimal or no itch at Week 16. More than 1,700 patients were enrolled and randomized across ONWARD1/2.
- Patients switching from placebo or apremilast achieved rapid improvements comparable to continuous treatment at Week 48. No new long-term safety signals were observed.
- NDA submission in moderate-to-severe plaque psoriasis remains on track for Q4 2026.
TTN Note: The Week 48 efficacy denominator is 773 continuous-treatment extension patients, versus 892 originally randomized to envudeucitinib—119 fewer patients. Non-responder imputation within that extension cohort does not establish durability across the full original randomized population; the release does not explain the exclusions.
- The “highest publicly reported” PASI 100 claim is a cross-trial comparison, not demonstrated superiority over other TYK2 inhibitors. Apremilast was the active comparator, and crossover convergence at Week 48 measures response after switching rather than continued comparative efficacy.
- “Durable” here means sustained response on treatment, not persistence after stopping. ONWARD3 includes randomized withdrawal in the first 200 qualifying PASI 75 responders, but this release provides no withdrawal results or time-to-relapse data.
- Maximal 24-hour target coverage requires 40 mg twice daily in these trials; it is not a once-daily convenience claim. The commercial balance between clearance and dosing burden also needs quantified long-term adverse events and discontinuations, which “no new safety signals” does not supply.

>>> La Lettre 09/10/2026

## Français

**BNP Paribas (plan 2027-2030, dévoilé le 2 février 2027)**
- Cible : coefficient d'exploitation vers 50 % en 2030, contre 61,2 % fin 2025 et environ 60 % attendu fin 2026. Jalon intermédiaire : sous 56 % en 2028.
- 1 Md€ d'économies déjà budgétisé, contre 700 M€ sur 2022-2026.
- Leviers : IA, simplification de l'IT (intégration de BP2I au 1er janvier), synergies Axa IM (550 M€, dont 400 M€ de coûts, sur 2026-2029), 500 fermetures d'agences d'ici 2030.
- Repères : Santander environ 41 %, UniCredit environ 38 %, Société Générale vise moins de 55 % en 2029.

**Renault** : François Provost a supprimé le poste de directeur scientifique créé pour Luc Julia. Les équipes passent sous Anthony Vouillon, seul patron IA. L'agent Reno deviendrait un simple avatar, avec Gemini en dessous.

**RN, plan prisons** : 30 000 places chiffrées à 5 Md€, soit 166 000 € par place. Selon les références de coût retenues, la facture serait de 6 à 11,4 Md€, d'où un trou de 1 à 7 Md€. Le doublement du nombre de magistrats n'est pas budgété.

**Matignon** : budget sondages du SIG ramené à 1,85 M€ en 2027, soit 1 M€ de moins qu'en 2026. Les études hebdomadaires Ifop et OpinionWay ont cessé à l'arrivée de Sébastien Lecornu.

**Aides à la presse 2025** : Le Parisien (LVMH) premier bénéficiaire avec 8,69 M€, devant Libération (5,02 M€) et Ouest-France (4,94 M€). Le FSDP, gelé au second semestre, n'a versé que 9,7 M€ sur 24,4 M€ budgétés.

**Culture** : Rachida Dati presse le ministère de trouver un poste stable à sa conseillère Emmanuelle Dauvergne, sans succès à ce stade.

## English

**BNP Paribas (2027-2030 plan, due 2 February 2027)**
- Target: cost/income ratio towards 50% by 2030, from 61.2% at end-2025 and about 60% expected at end-2026. Interim step: below 56% in 2028.
- €1bn of savings already budgeted, versus €700m over 2022-2026.
- Levers: AI, IT simplification (BP2I fully integrated from 1 January), Axa IM synergies (€550m, of which €400m costs, over 2026-2029), 500 branch closures by 2030.
- Benchmarks: Santander about 41%, UniCredit about 38%, Société Générale targeting below 55% in 2029.

**Renault**: François Provost has scrapped the chief scientist role created for Luc Julia. His teams move under Anthony Vouillon, now sole AI head. The Reno assistant is set to become a mere avatar running on Gemini.

**RN prison plan**: 30,000 places costed at €5bn, or €166,000 per place. Depending on the cost benchmark used, the real bill would be €6bn to €11.4bn, a gap of €1bn to €7bn. The pledge to double the number of judges is not budgeted.

**Matignon**: the SIG polling budget falls to €1.85m in 2027, €1m less than in 2026. Weekly Ifop and OpinionWay studies stopped when Sébastien Lecornu arrived.

**Press subsidies 2025**: Le Parisien (LVMH) ranks first with €8.69m, ahead of Libération (€5.02m) and Ouest-France (€4.94m). The FSDP, frozen in H2, paid out only €9.7m of €24.4m budgeted.

**Culture**: Rachida Dati is pushing the ministry to find a permanent post for her adviser Emmanuelle Dauvergne, so far without result.

**À noter / Note** : le tableau des aides contient deux incohérences avec le texte. L'aide au pluralisme de L'Humanité y figure à 274 000 € alors que le texte et le total (3,90 M€) impliquent 2,74 M€. Le FSDP de Libération est à 863 000 € dans le tableau et 836 000 € dans le texte.

>>> Europe : Brokers Upgrades & Downgrades - 9th of Oct. 2026 V2(+)

>>> Up
* ArcelorMittal Raised to Buy at UBS; PT 71 euros
* Bureau Veritas Raised to Buy at Citi; PT 31.54 euros
* Cboe Raised to Overweight at Morgan Stanley; PT $358
* Cloetta Raised to Buy at SB1 Markets; PT 62 kronor
* Handelsbanken Raised to Equal-Weight at Barclays; PT 146 kronor
* Heidelberg Materials Raised to Outperform at RBC
* Hexagon Raised to Overweight at JPMorgan; PT 125 kronor
* Humana Raised to Outperform at Baird; PT $596
* Informa PT Raised to 1,290 pence at Deutsche Bank (+)
* Morgan Advanced Raised to Outperform at RBC
* Nederman Raised to Buy at Handelsbanken; PT 160 kronor
* Rational Raised to Outperform at RBC; PT 700 euros
* Sage Group Raised to Buy at Investec; PT 1,300 pence
* Salzgitter Raised to Buy at UBS; PT 71 euros
* SEB Raised to Overweight at Barclays; PT 262 kronor
* Soitec Raised to Buy at BofA; PT 300 euros (+)
* Swedbank Raised to Overweight at Barclays; PT 467 kronor
* Voestalpine Raised to Buy at UBS; PT 64 euros
* Zscaler Raised to Buy at CFRA as Event Underscores Tailwinds

>>> Down
* BEWI Cut to Hold at Arctic Securities; PT 21 kroner
* Danske Bank Cut to Equal-Weight at Barclays; PT 391 kroner
* DNB Bank Cut to Underweight at Barclays; PT 282 kroner
* DSV Cut to Neutral at JPMorgan; PT 1,400 kroner
* Evolution Cut to Hold at Pareto Securities; PT 800 kronor
* Joby Aviation Cut to Underweight at Barclays
* Pearson Cut to Neutral at UBS; PT 1,300 pence
* Pennon Cut to Sector Perform at RBC; PT 400 pence
* Rheinmetall Cut to Hold at Berenberg; PT 1,020 euros
* Ryanair Cut to Equal-Weight at Barclays; PT 24 euros
* Saint-Gobain Cut to Sector Perform at RBC
* Schott Pharma Cut to Hold at Deutsche Bank; PT 25 euros (+)
* Tieto Oyj Cut to Hold at Nordea; PT 19.50 euros

>>> Initiation
* Boeing Rated New Overweight at Barclays; PT $300
* Lotus Bakeries Rated New Equal-Weight at Morgan Stanley
* Molecule Group Rated New Corporate at Edison Investment Research (+)
* Palantir Rated New Overweight at Barclays; PT $265
* Palisade Bio Inc Rated New Outperform at Raymond James; PT $6
* Rocket Lab Rated New Overweight at Barclays
* SIG Group Reinstated Neutral at BNP Paribas
* SpaceX Rated New Overweight at Barclays
* Vicore Pharma Rated New Buy at Jefferies; PT 23 kronor
* Vicore Pharma ADRs Rated New Buy at Jefferies; PT $25
* Zigup Rated New Buy at Shore Capital; PT 535 pence

>>> Call
* Barclays Turns Positive on Swedish Banks, DNB, Danske Cut
* Berenberg Says Stick With Energy as Hormuz Keeps Supplies Tight (+)
* DSV Loses Clean Sweep of Buy Ratings as JPMorgan Cuts to Neutral
* Givaudan Cut to Hold at Research Partners; PT 3,900 Swiss francs (+)
* Hexagon on ‘Solid Footing,’ JPMorgan Upgrades to Overweight
* Lotus Bakeries Initiated Equal-Weight at Morgan Stanley (+)
* Mercedes May Cut 2026 Profit Guidance, RBC Analyst Says
* Morgan Advanced and Rational Raised to Outperform at RBC (+)
* Pennon Cut to Sector Perform at RBC on Difficult Returns Outlook (+)
* Rheinmetall Cut at Berenberg on Medium-Term Outlook Uncertainty
* Ryanair, Norwegian Air Cut at Barclays on High Fuel Costs
* Tieto Cut to Hold at Nordea on Tech Consulting Weakness (+)