<div id="readability-page-1"><div>A round-up of notable broker activity this morning from Europe's top-ranked* analysts:** Barclays cuts German car parts maker Continental to &#34;equal-weight&#34; from &#34;overweight&#34; after strong post-spin-off run ** Morgan Stanley (MS) cuts Swiss cement maker Holcim to &#34;equal-weight&#34; from &#34;overweight&#34; on valuation and decarbonisation-led margin upside** MS downgrades Germany's building materials group Heidelberg Materials to &#34;underweight&#34; from &#34;equal-weight&#34; as shares re-rated, but already reflect the mid-term upside from potential German infraspend** Exane BNP Paribas upgrades Sartorius to &#34;outperform&#34; from &#34;neutral&#34; on improving trends in equipment and a better funding environment** The same brokerage downgrades Siemens Healthineers to &#34;neutral&#34; from &#34;outperform&#34; given the parent firm's overhang, unclear timing and structure for a Diagnostics exit, and a limited upside to consensus** Deutsche Bank cuts UK's home improvement retailer Kingfisher to &#34;sell&#34; from &#34;hold&#34;, on weak 2026 retail outlook in Britain and Europe** MS upgrades Swiss Belimo to &#34;equal-weight&#34; from &#34;underweight&#34; on stronger data center demand and Heating, Ventilation and Air Conditioning growth outlook.INITIATIONS AND REINSTATEMENTS** Kepler Cheuvreux initiates British gambling firm Entain at &#34;hold&#34; on regulated-market focus, high leverage and weak cash flow outlook(*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>

CTTAY

European analysts have adjusted ratings for several companies: Continental and Holcim downgraded by Barclays and Morgan Stanley, respectively; Heidelberg Materials downgraded by MS; Sartorius upgraded by Exane BNP Paribas; Siemens Healthineers downgraded by the same brokerage; Kingfisher downgraded by Deutsche Bank; Belimo upgraded by MS; Entain initiated at 'hold' by Kepler Cheuvreux.

Top of the Street: Continental, Holcim, Heidelberg Materials