Top of the Street: TotalEnergies, Sandvik, Thule Group

Thule AB

12/05/2025 12:07

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

** Morgan Stanley upgrades TotalEnergies TTEF.PA to "overweight" from "equal-weight", saying the French oil major is more integrated along the value chain, which tends to lead to lower earnings volatility during periods of oil price weakness

** The brokerage also ups Sandvik SAND.ST to "overweight" from "equal-weight", as it considers the Swedish metal cutting and mining equipment maker's mining business as best-in-class and sees optionality around the CMD

** Jefferies ups Thule Group THULE.ST to "buy" from "hold", saying the Swedish maker of products for outdoor and transportation activities' proactive strategies to protect its market position demonstrate preparedness for navigating economic uncertainties

(*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 Leo Marchandon)

 ((jagoda.darlak@tr.com, leo.marchadon@tr.com))