Top of the Street: Novo Nordisk, Johnson Matthey, Rentokil Initial, Legrand

Elis SA

24/02/2026 11:48

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

** JP Morgan cuts Novo Nordisk NOVOb.CO to "neutral" from "overweight", and says that disappointing CagriSema results are likely to reduce the Danish drug maker's commercial potential

** JP Morgan cuts Johnson Matthey JMAT.L to "neutral" from "overweight", seeing a balanced risk-reward profile of the UK technology group

** Deutsche Bank cuts Rentokil Initial RTO.L to "hold" from "buy", pointing to the UK group's under-earning Pest Control business compared to peers and possible near-term pressure on forecasts due to increased investment

** Kepler Cheuvreux cuts Legrand LEGD.PA to "hold" from "buy", stating the French electrical equipment maker's stock is now at a "suitable price"

INITIATIONS AND REINSTATEMENTS

** RBC initiates Elis ELIS.PA at "sector perform", viewing the French maintenance services provider's stock as fairly valued despite its dependable growth

(*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 Amir Orusov and Agnieszka Olenska)

((Amir.orusov@thomsonreuters.com; Agnieszka.Olenska@thomsonreuters.com))