Top of the Street: Skanska, Santander, Hannover Rueck, Swiss Re, Richemont and LVMH
05/10/2026 11:53
A round-up of notable broker activity this morning from
Europe's top-ranked* analysts:
** Jefferies cuts Swedish construction company Skanska
SKAb.ST to "hold" from "sell", flagging risks to commercial
real estate valuations from rising bond yields
** Berenberg raises German specialty chemicals group Evonik
EVKn.DE to "hold" from "buy" on likely support for the shares
from BASF's BASFn.DE takeover interest
INITIATIONS AND REINSTATEMENTS
** J.P.Morgan starts Santander SAN.MC at "neutral", seeing
a balanced risk-reward profile for the Spanish bank after a
rapid valuation recovery
** Kepler Cheuvreux starts Hannover Rueck HNRGn.DE at
"hold", citing the German reinsurer's stable earnings
** It also initiates Swiss Re SRENH.S at "reduce", citing
a weaker earnings trajectory for the Swiss reinsurer
** Goldman Sachs starts Richemont CFR.S , Moncler MONC.MI
and LVMH LVMH.PA at "buy", saying the luxury sector could
recover in 2027 after a prolonged period of sluggish growth
** The broker also initiates Kering PRTP.PA at "neutral",
as well as both Hermes HRMS.PA and Swatch UHR.S at "sell",
warning of a "change in growth algorithm" for the former and
limited scale that could influence margin recovery for the
latter
(*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 Ozan Ergenay and Amir Orusov)
((ozan.ergenay@thomsonreuters.com))