Top of the Street: Real estate, CVC, Flughafen Zurich, Magnum
16/12/2025 11:20
A round-up of notable broker activity this morning from Europe's top-ranked* analysts: ** Bernstein upgrades Belgian healthcare real estate firm Aedifica AOO.BR to "outperform" from "market-perform", saying a planned 2026 merger with Belgian property company Cofinimmo COFB.BR creates a unique growth platform ** UBS downgrades CVC Capital Partners CVC.AS to "neutral" from "buy", seeing near-term growth headwinds in credit, fundraising and exits impacting the company's outlook ** Despite upside risks to traffic and operating expenditures, UBS cuts Swiss airport group Flughafen Zurich FHZN.S to "neutral" from "buy", seeing a downside risk to tariffs INITIATIONS AND REINSTATEMENTS ** As discussions on a potential bid from Blackstone terminated, Goldman Sachs resumes storage provider Big Yellow BYG.L at "neutral", expecting operational metrics to remain muted into the near term ** Deutsche Bank initiates global ice cream maker The Magnum Ice Cream Company MICCT.AS at "hold", citing 3%-4% medium-term CAGR offset by volatility and high seasonality ** Deutsche Bank reinstates Germany's RWE RWEG.DE at "buy", saying the energy company has "further to go" on its strong track record and menu of global investment opportunities (*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 Bernadette Hogg and Agnieszka Oleńska) ((bernadette.hogg@thomsonreuters.com))