Top of the Street: Sanofi, Wolters Kluwer, Henkel, Ryanair, Volvo
08/09/2025 11:34
A round-up of notable broker activity this morning from Europe's top-ranked* analysts: ** Morgan Stanley raises French drugmaker Sanofi SASY.PA to "overweight" from "equal-weight," sees recent trial clarity on its eczema drug amlitelimab as a "clearing event" ** Bernstein upgrades Dutch information services provider Wolters Kluwer WLSNc.AS to "outperform" from "market-perform" after a 33% share price drop this year as it sees the risk of disruption from AI as "manageable to negligible" or slightly positive across various segments ** Exane BNP Paribas raises German consumer goods and adhesives maker Henkel HNKG.DE to "outperform" from "neutral" as it sees possible re-rating after as headwinds from US destocking and supply chain issues have passed, portfolio measures have been completed and performance is skewed to H2 ** Goldman Sachs moves Ryanair RYA.I to "neutral" from "buy" as it has a more mixed earnings view relative to consensus expectations, with softer summer fare data and higher SAF costs than previously expected ** Goldman Sachs cuts Volvo VOLVb.ST to "neutral" from "buy", citing near-term tariff headwinds weighing on 2025-2026 adjusted EBIT, but expects Volvo to benefit from a more balanced regional positioning than peers and fiscal spend exposure in Germany to be beneficial in the following years (*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 Bernadette Hogg and Paolo Laudani) ((bernadette.hogg@thomsonreuters.com))