<div id="readability-page-1"><div>A round-up of notable broker activity this morning from Europe's top-ranked* analysts** J.P. Morgan upgrades Germany's Siemens Energy to &#34;overweight&#34; from &#34;neutral&#34;, calling it a &#34;powerful FCF machine&#34; with sustainable cash flow into the 2040s driven by long-term service contracts and accelerating global electricity demand** UBS downgrades spirits maker Diageo to &#34;neutral&#34; from &#34;buy&#34;, seeing downside risks from a prolonged downturn in the U.S. where the tequila category is declining and the company is losing share** Goldman Sachs downgrades UK lender Natwest Group to &#34;neutral&#34; from &#34;buy&#34;, seeing shares as fairly valued now that consensus estimates for 2025-2027 are &#34;largely appropriate&#34;, despite its sustained high profitability levels** GS also downgrades Sweden's Swedbank to &#34;sell&#34; from &#34;neutral&#34;, pointing to an increased risk profile from the Entercard acquisition and continued market share losses in its home market** GS upgrades French real estate firm Gecina to &#34;buy&#34; from &#34;neutral&#34; citing its resilient operational trends, stable occupancy and attractive 7.2% dividend yield for 2026 amid Paris market polarisationINITIATIONS AND REINSTATEMENTS** Deutsche Bank resumes French spirits maker Pernod Ricard with a &#34;hold&#34; rating, seeing a &#34;challenging environment&#34; for fiscal 2026 amid weakness in the key U.S. and China markets and slower growth in India** ING initiates Gecina with &#34;buy&#34;, highlighting its prime Paris office portfolio which trades at an appealing discount to its 2025 net tangible assets** JPM reinitiates French IT group Capgemini at &#34;neutral&#34;, seeing tempting fundamental growth trends for the sector and noting the &#34;AI disruption narrative engulfed the group&#34; in 2025** Kepler Chevreux initiates UK asset managers, rating Man Group as &#34;buy&#34; for its &#34;bold diversification strategy&#34;, while starting Aberdeen Group and Schroders with &#34;hold&#34;** JPM reinstates Swedish engineering firm Alfa Laval at &#34;neutral&#34; from &#34;underweight&#34;, saying headwinds in its Ocean segment are priced in and there is &#34;little to differentiate&#34; it versus peers, with 2026 earnings growth looking uninspiring** JPM also reinstates Swedish bearings maker SKF at &#34;neutral&#34;, opting to remain on the sidelines until it sees a better entry point or clear signs of an inflection in industrial volumes(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month &amp; 24-month periods.)</div></div>

J.P. Morgan upgrades Siemens Energy to "overweight" citing strong cash flow. UBS downgrades Diageo due to U.S. market risks. Goldman Sachs downgrades Natwest and Swedbank, citing valuation and risk concerns. GS upgrades Gecina for its stable trends and dividend yield. Deutsche Bank resumes Pernod Ricard with "hold" amid challenging markets. ING initiates Gecina with "buy" for its Paris portfolio. JPM reinitiates Capgemini at "neutral" due to AI trends. Kepler Chevreux rates Man Group "buy" for diversification. JPM reinstates Alfa Laval and SKF at "neutral."

Top of the Street: Siemens Energy, Diageo, Natwest Group, Swedbank, Gecina, SKF