Top of the Street: Veolia, Fresenius Medical Care, Temenos and Talanx

Temenos AG

28/07/2026 11:41

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
     
** Morgan Stanley cuts Veolia VIE.PA to "equal-weight" from "overweight" after a strong share-price rally, saying the Paris-listed stock now looks fairly valued relative to other European utility companies and now expects the shares to perform broadly in line with the sector
** Exane BNP Paribas downgrades Fresenius Medical Care FMEG.DE to "underperform" from "neutral", expecting U.S. volumes to fall by 40 bps in Q2 with continued pressure likely prompting a cut to already flat FY volume target.
** Baader Europe cuts Temenos TEMN.S to "Add" from "buy" saying tangible evidence of pipeline conversion is needed for the company to regain the execution credibility it currently lacks, but adding the business model remains structurally sound.
     
INITIATIONS AND REINSTATEMENTS
** Goldman Sachs initiates coverage of Talanx TLXGn.DE with a "Buy" rating, seeing an attractive entry point for the company after underperforming the wider Europe insurance index .SXIP by 13 points over the past 12 months, and citing a pricing advantage over its peers
     
(*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 Dimitri Rhodes and Marta Serafinko in Gdansk)
((dimitri.rhodes@thomsonreuters.com))