Top of the Street: Capgemini, Vonovia, Freenet

Capgemini SE

19/02/2026 13:23

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

**  Morgan Stanley ups French IT services firm Capgemini CAPP.PA to "equal-weight" from "underweight" as stock's significant price decline means risks are now "better encapsulated", leading to a more balanced view despite underlying concerns

** MS also raises Germany's largest real estate group Vonovia VNAn.DE to "equal-weight" from "underweight" as the broker sees room for self‑help, including potential asset sales to cut debt and as a clear Heavy Assets Low Obsolescence stock

** UBS cuts German telecoms provider Freenet FNTGn.DE to "sell" from "neutral" as shares re-rated with broader sector despite risks of a reset to Mobile and Waipu TV expectations at Q4 and longer-term AI threats to its business model

(*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 Tiago Brandao and Antonis Potithos)

 ((tiago.brandao@thomsonreuters.com ; antonis.pothitos@thomsonreuters.com))