Top of the Street: European chemicals, DHL, Ageas
22/05/2026 11:43
A round-up of notable broker activity this morning from Europe's top-ranked* analysts: ** J.P. Morgan cuts France's Arkema AKE.PA and Germany's Evonik EVKn.DE to "underweight" from "neutral", citing a challenging mid-term outlook for earnings and return on invested capital due to a combination of structural and cyclical headwinds ** Deutsche Bank upgrades DHL DHLn.DE to "buy" from "hold", highlighting the German logistics giant's strong pricing power and well-invested network ** Kepler Cheuvreux cuts Belgian chemicals maker Syensqo SYENS.BR to "reduce" from "hold", suggesting profit-taking after a recent rally while warning the company's potential asset disposals could be undervalued INITIATIONS AND REINSTATEMENTS ** Goldman Sachs resumes coverage of Belgian insurer Ageas AGES.BR with a "neutral" rating as it sees the company moving into an execution phase following M&A, while noting its complexity compared with Benelux peers (*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 Agnieszka Olenska and Gianluca Lo Nostro) ((gianluca.lonostro@thomsonreuters.com))