Top of the Street: Carrefour, Pandora, European sporting goods

adidas AG

02/07/2026 11:53

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
     
** UBS upgrades French retailer Carrefour CARR.PA to "buy" from "neutral", stating the stock is "too cheap to ignore" and an overlooked value play
** UBS upgrades Danish jewellery maker Pandora PNDORA.CO to "neutral" from "sell" as expectations have reset, while execution is improving
     
INITIATIONS AND REINSTATEMENTS
** J.P. Morgan expects the European sporting goods sector to face another challenging quarter as promotional pressures continue to act as a headwind, partly offset by the ongoing World Cup
** JPM resumes JD Sports JD.L with "neutral", saying the promotional environment and the sizeable exposure to Nike NKE.N will continue to weigh on its profit outlook
** The broker also initiates Puma PUMG.DE with "neutral", saying the stock largely prices in the downside risks in the near term
** It resumes Adidas ADSGn.DE with "overweight", expecting the solid momentum to continue with consistent delivery of earnings growth over the coming quarters
** Kepler Cheuvreux initiates UK construction group Balfour Beatty BALF.L at "buy," citing a significant reduction in project risk and a record order book
     
(*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 & 24-month periods.)
     

(Reporting by Marta Serafinko in Gdansk)
((marta.serafinko@thomsonreuters.com))