Top of the Street: Aegon, Ageas and Carrefour

Carrefour SA

22/10/2026 12:05

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
     
** The broker cuts Aegon AEGN.S to "neutral" from "overweight" as it sees less scope for earnings or capital return surprise, also flagging valuation uncertainty due to US reconciliation
** J.P. Morgan raises Belgian insurer Ageas AGES.BR to "overweight" from "neutral" citing inexpensive valuation, improving earnings momentum and significant capital optionality
** UBS cuts French retailer Carrefour CARR.PA to "neutral" from "buy", seeing a change in investment thesis on the back of September trends and France unrest
     
(*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 Clement Martinot and Joao Manuel Mauricio)
((JoaoManuel.VicenteMauricio@thomsonreuters.com))