Top of the Street: European automakers, LVMH, Enagas, Rockwool

Rockwool A/S

19/01/2026 12:52

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

** In a note on the European auto sector, Berenberg underlines a "palpable" risk that Chinese rivals pose to legacy carmakers

** It cuts BMW BMWG.DE to "hold" from "buy", saying that German group's guidance for a stabilisation in China for 2026 may be overly optimistic

** It also downgrades Renault RENA.PA, saying the French automaker has "undeservedly failed to rerate" despite strong execution, while strategic challenges like electrification and price pressures have increased

** Morgan Stanley downgrades LVMH to "equal-weight" from "overweight" on limited upside potential and says foreign exchange headwinds, U.S. tariffs and raw materials pose risks to margins and EPS

** Deutsche Bank says it has a "moderately positive" view on European utilities sector; however, it cuts Spain's Enagas ENAG.MC from "hold" to "sell", seeing "scope for disappointment" from the Spanish regulatory review

INITIATIONS AND REINSTATEMENTS

** Kepler Cheuvreux reinstates mineral wool products maker Rockwool ROCKb.CO at "hold", saying the removal of the Danish group's seized Russian business leaves only a marginal upside to its revised valuation

(*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 Alban Kacher)

((Tiago.Brandao@thomsonreuters.com; alban.kacher@thomsonreuters.com))