Top of the Street: Zalando, Holcim, Moncler, EQT

Zalando SE

30/06/2025 12:53

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

** J.P.Morgan downgrades British energy firm Centrica CNA.L to "neutral" from "overweight" citing limited valuation upside after strong share rally

** Morgan Stanley raises Switzerland-based cement maker Holcim HOLN.S to "overweight" from "equal weight" seeing an attractive bull-case upside

** Goldman Sachs downgrades Italian luxury fashion brand Moncler MONC.MI to "neutral" from "buy" citing expected retail deceleration and lack of catalysts despite supportive valuation

** UBS upgrades Swedish private equity firm EQT EQTAB.ST to "buy" from "sell", saying it sees scope for a positive H1 surprise amid recovery in deal activity

INITIATIONS AND REINSTATEMENTS

** Jefferies assumes coverage of German online fashion retailer Zalando ZALG.DE with "buy", saying the market underappreciates its cost leverage from higher order volumes

(*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 Marta Maciag and Leo Marchandon)

 ((Marta.Maciag@thomsonreuters.com; Leo.Marchandon@thomsonreuters.com;))