>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • EOSE +36.9%, VELO +17.9%, SLS +17.4% (also provides clinical update), NXT +14.3% (also to acquire Zigor Corp's power conversion business and Apex Power), TSEM +13.6%, AIP +11.3% (also CFO to retire), ANDG +8.8%, GLBE +8.4%, PSFE +7.9%, RSKD +7.6%, ICL +5.6%, CMPS +5.6%, ELMD +4.8%, IPHA +4.4%, VEON +4.3%, MAZE +3.3%, KRNT +3.3%, TRMD +2.7%, TII +2.6%, KYTX +1.7%, KYIV +1.3%, UPB +1%
Other news:
  • PSNL +12.2% (receives expanded Medicare coverage for NeXT Personal immunotherapy monitoring test)
  • BRSL +10.5% (signed a multi-year contract extension with Lottotech)
  • CPA +8.7% (reports April traffic growth of 16.7%)
  • TBI +7% (TrueBlue confirms board reviewing unsolicited proposal from HireQuest)
  • HQI +5.4% (TrueBlue confirms board reviewing unsolicited proposal from HireQuest)
  • SOPH +5.4% (announced a partnership with Synnovis to bring liquid biopsy testing to lung and breast cancer patients across the U.K. as part of NHS England's 'revolutionary blood test-first' program)
  • VYGR +4.3% (Single IV dose of VY1706 well tolerated, reduced tau in 3-Month GLP Toxicology data; clinical trial in Alzheimer's Disease Expected H2 2026)
  • SEZL +3.4% (SEZL provides update on antitrust case against SHOP)
  • ORLA +3.2% (Equinox Gold (EQX) to acquire Orla Mining in at-market combination creating North American senior gold producer)
  • GYRE +2.7% (China drug regulator accepts NDA for F351 for chronic hepatitis B-induced liver fibrosis)
  • VFS +2.6% (to split certain assets of VinFast Trading and Production JSC into a new formed entity)
  • XWIN +2.6% (to change ticker to XMAX)
  • FLNC +2.5% (prices secondary offering of 20.0 mln shares of common stock at 21.00 per share)
  • SANA +2.1% (presents preclinical data)
  • INNV +1.9% (names new COO)
  • QTRX +1.7% (CFO to step down)
  • IONQ +1.6% (opens new quantum computing R&D lab)
  • AAPG +1.5% (to present 17 Clinical Advances at 2026 European Hematology Association Congress)
  • IIIV +1.4% (authorizes new $100 mln share repurchase program)
  • NVO +1.1% (highlights additional Wegovy pill data showing strong weight loss and mobility benefits)
  • EQX +1.1% (Equinox Gold (EQX) to acquire Orla Mining in at-market combination creating North American senior gold producer)
  • USAR +1% (Texas awards $14.2 mln grant)

>>> Europe : Brokers Upgrades & Downgrades - 13th of May 2026 V3(++)

>>> Up
* Aurubis Raised to Reduce at AlphaValue/Baader (+)
* Elecnor Raised to Buy at JB Capital Markets; PT 50.50 euros
* Innelec Multimedia Raised to Buy at Invest Securities SA (+)
* Jenoptik PT Raised to 47 euros from 39 euros at Berenberg (+)
* Lanxess Raised to Neutral at Van Lanschot Kempen; PT 17 euros
* Leroy Raised to Buy at Fearnley; PT 53 kroner
* Mosaic Raised to Outperform at RBC; PT $27
* Novonesis Raised to Buy at Kepler Cheuvreux; PT 460 kroner (+)
* RENK Group Raised to Buy at mwb research AG; PT 53 euros (+)
* Swatch Raised to Sector Perform at RBC; PT 220 Swiss francs
* Umicore Raised to Buy at Goldman; PT 33 euros
* Verkkokauppa.com Raised to Accumulate at Inderes; PT 2.50 euros
* Worldline Raised to Buy at Jefferies; PT 40 euro cents

>>> Down
* Aramis Cut to Neutral at CIC; PT 3.70 euros (+)
* Givaudan Cut to Hold at Kepler Cheuvreux; PT 3,000 Swiss francs (+)
* Heineken Cut to Neutral at JPMorgan; PT 70 euros
* Medios Cut to Hold at Bankhaus Metzler
* On Holding PT Cut to $48 from $55 at Truist Secs
* Outokumpu Cut to Reduce at Inderes; PT 5.80 euros
* SBM Offshore Cut to Neutral at Van Lanschot Kempen
* SoftwareONE Cut to Hold at Research Partners (+)
* Under Armour Cut to Hold at Stifel; PT $6
* Uniper Cut to Reduce at Kepler Cheuvreux; PT 35 euros (+)
* Volex Cut to Hold at Investec; PT 670 pence (+)
* Wizz Air Cut to Reduce at AlphaValue/Baader (+)

>>> Initiation
* AEP Plantations Rated New Buy at Singer Capital Markets (++)
* Belimo Rated New Overweight at Barclays; PT 1,000 Swiss francs
* Cohort Rated New Buy at Shore Capital; PT 1,350 pence
* CrediaBank Rated New Overweight at Euroxx Securities (+)
* Rea Holdings Rated New Buy at Singer Capital Markets (++)
* Sandisk Rated New Buy at Singular Research; PT $2,590
* Troax Rated New Buy at SB1 Markets; PT 140 kronor

>>> Call
* Belimo Overweight at Barclays, Can Be AI Infrastructure Winner
* Heineken to Be Held Back on CEO Uncertainty, JPMorgan Downgrades
* Sixt Shares Rise as Jefferies Points to Beat Across the Board (++)
* Swatch Upgraded at RBC on Audemars Piguet Collaboration

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • Akamai Technologies (AKAM) upgraded to Buy from Neutral at BofA Securities, tgt $175
    • Arrow Electronics (ARW) upgraded to Neutral from Underperform at BofA Securities, tgt $233
    • Avnet (AVT) upgraded to Neutral from Underperform at BofA Securities, tgt $96
    • Corcept Therapeutics (CORT) upgraded to Buy from Neutral at UBS, tgt $72
    • Dow Inc. (DOW) upgraded to Buy from Hold at Argus
    • Integer Holdings (ITGR) upgraded to Outperform from Perform at Oppenheimer, tgt $115
    • Johnson & Johnson (JNJ) upgraded to Outperform from Market Perform at Leerink, tgt $265
    • MasTec (MTZ) upgraded to Buy from Neutral at Guggenheim, tgt $480
    • Mosaic (MOS) upgraded to Outperform from Sector Perform at RBC Capital, tgt $27
    • NewLake Capital Partners (NLCP) upgraded to Buy from Neutral at Compass Point, tgt $17
    • OptimumBank Holdings (OPHC) upgraded to Buy from Neutral at Compass Point, tgt $6.50
    • Sensata Technologies (ST) upgraded to Buy from Hold at Truist, tgt $58
    • Umicore (UMICY) upgraded to Buy from Neutral at Goldman
    • Venture Global (VG) upgraded to Buy from Neutral at Citigroup, tgt $17
    • Vestis (VSTS) upgraded to Outperform from Market Perform at William Blair
    • Wendy's (WEN) upgraded to Buy from Hold at Argus, tgt $12
    • Zebra Technologies (ZBRA) upgraded to Overweight from Sector Weight at KeyBanc, tgt $305
  • Downgrades:
    • Advanced Micro Devices (AMD) downgraded to Outperform from Buy at Daiwa, tgt $500
    • Heineken (HEINY) downgraded to Neutral from Overweight at JPMorgan
    • MercadoLibre (MELI) downgraded to Neutral from Buy at Citigroup, tgt $1,950
    • Select Medical (SEM) downgraded to Neutral from Outperform at Mizuho, tgt $16.50
    • Under Armour (UAA) downgraded to Hold from Buy at Stifel, tgt $6
    • ZoomInfo Technologies (GTM) downgraded to Underperform from Neutral at Mizuho, tgt $3
  • Others:
    • Amentum (AMTM) assumed with an Equal Weight at Morgan Stanley, tgt $30
    • BioAge Labs (BIOA) initiated with a Buy at BTIG Research, tgt $40
    • CoinShares (CSHR) initiated with an Outperform at Keefe Bruyette, tgt $9
    • HEICO (HEI) initiated with a Buy at Rothschild & Co Redburn, tgt $360
    • Kopin (KOPN) initiated with a Buy at Lucid Capital, tgt $10
    • NextDecade (NEXT) initiated with a Buy at Citigroup, tgt $11
    • Unusual Machines (UMAC) initiated with a Buy at Roth Capital, tgt $25

FT : EU to force rail operators to sell tickets for rival services

EU to force rail operators to sell tickets for rival services
Brussels seeks to replicate air travel bookings for trains, ferries and coaches

The EU will seek to force train ticket providers to display rivals’ offers and give greater protection to passengers in the event of cancellations.

Unveiling a set of proposals dubbed a “game changer” for rail travel, European commissioner for cohesion Raffaele Fitto said: “One thing air travel does well is it is simple. You search, you compare, you book in a matter of minutes. Rail passengers deserve the same experience.”

Passengers will be able to combine rail services purchased from different operators into a single ticket, purchased via one transaction. Services across different means of transport — from ferries to coaches — would also be included in the package.

The measure was first reported by the FT last week, when transport commissioner Apostolos Tzitzikostas said the rules would address the “nightmare” of long-distance travel.

The European Commission seeks to make it easier for passengers to purchase tickets online, addressing a “significant structural weakness”, the regulation states. Railway operators with half or more of market share in national railway services will be obliged to open their online ticketing services to any other operator.

This will impact operators such as France’s SNCF, Spain’s Renfe and Germany’s Deutsche Bahn in their national markets, forcing them to offer rivals’ services on their online platforms.

Catriona Meehan, from online booking service Omio, called it a “welcome step towards making rail easier to access and use for passengers across Europe”.

She added: “Too often, fragmented data and ticketing still make it harder than it should be to search, compare and book journeys, even where good services exist.”

She said the new rules must focus on allowing data access for all providers, including independent retailers, to avoid the measures “entrenching nationally concentrated models that limit choice”.

But Jon Worth, an independent European railways analyst, said the proposals were “both radical and far-reaching, but also unworkable”.

It places a “heavy burden on the shoulders of railway companies” by requiring them to offer tickets months in advance, while also harming season ticket holders, who may lose their discounts if they buy a newer, unified ticket that better protects their rights in the event of disruption.

Georgia Whitaker, from green research group Transport & Environment, said the rules were a “huge leap forward”, but added the EU needed to “increase the geographical scope of this commitment to ensure that the most frequently flown and driven routes are easily accessible for passengers to book by rail”.

Officials have dismissed concerns about opposition to the plans from national rail operators, noting that operators such as Renfe and SNCF were seeking to break into neighbouring national markets.

The proposal could benefit private companies such as new challengers in France like Kevin Speed and Velvet, and those offering specialised services like European Sleeper.

The measures will also ensure that passengers booking journeys with multiple legs across different providers have the same rights throughout the trip. Currently, passengers who miss connections due to delays can face “unequal treatment” across member states and operators and be left without the right to take the next available train in some cases.

The commission has drawn on studies showing that a third of citizens are unwilling to book journeys with several different modes of transport or operators, in part because of booking difficulties. The problem is most pronounced with rail tickets but also challenging with other forms of transport, the proposals state.

FT : Czech arms group tests Berlin and Paris with offer for stake in tank maker

Czech arms group tests Berlin and Paris with offer for stake in tank maker KNDS
CSG’s move for stake in Franco-German company marks new attempt to consolidate European defence industry

Ammunition maker Czechoslovak Group has made an audacious proposal to buy a stake in Franco-German tank maker KNDS, in a move that marks a new attempt to consolidate Europe’s defence industry but is likely to meet political resistance.

CSG, whose shares have tumbled since its €30bn stock market listing in January, made the proposal to the German families that own half of Amsterdam-based KNDS in recent weeks, people familiar with the matter told the FT.

The bid is all or mostly cash, some of the people said, adding that it was not yet clear whether the proposal for CSG to take a significant stake would gain traction.

The Czech group’s approach comes as KNDS ploughs ahead with a plan for a stock market listing of its own by early July, targeting a market capitalisation of €15bn to €20bn.

However, the potential listing comes against a backdrop of falling defence stock valuations and squabbling among Chancellor Friedrich Merz’s coalition about how big a stake it should buy from the German family.

The French state also holds a stake, meaning Paris and Berlin have a political interest in the future ownership of the group and potential influence over its programme priorities and the location of its manufacturing sites.

CSG was valued at about €30bn when it listed in Amsterdam in the largest-ever defence IPO, motivating several other European defence-related companies including KNDS to press ahead with share sales to capitalise on investor interest in the sector.

However, the fortunes of arms makers have changed in recent months. CSG shares fell sharply this month after short seller Hunterbrook alleged the company had omitted information from its IPO prospectus and claimed there was “a broader pattern of undisclosed or underdisclosed insiders around CSG’s core subsidiaries and business practices”. The company has rejected the claims.

KNDS, CSG and a representative for the families declined to comment.

>>> Europe : Brokers Upgrades & Downgrades - 13th of May 2026 V2(+)

>>> Up
* Aurubis Raised to Reduce at AlphaValue/Baader (+)
* Elecnor Raised to Buy at JB Capital Markets; PT 50.50 euros
* Innelec Multimedia Raised to Buy at Invest Securities SA (+)
* Jenoptik PT Raised to 47 euros from 39 euros at Berenberg (+)
* Lanxess Raised to Neutral at Van Lanschot Kempen; PT 17 euros
* Leroy Raised to Buy at Fearnley; PT 53 kroner
* Mosaic Raised to Outperform at RBC; PT $27
* Novonesis Raised to Buy at Kepler Cheuvreux; PT 460 kroner (+)
* RENK Group Raised to Buy at mwb research AG; PT 53 euros (+)
* Swatch Raised to Sector Perform at RBC; PT 220 Swiss francs
* Umicore Raised to Buy at Goldman; PT 33 euros
* Verkkokauppa.com Raised to Accumulate at Inderes; PT 2.50 euros
* Worldline Raised to Buy at Jefferies; PT 40 euro cents

>>> Down
* Aramis Cut to Neutral at CIC; PT 3.70 euros (+)
* Givaudan Cut to Hold at Kepler Cheuvreux; PT 3,000 Swiss francs (+)
* Heineken Cut to Neutral at JPMorgan; PT 70 euros
* Medios Cut to Hold at Bankhaus Metzler
* On Holding PT Cut to $48 from $55 at Truist Secs
* Outokumpu Cut to Reduce at Inderes; PT 5.80 euros
* SBM Offshore Cut to Neutral at Van Lanschot Kempen
* SoftwareONE Cut to Hold at Research Partners (+)
* Under Armour Cut to Hold at Stifel; PT $6
* Uniper Cut to Reduce at Kepler Cheuvreux; PT 35 euros (+)
* Volex Cut to Hold at Investec; PT 670 pence (+)
* Wizz Air Cut to Reduce at AlphaValue/Baader (+)

>>> Initiation
* Belimo Rated New Overweight at Barclays; PT 1,000 Swiss francs
* Cohort Rated New Buy at Shore Capital; PT 1,350 pence
* CrediaBank Rated New Overweight at Euroxx Securities (+)
* Sandisk Rated New Buy at Singular Research; PT $2,590
* Troax Rated New Buy at SB1 Markets; PT 140 kronor

>>> Call
* Belimo Overweight at Barclays, Can Be AI Infrastructure Winner
* Heineken to Be Held Back on CEO Uncertainty, JPMorgan Downgrades
* Swatch Upgraded at RBC on Audemars Piguet Collaboration

>>> What to look at today - 13th of Mayl 2026

Stocks swung to a gain as dip buyers stepped in following early weakness in chipmakers, betting a record-breaking rally has more room to run. Government bonds from Australia to Japan followed Treasuries lower after faster-than-expected US inflation data. MSCI’s Asia Pacific index erased earlier losses to rise 0.4% as South Korean stocks reversed initial declines to gain 1.7%, powered by chip giants SK Hynix Inc. and Samsung Electronics Co. Equity-index futures for the US and Europe extended gains after the White House said Nvidia Corp. Chief Executive Officer Jensen Huang would join President Donald Trump’s trip to China. Nvidia’s shares rose more than 3% on an alternate trading platform on the news.  Bonds were also in focus after the faster-than-estimated rise in core US consumer prices spurred bets the Federal Reserve will raise interest rates next year. Japan’s 20-year bond yield climbed above its January peak to touch the highest level since 1997 as elevated energy prices add to inflation pressure. The rate-sensitive two-year Treasury yield held just under 4%, while its 30-year peer was within two basis points of this year’s high. Elsewhere, the pound held steady as a political crisis unfolds in the UK, while the Indian rupee edged lower even after the government more than doubled tariffs on gold and silver. While elevated oil levels and rising inflation risks are testing the rebound in equities from their war-driven lows, investors continue to back semiconductor companies on expectations the AI rollout will drive corporate profits. Optimism that tensions in the Middle East will ease is also helping temper concerns about higher prices and their impact on the global economy. Elsewhere, Brent crude oil dropped 1% to about $106.50 a barrel. Gold fell 0.4% to about $4,700 an ounce, while silver traded around $86.70. High-flying chip stocks had struggled through one of their most challenging sessions of the year on Tuesday in a dramatic reversal for some of the market’s best performers. The Philadelphia Semiconductor Index had slumped 3%, its biggest drop in two weeks. Asian investors stepped in after weakness at the start of the trading day. MSCI’s Asia Pacific tech index edged up 0.2% with SK Hynix surging 7.6% to a record and Samsung rising 4.3%.  On the geopolitical front, President Trump said he would prioritize trade discussions during his summit with Chinese counterpart Xi Jinping this week, and downplayed the amount of attention they would devote to the Iran war.  Traders have ramped up wagers the yuan will strengthen in coming days in a bet that the meeting will support a trade truce between the nations.  Earlier, US inflation quickened in April on rising gasoline and grocery costs, exceeding wage growth in a double-whammy for already strained consumers. CPI rose 3.8% from a year earlier, the most since 2023. The core gauge, which excludes food and energy, increased 2.8%.  Us After Hours NXT +9.7% higher on earnings and acquisition; OPEN +1.1% as CEO bought 100,000 shares; QUIK -16.6%, TLSI -13.3%, INR -11%, KRMN -10.6% lower on earnings.

Nikkei +0.79% Hang Seng +0.26% CSI +0.00% Shanghai +0.09% Shenzen +0.63%

Eur$ 1.1734 CNH 6.7915 CNY 6.7923 JPY 157.72 GBP 1.3534 CHF 0.7806 RUB 73.8250 TRY 45.4140 WTI$ 100.90 -1.24% Gold 4,700 +0.63% BTC 81,197 +0.65% ETH 2,305 +0.91%

S&P +0.17% Nasdaq +0.42% EuroStoxx +0.86% FTSE +0.56% Dax +0.74% SMI +0.57%

Macro :
- Euroclear to Accept HK-Traded Chinese Bonds as Collateral: FT
- Trump Says Will Ask Xi to ‘Open Up’ China as First Request

Keep an eye on :
- ABN NA : ABN Amro 1Q Net Interest Income Beats Estimates, ABN Amro Sees FY Costs EU5.5B, Saw EU5.6B
- ADEN SW : Adecco 1Q Revenue Beats Estimates
- AFG NO : AF Gruppen 1Q Revenue Above Estimates
- ALFEN NA : Alfen 1Q Revenue Beats Estimates, Alfen Ebitda Beat Driven by Energy Storage Unit, Jefferies Says
- ALO FP : Alstom FY Adjusted Ebit Beats Estimates
- ALV GY : Allianz 1Q Operating Profit Beats Estimates
- Anthropic IPO : Anthropic Seeks to Buy Stainless for at Least $300M: Information
- AAPL US : Apple Plans Customizable Camera App Geared Toward Pros in iOS 27
- AG1 GY : AUTO1 1Q Adjusted Ebitda Beats Estimates
- BMAG AV : BAJAJ Mobility 1Q Ebitda EU5.5M
- BAVA DC : Bavarian Nordic 1Q Revenue Misses Estimates; Outlook Kept
- BERGB SS : Bergman & Beving 4Q Revenue Misses Estimates
- BDT GY : Bertrandt 1H Ebit Loss EU13.1M Vs. Loss EU14.4M Y/y
- GBF GY : Bilfinger Maintains FY Sales Forecast
- BOUV NO : Bouvet 1Q Revenue Misses Estimates
- BNR GY : Brenntag 1Q Operating Gross Profit Beats Estimates
- CEC GY : Ceconomy Maintains FY Adjusted Ebit Forecast
- COFA FP : Coface 1Q Net Income Beats Estimates
- CVSG LN : Activist Converium Asks UK’s CVS to Launch £100m Buyback: FT
- DMP GY : Dermapharm Maintains FY Adjusted Ebitda Forecast
- DTE GY : Deutsche Telekom Boosts FY Adjusted Ebitda After Leases Forecast, Deutsche Telekom Nudges Up 2026 Guidance After T-Mobile Growth
- Dolimiti Energia IPO : Dolomiti Energia May Target €3b-€4b IPO by Year-End, MF Reports
- FGR FP : Eiffage 1Q Sales Meet Estimates
- EQT SS : EQT Taps Qatari Funding as Bids for €8 Billion VW Unit Near
- EOAN GY : E.On 1Q Adjusted Ebitda Beats Estimates
- RF FP : Eurazeo Assets Under Management EU39.19B Vs. EU36.77B Y/y
- ETL FP : Eutelsat 3Q Like-for-Like Sales +3.1%
- FINGB SS : Fingerprint Cards 1Q Oper Loss SEK22.9M Vs. Loss SEK0.3M Y/y
- FLS DC : FLSmidth Maintains FY Adjusted Ebita Margin Forecast
- GAMA LN : Providence Is Said to Weigh Acquisition of Gamma Communications
- GOOGL US : Waymo Is Fixing Its Entire Fleet to Avoid Flooded Roads
- GLJ GY : Grenke 1Q Net Income EU15.5M
- HLAG !gy : Hapag-Lloyd 1Q Ebitda Margin Beats Estimates
- HMU GY : HMS Bergbau AG Buys Shares of Belmont Resources
- INPST NA : InPost 1Q Revenue Beats Estimates
- KID NO : Kid ASA Reports 1Q Loss/Shr of NOK 0.96
- LEG GY : LEG Immobilien 1Q AFFO/Share EU0.78 Vs. EU0.84 Y/y
- LSEG LN : London Stock Exchange Group trims remote working for some staff
- MEKKO FH : Marimekko 1Q Net Sales Beat Estimates
- MRK GY : Merck KGaA Boosts FY Adjusted Ebitda Forecast
- MLP GY : MLP 1Q Revenue EU315M Vs. EU301M Y/y
- MOWI NO : Mowi 1Q Ebit Misses Estimates
- NKT DC : NKT Maintains FY Oper Ebitda Forecast
- NORBT NO : NORBIT 1Q Revenue Under Estimates
- NVDA US : Nvidia CEO Huang’s FY2026 Total Comp. $36.3m vs $49.9m Y/y
- OCEAN NO : Ocean-Geoloop Offers Up to NOK36 Million Shares at NOK0.50/Share
- OKLO US : Oklo 1Q Loss per Share 19C, Est. Loss/Shr 19C
- PSM GY : ProSieben 1Q Adj Ebitda EU52.0M Vs. EU44M Y/y; Confirms FY View
- PROX BB : Proximus 1Q Adjusted Revenue Meets Estimates
- RWE GY : RWE 1Q Adjusted Ebitda Beats Estimates
- F3C GY : SFC Energy FY Outlook Above Consensus; 1Q Sales Miss Estimates
- SIE GY: Siemens 2Q Industrial Business Profit Misses Estimates
- SIE GY : Siemens to Buy Back €6 Billion Shares Against Tough Backdrop
- SIX2 GY : Sixt 1Q Revenue Beats Estimates
- S92 GY : SMA Solar Sees FY Sales High End of EU1.48B to EU1.68B
- TLX GY : Talanx 1Q Net Income EU774M Vs. EU604M Y/y
- TEL2B SS : Tele2 Names Högberg CEO After Jean Marc Harion Steps Down
- TRASTOR GA : Trastor Says Offer Price Seen at €1/Share Subject to Bookbuild
- VK FP : Vallourec Sees 2Q Group Ebitda Between $175M-$205M
- VLA FP : Valneva 1Q Revenue Misses Estimates
- VOW3 GY : EQT Taps Qatari Funding as Bids for €8 Billion VW Unit Near
- WIE AV : Wienerberger 1Q Ebitda Misses Estimates
- ZURN SW : Zurich Ins. 1Q P&C Insurance Revenue $12.00B, Zurich Insurance Sees Data Center Demand Drive P&C Premiums

>>> Europe : Brokers Upgrades & Downgrades - 13th of May 2026

>>> Up
* Elecnor Raised to Buy at JB Capital Markets; PT 50.50 euros
* Lanxess Raised to Neutral at Van Lanschot Kempen; PT 17 euros
* Leroy Raised to Buy at Fearnley; PT 53 kroner
* Mosaic Raised to Outperform at RBC; PT $27
* Swatch Raised to Sector Perform at RBC; PT 220 Swiss francs
* Umicore Raised to Buy at Goldman; PT 33 euros
* Verkkokauppa.com Raised to Accumulate at Inderes; PT 2.50 euros
* Worldline Raised to Buy at Jefferies; PT 40 euro cents

>>> Down
* Heineken Cut to Neutral at JPMorgan; PT 70 euros
* Medios Cut to Hold at Bankhaus Metzler
* On Holding PT Cut to $48 from $55 at Truist Secs
* Outokumpu Cut to Reduce at Inderes; PT 5.80 euros
* Under Armour Cut to Hold at Stifel; PT $6

>>> Initiation
* Belimo Rated New Overweight at Barclays; PT 1,000 Swiss francs
* Cohort Rated New Buy at Shore Capital; PT 1,350 pence
* Sandisk Rated New Buy at Singular Research; PT $2,590
* Troax Rated New Buy at SB1 Markets; PT 140 kronor

>>> Call
* Belimo Overweight at Barclays, Can Be AI Infrastructure Winner
* Heineken to Be Held Back on CEO Uncertainty, JPMorgan Downgrades
* Swatch Upgraded at RBC on Audemars Piguet Collaboration