Top of the Street: Givaudan, Puig, Burberry, Siemens Energy
09/10/2025 13:48
A round-up of notable broker activity this morning from Europe's top-ranked* analysts: ** J.P.Morgan downgrades Givaudan GIVN.S to "neutral" from "overweight" as the Swiss flavour and fragrance maker could see its LFL soften as fine fragrance market's growth slows ** It double cuts Spanish beauty company Puig PUIGb.MC to "underweight" from "overweight", lowering its 2026 earnings estimates, on the company's high exposure to fragrance ** Barclays raises Rockwool ROCKb.CO to "overweight" from "equal-weight," saying the stock has "deep value" as its stone wool insulation gains market share, supporting targeted capacity expansion ** Deutsche Bank ups British luxury fashion house Burberry BRBY.L to "buy" from "hold", highlighting early success in its turnaround strategy and increased confidence in management ** Bank of America Global Research upgrades Storebrand STB.OL to "neutral" from "underperform" as it sees an improving backdrop and a new cycle ahead INITIATIONS AND REINSTATEMENTS ** RBC starts wind turbine maker Nordex NDXG.DE with "underperform", saying a fading momentum in Germany puts orders in 2026–2027 at risk, with the broker forecasting a 15% decline in company's orders over 2026–2027 ** It initiates Siemens Energy ENR1n.DE with "outperform" as the German company's valuation remains undemanding given the strong growth and margin trajectory (*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 Tiago Brandao and Philippe Leroy Beaulieu) ((Tiago.Brandao@thomsonreuters.com; Philippe.leroybeaulieu@thomsonreuters.com))