Top of the Street: Lufthansa, IAG, Barry Callebaut, Cucinelli

Dsv A/S

12/03/2025 13:25

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

** Barclays downgrades Lufthansa LHAG.DE and IAG ICAG.L to "underweight" from "overweight," citing looming risk for European flagship airlines as it expects U.S. airlines' profit warnings to spread

** Kepler Cheuvreux upgrades chocolate maker and cocoa processor Barry Callebaut BARN.S to "buy" from "hold," citing "too pessimistic" consensus expectations

** Kepler Cheuvreux cuts Georg Fischer GF.S to "hold" on likely instability in Swiss industrial applications developer's value chains, expecting mixed operational performance in 2025

INITIATIONS AND REINSTATEMENTS

** Kepler Cheuvreux initiates NKT NKT.CO with "hold," expecting investments to delay growth for provider of power cable solutions

** Jefferies initiates DHL DHLn.DE with "buy," saying air freight holds up and past capacity investments start driving efficiency gains

** It starts DSV DSV.CO with "buy", expecting 15-20% EBIT growth driven by synergies from Schenker acquisition

** It also starts Kuehne+Nagel KNIN.S with "hold," noting its limited organic growth and high sea freight exposure which could weigh on performance in 2025

** Morgan Stanley starts Italian fashion company Brunello Cucinelli BCU.MI with "overweight," highlighting structural resilience of its business model amid heightened economic uncertainty

(*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 Vera Dvorakova and Leo Marchandon)

 ((vera.dvorakova@thomsonreuters.com))