Top of the Street: Telenor, Telia, Novartis, Argenx, Puma

argenx SE

12/09/2025 13:06

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:

** Deutsche Bank downgrades Telenor TEL.OL to "hold" from "buy" seeing the Norwegian telecoms operator shares as are fairly valued after a strong run

** Citigroup resumes coverage of Telia TELIA.ST with "neutral" on guidance risk and places it on negative catalyst watch

** Goldman Sachs cuts Swiss pharmaceutical company Novartis NOVN.S to "sell" from "neutral", citing rising competition and a likely slowdown in growth that is not reflected in the current valuation

** Deutsche Bank downgrades Belgian immunology company Argenx ARGX.BR to "hold" from "buy" on valuation grounds after the stock rallied over 40% in two months

INITIATIONS AND REINSTATEMENTS

** Bernstein initiates Puma PUMG.DE with "outperform", saying the risk-reward balance is now asymmetric with the German sportswear brand now heading towards the trough of the cycle

(*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 Maciag and Olivier Cherfan in Gdansk)

 ((Marta.Serafinko@thomsonreuters.com;))