Top of the Street: Evonik, Eiffage, Flughafen Zurich and Naturgy

Evonik Industries AG

21/05/2026 11:56

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

** Barclays cuts German specialty chemicals maker Evonik EVKn.DE to "equal weight" from "overweight", citing a fair valuation following recent share outperformance

** Goldman Sachs downgrades French construction and engineering company Eiffage FOUG.PA to "neutral" from "buy", seeing limited positive momentum on the back of lower toll road traffic and weaker construction estimates for 2026 and beyond

** The broker ups Swiss airport operator Flughafen Zurich FHZN.S, seeing attractive medium-term growth prospects and expecting the stock to outperform its European peers

** Exane BNP Paribas upgrades Spanish integrated utility Naturgy NTGY.MC to "outperform" from "neutral" as it sees higher and more volatile gas price environment supporting earnings, with lowered concern over potential clawbacks

(*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 Jagoda Darlak)

 ((gdansk.newsroom@thomsonreuters.com; +48 587785269))