Top of the Street: Pirelli, Orange, Jeronimo Martins, Tele2, Man Group, Aena

Jeronimo Martins SGPS SA

08/07/2026 13:28

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

** Citigroup cuts Italian tiremaker Pirelli PIRC.MI to "neutral" from "buy" after an H1 strong run that now shows a more balanced valuation and risk-reward profile
** Kepler Cheuvreux upgrades French telecoms group Orange ORAN.PA with more scope seen by the broker for market repair and churn reduction in France than in the UK
** It also raises Jeronimo Martins to "buy" from "hold" as the Portuguese retailer's risk/reward balance appears more appealing after a 25% share price correction since Q1 numbers
** Kepler Cheuvreux ups Swedish telecoms operator Tele2 TEL2b.ST to "buy" from "hold", citing the recent 16% share price drop since April as an "attractive entry point" for investors
** UBS cuts London-listed hedge fund Man Group EMG.L to "neutral" from "buy" on a now more balanced risk-reward after a strong run in share price performance
** BofA upgrades Spanish airport operator Aena AENA.MC to "buy" from "neutral" on "air superiority", anticipating upside to traffic and passenger retail spending

INITIATIONS AND REINSTATEMENTS
** Jefferies initiates Nordic investment platforms Nordnet SAVE.ST at "hold" as the Swedish company plans to enter German market where it will face less competition
** It also starts Avanza AVANZ.ST at "underperform", citing the expansion of the Swedish company into Denmark against well-established incumbents
** Goldman Sachs initiates coverage of Banco de Sabadell SABE.MC with a "sell" rating, as most of the benefit sale of TSB has already been paid out, leaving limited room for a re-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 Tiago Brandao and Paolo Laudani)
 ((Tiago.Brandao@thomsonreuters.com; Paolo.Laudani@thomsonreuters.com))