Top of the Street: Lufthansa, European logistics, Nordic insurers

Tryg A/S

14/01/2026 12:30

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

** Goldman Sachs upgrades Kuehne + Nagel KNIN.S to "buy" from "sell", saying the Swiss logistics group is better prepared than shipping companies to adjust its networks to shifting global trade patterns

** GS downgrades logistics giant DHL DHLn.DE to "neutral" from "buy" and shipping group Maersk to "sell" from "neutral", citing reduced upside following recent stock outperformances

** Barclays cuts Lufthansa LHAG.DE to "underweight" from "equal weight", owing to the German airline's North Atlantic exposure and ongoing labour disputes

** Barclays downgrades Nordic insurers Tryg TRYG.CO and Gjensidige Forsirking GJFG.OL to "equal weight" from "overweight" due to peaking underlying margins and limited scope for earnings revisions

(*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 Ozan Ergenay and Gianluca Lo Nostro)

((gianluca.lonostro@thomsonreuters.com)) ((ozan.ergenay@thomsonreuters.com))