Top of the Street: Wartsila, Heineken, L'Oreal, Aviva

Loreal SA

28/05/2026 10:38

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

** UBS cuts Wartsila WRT1V.HE to "neutral" from "buy," saying the boost from new data centers orders is likely to fade. It adds rising competition in a market that may start to slow means the Finnish company is less likely to keep outperforming
** Deutsche Bank downgrades Heineken HEIN.AS to "hold" from "buy" as the broker believes uncertainty surrounding the Dutch brewer has increased
** Berenberg upgrades L'Oreal OREP.PA to "buy" from "hold", saying growth for the French cosmetics maker is at an inflection point in 2026

INITIATIONS AND REINSTATEMENTS
** Berenberg initiates coverage of Aviva AV.L with "buy", saying the insurer offers a near double-digit yield and forecasting a 28% upside to the shares, rising to 36% including the FY26 forecast for capital returns

(*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 Paolo Laudani and Elviira Luoma)
 ((Paolo.laudani@thomsonreuters.com))