Top of the Street: Sandoz Group, Recordati, Siegfried Holding, Banca Generali
12/02/2026 12:49
A round-up of notable broker activity this morning from Europe's top-ranked* analysts: ** Jefferies upgrades Swiss generic drugmaker Sandoz SDZ.S to "buy" from "hold" saying that the company's terminal value and profitable growth delivery were previously underestimated and pointing to long-term innovation ** Barclays raises Italian pharma group Recordati RECI.MI to "equal weight" from "underweight" on a more attractive valuation, reduced structural risks from a key shareholder, and long-term upside ** RBC Capital Markets downgrades Swiss pharma firm Siegfried Holding SFZN.S to "sector perform", noting that the stock is now closer to a fair value after a strong run ** Kepler Chevreux upgrades Italian asset gatherer Banca Generali BGN.MI to "buy" from "hold", following strong 2025 results and a share price correction the broker views as "unjustified" (*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 Athina Karolidou and Rafal Nowak in Gdansk)