Top of the Street: luxury, Engie, Danone

Burberry

22/09/2026 11:28

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
     
** RBC says current momentum in luxury doesn't justify "overly optimistic" mid-term consensus estimates:
it cuts Britain's Burberry BRBY.L and France's LVMH LVMH.PA to "sector perform" from "outperform", as the former's volume growth faces increasing pressure while revenue growth acceleration is not materialising for the latter
** Bernstein raises French utility Engie ENGIE.PA to "outperform" from "market perform" as the recent de-rating has created an attractive risk-reward in the context of improving earnings quality
** Deutsche Bank raises French food group Danone DANO.PA to "hold" from "sell", saying the stock's valuation has become more attractive following a sharp de-rating, although weakness in its US dairy and plant-based business remains a concern
     
(*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 Jagoda Darlak and Mathias de Rozario in Gdansk)
((gdansk.newsroom@thomsonreuters.com, +48 58 7696600))