Top of the Street: SBM Offshore, Novo Nordisk, Hochtief

HOCHTIEF AG

12/08/2026 12:29

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
     
** Barclays upgrades SBM Offshore SBMO.AS to "overweight" from "equal weight", as it sees "significant upside potential" with the company's new sale-and-operate model, adding that "over 60% of the value of the company is covered by backlog and cash"
** Berenberg downgrades Novo Nordisk NOVOb.CO to "hold" from "buy", after the company made "easy gains" on its Wegovy pill upside which has "played out through H1"
     
INITIATIONS AND REINSTATEMENTS
** Deutsche Bank starts global construction firm Hochtief HOTG.DE with a "hold" rating and €477 ($550) PT, saying shares were "up with events" after growth was "turbo-charged" by exposure to data centre segments
     
(*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.)
     


($1 = 0.8670 euros)

 (Reporting by Dimitri Rhodes and Tiago Brandao in Gdansk)
 ((dimitri.rhodes@thomsonreuters.com))