Top of the Street: Marks & Spencer, EU airport operators

Fraport Frankfurt Airport Services Worldwide AG

20/10/2025 13:32

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

** RBC Capital Markets cuts British retailer Marks & Spencer MKS.L to "sector perform" from "outperform", noting that execution risk is higher after the recent cyber disruption, while valuation upside is smaller than for the company's peers

** Morgan Stanley raises French airport operator ADP ADP.PA to "overweight" from "equal weight" and cuts Frankfurt Airport operator Fraport FRAG.DE to "equal weight" from "overweight"

** The broker sees European airports at or near fair value amid mixed operations, flat earnings, negative regulatory sentiment, and a mixed EU yield backdrop, says value lies higher up the "regulatory risk" curve

(*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 Olivier Cherfan and Paolo Laudani)

((olivier.cherfan@thomsonreuters.com))