Top of the Street: Adyen, Volvo AB, Generali, Mondi

Volvo AB

13/02/2026 12:03

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

** Degroof Petercam upgrades Dutch payments firm Adyen ADYEN.AS to "buy" from "hold", citing an appealing risk/reward balance after the shares have grown into their once-rich multiples and now trade at an appealing level

** RBC downgrades Swedish truck maker Volvo VOLVb.ST to "sector perform" from "outperform", saying that the stock's valuation no longer appears cheap after a period of strong share performance

INITIATIONS AND REINSTATEMENTS

** Citigroup resumes coverage of Italian insurance company Assicurazioni Generali GASI.MI with "buy", calling the group resilient in a "riskier world" as it expects life insurance sales to keep on recovering

** Deutsche Bank initiates packaging and paper solutions company Mondi MNDI.L with "hold", saying it is on track for a third consecutive year of earnings contraction due to industry overcapacity, pricing pressure and cost inflation

(*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 Mathias de Rozario and Marta Serafinko in Gdansk)

((mathias.derozario@thomsonreuters.com; marta.serafinko@thomsonreuters.com))