Top of the Street: Sika, Solvay, Nokia, Centrica, Spirax

Solvay SA

28/10/2025 12:30

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

** J.P.Morgan downgrades Swiss chemicals firm Sika SIKA.S to "underweight" from "neutral" as the broker sees further negative momentum to be driven by further de-rating and earnings risk even after shares have already underperformed

** Morgan Stanley also cuts Sika to "equal-weight" from "overweight" saying that the lowered revenue growth target from management no longer positions the business as a premium growth play

** Berenberg downgrades Belgian chemicals firm Solvay SOLB.BR to "sell" from "hold" pointing to import-export data indicating an increasing market role for large-scale Chinese soda ash projects, which could weigh on global prices

** Jefferies ups Nokia NOKIA.HE to "buy" from "hold" as AI data centre exposure of Optical and IP Networking segments of the Finnish network equipment maker and rising gross margin will re-rate its valuation

** Citigroup cuts Centrica CNA.L to "neutral" from "buy" as the British energy company's stock is now close to its 185p price target

** UBS upgrades British manufacturing group Spirax SPX.L to "buy" from "neutral"  due to the easing of concerns from Steam Thermal Solutions in China, a key growth driver in Electric Thermal Solutions and a refreshed view on Biopharma

(*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 Anastasiia Kozlova)

((Tiago.Brandao@thomsonreuters.com; Anastasiia.Kozlova@thomsonreuters.com))