Top of the Street: Societe Generale, BMW, Porsche, Aviva

Avanza Bank Holding AB

09/01/2026 11:31

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

** Kepler Cheuvreux downgrades French bank Societe Generale SOGN.PA to "reduce" from "buy" after a 30% share rally; says two out of three catalysts behind prior upgrade have played out

** Barclays maintains a negative view on the European auto sector and cuts BMW BMWG.DE and Porsche P911_p.DE to "underweight" from "equal-weight", citing elevated valuations and its below-consensus estimates for the two automakers

** Morgan Stanley downgrades Aviva AV.L to "equal weight" from "overweight" saying the British insurer's discounted valuation versus larger-cap multi-line peers "feels appropriate" given the company's slightly weaker balance sheet

     ** RBC cuts Sartorius Stedim Biotech STDM.PA to "sector perform" from "outperform" and says it sees limited near-term upside potential for the French company and its German parent, lab equipment maker Sartorius SATG.DE

** Morgan Stanley cuts Britain's biggest property portal Rightmove RMV.L to "underweight" from "equal weight"

INITIATIONS AND REINSTATEMENTS

** In a note on European trading platforms, Goldman Sachs says it expects investor participation in Europe to materially increase in the coming years

** GS initiates coverage of Nordnet SAVE.ST and FinecoBank FBK.MI with "buy", citing relatively stronger growth in higher margin markets for the former and accelerating growth for the latter

** The broker starts Swissquote SQN.S and Avanza Bank AVANZ.ST with "neutral"

(*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 Frackowiak and Alessandro Parodi)

((marta.frackowiak@thomsonreuters.commailto:alessandro.parodi@thomsonreuters.com))