Top of the Street: Flughafen Zurich, Recordati, Repsol, ACS

Flughafen Zuerich AG

03/02/2026 13:07

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

** Barclays downgrades Swiss airport group Flughafen Zurich FHZN.S to "equal-weight" from "overweight", citing limited upside as delays at the Noida airport and the risk of tougher tariff cuts in Zurich weigh on confidence

** Kepler Cheuvreux upgrades Italian drug maker Recordati RECI.MI to "buy" from "hold", citing an attractive valuation, while recent regulatory setbacks for a potential rival support the outlook despite higher planned spending

** J.P.Morgan cuts Spanish energy firm Repsol REP.MC to "neutral" from "overweight", citing weaker earnings momentum after a strong run in the shares and a preference for Galp GALP.LS

INITIATIONS AND REINSTATEMENTS

** Deutsche Bank initiates coverage of ACS ACS.MC with "hold" rating, saying the Spanish construction group strong Data Center growth is priced in at peak valuation levels

(*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 Marta Frąckowiak and Anastasiia Kozlova)

 ((marta.frackowiak@thomsonreuters.com;
anastasiia.kozlova@thomsonreuters.com))