Top of the Street: SEB, Legal & General, Pennon, E.ON, UBS

Pennon

22/07/2025 11:47

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

     ** Berenberg cuts French household appliance maker SEB SEBF.PA to "hold" from "buy" on the heightened impact of U.S. tariffs

     ** RBC Capital Markets downgrades British insurer Legal & General LGEN.L to "underperform" from "sector perform" on increased competitive pressures and softer demand

     ** J.P.Morgan upgrades UK water company Pennon PNN.L to "overweight" from "neutral" after the environment secretary committed to accepting five recommendations from the Independent Water Commission's Final Report, which the broker says should boost confidence in the sector

     ** Morgan Stanley cuts German utilities business E.ON EONGn.DE to "equal-weight" from "overweight" as it sees better risk/reward elsewhere after a share rally for E.ON

** BofA raises UBS UBSG.S to "neutral" from "underperform," as it says after CET1 headwinds have been revealed and buyback expectations reset down, risks are now reflected in the share price

(*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 Bernadette Hogg and Marta Maciag)

 ((bernadette.hogg@thomsonreuters.com))