Top of the Street: Julius Baer, IAG, Adecco, GTT, Rockwool

Rockwool A/S

10/02/2025 12:27

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Citi downgrades Julius Baer  BAER.S  to "neutral" from
"buy", saying the organisational restructuring pushed by CEO
Stefan Bollinger poses near-term risks for growth and earnings
    ** Goldman Sachs downgrades IAG  ICAG.L  to "neutral" from
"buy", saying it does not expect the British Airways owner to
beat the market view in 2025, notably for EBIT
    ** Deutsche Bank downgrades Adecco  ADEN.S  to "hold" from
"buy", citing the staffing firm's high exposure to France which
could place further pressure on its earnings outlook
    ** Portzamparc downgrades GTT  GTT.PA  to "hold" from "buy"
due to growing governance uncertainties after the French
engineering group announced the resignation of its CEO on Monday
    ** UBS downgrades Denmark's Rockwool  ROCKb.CO  to "sell"
from "hold" citing incoming margin normalisation, higher energy
costs and weak performance in Russia
    
(*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 Gianluca Lo Nostro and Alessandro Parodi)
 ((gianluca.lonostro@thomsonreuters.com;
alessandro.parodi@thomsonreuters.com))