Top of the Street: Kering, electricals, construction, industrials, networks

Rexel SA

13/04/2026 12:39

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

** Morgan Stanley cuts Gucci owner Kering PRTP.PA to "equal-weight" from "overweight", stating its turnaround is already largely priced in

** Barclays cuts British industrial group Rotork ROR.L to "equal-weight" from "overweight" on limited growth in its main division and bottlenecks in the supply chain

** Among wider electrical equipment makers, Barclays prefers industry players with high infrastructure capex over those with construction market exposure:

cuts Rexel RXL.PA to "underweight" from "equal-weight"

raises ABB ABBN.S to "equal-weight" from "underweight"

raises Schneider Electric SCHN.PA to "overweight" from "equal-weight"

** Separately, Citigroup cuts ABB to "neutral" from "buy" citing shares approaching all-time highs and valuation appearing fair

** Citi downgrades Swedish tool maker Sandvik SAND.ST to "neutral" from "buy" as it's fairly valued after market rebalanced from a weaker period

** Jefferies raises German chemical group Evonik EVKn.DE to "hold" from "underperform", citing better supply discipline and management addressing investor worries about cash uses

** BofA raises Finnish comms group Nokia NOKIA.HE to "buy" from "neutral" on better-than-currently-expected cumulated growth in Optical+IP Networks segment

** BofA ups Poste Italiane PST.MI by two notches to "buy" from "underperform" as its bid on TIM TLIT.MI has the potential to create significant value with EPS accretion

** UBS cuts German software firm Nemetschek NEKG.DE to "sell" from "neutral" on rising risks from multi-year deals to the company's growth

INITIATIONS AND REINSTATEMENTS

** Exane BNP Paribas initiates Swedish refrigeration wholesaler Beijer BEIJb.ST at "underperform", citing little room for stock gains given slower aftermarket growth, the U.S. market HVAC risks, and limited exposure to fast-growing segments

** Deutsche Bank resumes Swiss building materials company Holcim HOLN.S with "buy", citing exposure to wide array of markets

(*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 Mateusz Rabiega and Marta Frąckowiak)

((Mateusz.rabiega@thomsonreuters.com))