Top of the Street: Gjensidige Forsikring, Elisa, CVC, Holcim, BMW, DHl, Nexans, Prysmian, Ayvens and Tate & Lyle

Elisa Oyj

24/06/2025 12:05

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

** Citigroup raises Norway-based insurance provider company Gjensidige Forsikring GJFG.OL to "neutral" from "sell", expecting pricing measures to improve profitability and seeing an improved market backdrop

** It also raises Finland-based ICT services company Elisa ELISA.HE to "neutral" from "sell", seeing improvement in the MSR trend and limited near term catalysts that would drive underperformance

** Barclays upgrades private markets manager company CVC Capital Partners CVC.AS to "overweight" from "equal-weight", noting its great exposure to the benefits of the Secondaries market

** Morgan Stanley raises Switzerland-based cement maker Holcim HOLN.S to "overweight" from "equal weight," seeing an attractive bull case upside

** Exane BNP Paribas cuts German automobile manufacturing company BMW BMWG.DE to "underperform" rating, as it expects near flat margins until 2028

** UBS cuts German logistics company DHL DHLn.DE as the broker is sceptical on the tariff headwinds and mid-term Express volume growth potential

INITIATIONS AND REINSTATEMENTS

** Deutsche Bank starts Italy's Prysmian PRY.MI and France's Nexans NEXS.PA with "buy" on strong earnings momentum for both cable maker firms, underpinned by structural electricity demand growth

** UBS initiates French car leasing company Ayvens AYV.PA with "buy" as it has scope for turning into an outstanding capital return story

** It also starts British food ingredients maker Tate & Lyle TATE.L with "neutral" as the brokerage expects limited upside to consensus estimates for FY26 and FY27

(*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 Athina Karolidou and Tiago Brandao)

((Athina.Karolidou@thomsonreuters.com; Tiago.Brandao@thomsonreuters.com;))