Top of the Street: Italgas, Snam, Terna and Zealand Pharma
23/09/2025 10:49
A round-up of notable broker activity this morning from Europe's top-ranked* analysts: ** RBC upgrades Europe's biggest gas distributor Italgas IG.MI to "outperform" from "sector perform", citing attractive valuation and "transformative" 2i Rete acquisition driving a near 10% annual EPS growth outlook through 2030 ** RBC downgrades Snam SRG.MI to "sector perform" from "outperform" as it sees EPS growth below 2% for the gas grid group through 2030 ** RBC upgrades power grid operator Terna TRN.MI to "outperform" from "sector perform", forecasting a mid-single-digit EPS growth for Terna through 2030 INITIATIONS AND REINSTATEMENTS ** UBS initiates coverage of Zealand Pharma ZELA.CO with "buy", saying it has high conviction on multiple upcoming data readouts that could drive significant upside (*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 Joao Manuel Mauricio and Mathias de Rozario in Gdansk) ((mathias.derozario@thomsonreuters.com))