Top of the Street: Ipsen, Carnival, consumer goods, REITs, oil

Ipsen SA

08/01/2026 13:02

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

** Bernstein downgrades British product testing company Intertek Group ITRK.L to "market-perform" from "outperform", citing a business mix that is slowing organic growth

** UBS cuts French biopharmaceutical company Ipsen IPN.PA to "neutral" from "buy", expecting a drop in sales driven by the 2029 cancer drug Cabometyx patent cliff

** Peel Hunt downgrades cruise operator Carnival CCL.L to "hold" from "buy", saying the recent share rally leaves limited upside after a strong 2025

** Exane downgrades Swedish hygiene products maker Essity ESSITYa.ST to "neutral" from "outperform", expecting negative pricing to likely weigh on 2026 LFL sales growth

** It also cuts Unilever ULVR.L to "neutral" from "outperform", expecting the consumer goods group to deliver around 4% LFL sales growth in 2026

** Jefferies cuts French REIT Covivio CVO.PA to "hold" from "buy", citing a less compelling valuation after a strong 2025 performance and flattish 2026 EPS expectations

** In a European oil review, Jefferies upgrades TotalEnergies TTEF.PA to "buy" from "hold", citing improved valuation and reinstates Norway's Equinor EQNR.OL with a "hold" rating

(*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 Antonis Pothitos and Bernadette Hogg)

((Antonis.Pothitos@thomsonreuters.com))