Top of the Street: Porsche, Vistry Group, Berkeley, Royal Unibrew

Royal Unibrew A/S

06/05/2025 11:34

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

** Barclays downgrades Porsche PSHG_p.DE to "equal weight" after "yet another" profit warning prompted by weaker demand and restructuring process, seeing downside potential for earnings revision in 2025 and less "pronounced" recovery in 2026

** Morgan Stanely upgrades British homebuilder Berkeley Group Holdings BKGH.L to "equal weight", citing limited downside risk combined with affordability, as well as upside potential from the company Build-to-Rent portfolio

INITIATIONS AND REINSTATEMENTS

** MS also initiates UK-based homebuilder Vistry Group VTYV.L at "equal weight", simultaneously seeing "significant" potential in strategy of partnership conducted by the firm, but pointing to uncertainties regarding operational stability

** Exane BNP Paribas start Danish brewer Royal Unibrew RBREW.CO with "outperforming", deeming it as "one of the most defensive names" in the sector and pointing to upside on annual expected profits as well as potential for increased buyback

 (Reporting by Mateusz Rabiega and Rafal W. Nowak)

 ((Mateusz.rabiega@thomsonreuters.com))