Top of the Street: EssilorLuxottica, Indra, Pearson, Buzzi, Nordic insurers

Gjensidige Forsikring ASA

14/07/2026 11:22

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
     
** Morgan Stanley upgrades Spanish IT and defence systems maker Indra IDR.MC to "overweight" from "equal-weight," citing underappreciated defence equipment spending and potential earnings upgrades
** Goldman Sachs cuts Franco-Italian eyewear maker EssilorLuxottica ESLX.PA to "neutral" from "buy", expecting tougher competition in the AI glasses market and slower H2 growth
** J.P. Morgan cuts British education company Pearson PSON.L to "neutral" from "overweight", noting that despite consistent guidance, its forecasts now only imply a modest upside and it sees better value in peers like RELX REL.L, Wolters Kluwer WLSNc.AS and Publicis PUBP.PA 
     
INITIATIONS AND REINSTATEMENTS
** Jefferies starts Italian cement maker Buzzi BZU.MI with "hold", citing cheap valuation and a good geographical exposure to benefit from regional recovery, but uncertainty over potential short-term catalyst
** Morgan Stanley warns "Northern Lights are fading" for Nordic insurers, initiates Norway's Gjensidige GJFG.OL at "underweight" and Finland's Sampo SAMPO.HE at "equal weight" noting it prefers Sampo for its broader platform, UK optionality and clearer catalysts
     
(*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 Serafinko and Athina Karolidou in Gdansk)
((marta.serafinko@thomsonreuters.com, Athina.Karolidou@thomsonreuters.com))