Top of the Street: European Chemicals, SAP, Bechtle, thyssenkrupp
24/03/2026 10:17
A round-up of notable broker activity this morning from Europe's top-ranked* analysts: ** J.P. Morgan cuts Germany's software maker SAP SAPG.DE to "neutral" from "overweight" as AI sector competition challenges outlook ** Berenberg upgrades German IT provider Bechtle BC8G.DE to "buy" from "hold" on memory chip "opportunity" and strong order backlog ** Deutsche Bank raises European chemicals companies BASF BASFn.DE and Umicore UMI.BR to "buy" from "hold", saying it sees a long-lasting impact from the situation in the Middle East ** Morgan Stanley upgrades thyssenkrupp TKAG.DE to "equal-weight" from "underweight", saying the sharp share de-rating now better reflects downside from stalled steel talks and broader macro and energy cost pressure INITIATIONS AND REINSTATEMENTS ** GS initiates Swiss packaging firm SIG Group SIGNC.S at "buy", saying it has de-rated and provides an entry point to a consolidated packaging market ** Brokerage starts Finnish timber producer Stora Enso STERV.HE at "sell" as its European consumer board ramps up in a challenging market more than offsetting falling wood costs ** GS initiates Mondi MNDI.L, UPM-Kymmene UPM.HE, and SCA SCAb.ST at "neutral" (*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 Jagoda Darlak and Athina Karolidou in Gdansk) ((jagoda.darlak@tr.com, athina.korolidou@tr.com))