Top of the Street: Daimler Truck, Land Securities, Carl Zeiss Meditec, Puig

Carl Zeiss Meditec AG

25/03/2025 15:55

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

** Barclays downgrades Daimler Truck DTGGe.DE to "equal-weight" from "overweight" saying that increasing tariffs/macro and regulatory risks on the other side of the Atlantic are still largely ignored for the European trucks sector

** Morgan Stanley cuts British real estate company Land Securities LAND.L to "equal-weight" from "overweight" citing execution risk around new strategy and pedestrian EPS growth

** HSBC downgrades German optical systems maker Carl Zeiss Meditec AFXG.DE to "reduce" from "buy" warning of margin dilution arising from higher equipment mix and pointing to rising competition

INITIATIONS AND REINSTATEMENTS

** Berenberg initiates coverage of Puig PUIGb.MC with "hold" rating, seeing it the best-positioned traditional beauty company in the broker's coverage, exclusively operating in the prestige segment, but flags caution on Puig's operational flexibility, which the broker views as a risk in an increasingly volatile industry

(*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)