Top of the Street: Rheinmetall, Aena, MPS, Lindt

Flughafen Zuerich AG

26/09/2025 11:14

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

** JP Morgan (JPM) downgrades Spanish airport operator Aena AENA.MC to "underweight" from "neutral" due to a capex plan announced last week that implies significant reductions in free cash flows yields

** Bernstein upgrades Swiss chocolate maker Lindt LISN.S to "market-perform" from "underperform", as the firm "is amongst the best-performing stocks in EU Staples YTD"

INITIATIONS AND REINSTATEMENTS

** Bernstein kick-starts the coverage of arms maker Rheinmetall RHMG.DE with a "market-perform" stance. The brokerage points out that the firm is "the hottest stock in Europe" thanks to its position as a "dominant German player"

** Alphavalue starts Italian lender Monte dei Paschi di Siena (MPS) BMPS.MI with an "add" rating following the successful completion of the takeover on Milan-based merchant bank Mediobanca MDBI.MI

** JPM starts the coverage of Flughafen Zuerich FHZN.S with "overweight", flagging an attractive valuation boosted by "the additional earnings growth to come from the opening of Noida Airport," in India's Uttar Pradesh state

(*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 Romolo Tosiani, Bernadette Hogg)

 ((Romolo.Tosiani@tr.com))