>>> Europe : Brokers Upgrades & Downgrades - 16th of June 2026 V3(++)

>>> Up
* Currys Raised to Outperform at RBC; PT 180 pence
* GEA Group Raised to Buy at Deutsche Bank; PT 70 euros
* Kinepolis PT Raised to 50 euros from 46 euros at Berenberg
* Palantir Raised to Peerperform at Wolfe
* Porsche Raised to Equal-Weight at Barclays; PT 50 euros

>>> Down
* Aperam Cut to Equal-Weight at Morgan Stanley; PT 52 euros
* Brenntag Cut to Hold at Deutsche Bank; PT 57 euros
* BW LPG Cut to Hold at Pareto Securities; PT 209 kroner
* Cyber Folks SA Reinstated Buy at Wood & Company; PT 219.10 zloty
* DFDS Cut to Sell at SEB Equities; PT 120 kroner (++)
* Frasers Group Cut to Underperform at RBC; PT 750 pence
* Galp Cut to Add at AlphaValue/Baader (++)
* Huber+Suhner Cut to Hold at Berenberg; PT 250 Swiss francs
* Siegfried Cut to Neutral at UBS; PT 80 Swiss francs
* Vercom Reinstated Buy at Wood & Company; PT 150.50 zloty

>>> Initiation
* Alpha Bank Reinstated Overweight at Morgan Stanley
* Assa Abloy Rated New Outperform at RBC; PT 400 kronor
* Biogaia Rated New Neutral at SB1 Markets; PT 130 kronor
* Boliden Rated New Buy at Arctic Securities; PT 660 kronor
* Carasent Rated New Buy at SB1 Markets; PT 34 kronor
* ETE GA Reinstated Equal-Weight at Morgan Stanley; PT 17.20 euros
* Eurobank Reinstated Overweight at Morgan Stanley; PT 4.90 euros
* Kazatomprom GDRs Rated New Overweight at Morgan Stanley; PT $83
* Kpy osk Rated New Accumulate at Inderes; PT 5.10 euros (++)
* Mare Engineering Group Rated New Buy at Alantra Capital Markets (++)
* Piraeus Bank Reinstated Overweight at Morgan Stanley
* THX Pharma SACA Rated New Buy at Invest Securities SA (++)

>>> Call
* Aperam Cut to Equal-Weight at Morgan Stanley After Re-Rating
* Assa Abloy a ‘Quality Bolt-On Compounder,’ New Outperform at RBC
* Currys Primed for Further Growth, Raised to Outperform at RBC
* Frasers Group Cut to Underperform at RBC; PT 750 pence
* GEA Group Raised to Buy at Deutsche Bank on Valuation Mismatch (+)
* Huber+Suhner Cut at Berenberg on Limited Valuation Upside

>>> Europe : Brokers Upgrades & Downgrades - 16th of June 2026 V2(+)

>>> Up
* Currys Raised to Outperform at RBC; PT 180 pence
* GEA Group Raised to Buy at Deutsche Bank; PT 70 euros
* Kinepolis PT Raised to 50 euros from 46 euros at Berenberg
* Palantir Raised to Peerperform at Wolfe
* Porsche Raised to Equal-Weight at Barclays; PT 50 euros

>>> Down
* Aperam Cut to Equal-Weight at Morgan Stanley; PT 52 euros
* Brenntag Cut to Hold at Deutsche Bank; PT 57 euros
* BW LPG Cut to Hold at Pareto Securities; PT 209 kroner
* Cyber Folks SA Reinstated Buy at Wood & Company; PT 219.10 zloty
* Frasers Group Cut to Underperform at RBC; PT 750 pence
* Huber+Suhner Cut to Hold at Berenberg; PT 250 Swiss francs
* Siegfried Cut to Neutral at UBS; PT 80 Swiss francs
* Vercom Reinstated Buy at Wood & Company; PT 150.50 zloty

>>> Initiation
* Alpha Bank Reinstated Overweight at Morgan Stanley
* Assa Abloy Rated New Outperform at RBC; PT 400 kronor
* Biogaia Rated New Neutral at SB1 Markets; PT 130 kronor
* Boliden Rated New Buy at Arctic Securities; PT 660 kronor
* Carasent Rated New Buy at SB1 Markets; PT 34 kronor
* ETE GA Reinstated Equal-Weight at Morgan Stanley; PT 17.20 euros
* Eurobank Reinstated Overweight at Morgan Stanley; PT 4.90 euros
* Kazatomprom GDRs Rated New Overweight at Morgan Stanley; PT $83
* Piraeus Bank Reinstated Overweight at Morgan Stanley

>>> Call
* Aperam Cut to Equal-Weight at Morgan Stanley After Re-Rating
* Assa Abloy a ‘Quality Bolt-On Compounder,’ New Outperform at RBC
* Currys Primed for Further Growth, Raised to Outperform at RBC
* Frasers Group Cut to Underperform at RBC; PT 750 pence
* GEA Group Raised to Buy at Deutsche Bank on Valuation Mismatch (+)
* Huber+Suhner Cut at Berenberg on Limited Valuation Upside

>>> La Lettre — 16/06/26

# La Lettre — 16/06/26

## Résumé (français)

**Défense — Alta Ares × MBDA (anti-drone).** Le droniste français Alta Ares (Hadrien Canter) s'allie à MBDA (Éric Béranger) pour proposer dès l'an prochain un système d'interception des drones de type Shahed, avec passage rapide à l'échelle (plusieurs milliers de drones/mois). Candidature déposée fin avril au programme « Élisa » de la DGA (18,7 M€), préparée en secret depuis novembre 2025. L'offre s'appuie sur les intercepteurs low-cost X-Lock et Black Bird, alternative aux missiles Mica/SAMP-T jugés trop coûteux face à des cibles à ~30 000 € pièce. MBDA apporte le C2 (Sky Warden) et la liaison de données sécurisée. La DGA présélectionnera huit fabricants puis retiendra quatre lauréats cet été. Ambition export, notamment vers le Golfe.

**Politique — APE / dividendes défense.** Les dividendes encaissés par l'État via l'APE ont presque doublé en 2025, à 4,88 Md€ (vs 2,47 Md€). Hors dividende exceptionnel EDF (2 Md€), la hausse atteint +16,6 %, portée par la défense : KNDS (×6, à 386 M€), Airbus (+55 %, à 239 M€), Safran (+34 %, à 142 M€). Naval Group quasi stable (+1,7 %, >80 M€). En baisse : Groupe ADP et Bpifrance (−20 % environ). Portefeuille coté APE valorisé >72 Md€ fin 2025 (+34 % sur un an).

**Énergie — tribune pro-gaz GRDF.** GRDF (Laurence Poirier-Dietz) et le lobby France gaz mènent une tribune (parue 15 juin, ~40 signataires : FFB, Capeb, élus…) contre le plan d'électrification de Sébastien Lecornu. Engie, maison mère, est restée en retrait, soutenant plutôt le plan gouvernemental. Tension née du rejet, par deux conseils consultatifs (CSCEE, CSE), d'un projet de décret interdisant le gaz dans la construction neuve.

**Entreprises — Harmattan AI (levée record).** La première licorne française de la défense (Mouad M'Ghari), soutenue par Dassault Aviation, prépare une 3ᵉ levée : objectif 500 M€ d'ici octobre, sur une valorisation pré-money de ~5 Md€. Fait suite à un tour de 171 M€ (valorisation 1,2 Md€). Se positionne face aux allemands Helsing (levée de 1,2 Md$ en cours) et Quantum Systems (~600 M€, avec Airbus et Blackstone).

**Luxe / conso — Louis Jublin × Hélène Mercier-Arnault.** Le communicant Louis Jublin (ex-conseiller de Gabriel Attal) cesse sa mission d'imprésario pour Hélène Mercier-Arnault, sur intervention de Bernard Arnault (via Nicolas Bazire), pour éviter tout risque d'image pendant la campagne présidentielle 2027. Dérapages médiatiques répétés de la pianiste évoqués. Projet de podcast confession mis de côté ; agence Minerva lancée fin 2025.

**Médias — Ebra / départs volontaires.** Sophie Gourmelen lance un plan de 300 à 400 départs (~10 % des effectifs) au groupe de presse régionale Ebra (Crédit mutuel), précisé en CSE le 22 juin. Pertes 2025 : −9,7 M€ d'exploitation, −35 M€ nettes, CA stable à 479 M€. Priorité au numérique (121 000 abonnés web, 3,4 M lecteurs/jour) ; IA mobilisée pour la relecture et l'automatisation de la mise en page. Postes visés : deskeurs en priorité.

**Audiovisuel — BFM TV / « Ligne rouge ».** Fabien Namias maintient l'émission d'enquêtes (Nicolas Poincaré), de retour à la rentrée le samedi à 13 h, sans rassurer les journalistes (une vingtaine, plusieurs en CDD). Nombreux reportages « marbrés » non diffusés. Inquiétudes sur la visibilité et l'avenir du format.

>>> Europe : Brokers Upgrades & Downgrades - 16th of June 2026

>>> Up
* Currys Raised to Outperform at RBC; PT 180 pence
* GEA Group Raised to Buy at Deutsche Bank; PT 70 euros
* Kinepolis PT Raised to 50 euros from 46 euros at Berenberg
* Palantir Raised to Peerperform at Wolfe
* Porsche Raised to Equal-Weight at Barclays; PT 50 euros

>>> Down
* Aperam Cut to Equal-Weight at Morgan Stanley; PT 52 euros
* Brenntag Cut to Hold at Deutsche Bank; PT 57 euros
* BW LPG Cut to Hold at Pareto Securities; PT 209 kroner
* Cyber Folks SA Reinstated Buy at Wood & Company; PT 219.10 zloty
* Frasers Group Cut to Underperform at RBC; PT 750 pence
* Huber+Suhner Cut to Hold at Berenberg; PT 250 Swiss francs
* Siegfried Cut to Neutral at UBS; PT 80 Swiss francs
* Vercom Reinstated Buy at Wood & Company; PT 150.50 zloty

>>> Initiation
* Alpha Bank Reinstated Overweight at Morgan Stanley
* Assa Abloy Rated New Outperform at RBC; PT 400 kronor
* Biogaia Rated New Neutral at SB1 Markets; PT 130 kronor
* Boliden Rated New Buy at Arctic Securities; PT 660 kronor
* Carasent Rated New Buy at SB1 Markets; PT 34 kronor
* ETE GA Reinstated Equal-Weight at Morgan Stanley; PT 17.20 euros
* Eurobank Reinstated Overweight at Morgan Stanley; PT 4.90 euros
* Kazatomprom GDRs Rated New Overweight at Morgan Stanley; PT $83
* Piraeus Bank Reinstated Overweight at Morgan Stanley

>>> Call
* Aperam Cut to Equal-Weight at Morgan Stanley After Re-Rating
* Assa Abloy a ‘Quality Bolt-On Compounder,’ New Outperform at RBC
* Currys Primed for Further Growth, Raised to Outperform at RBC
* Frasers Group Cut to Underperform at RBC; PT 750 pence
* Huber+Suhner Cut at Berenberg on Limited Valuation Upside

>>> What to look at today - 16th of June 2026

Asian stocks wavered as investors paused to assess the durability of the relief rally fueled by the US-Iran deal to reopen the Strait of Hormuz. The Bank of Japan raised its benchmark rate as expected to the highest level since 1995. MSCI Inc.’s gauge of Asian shares seesawed between gains and losses after climbing the most since early April on Monday. US equity futures edged lower after the S&P 500 added 1.7% and the tech-heavy Nasdaq 100 rallied 3.1%. Brent crude slipped to trade below $83 a barrel following the biggest drop in more than two weeks. The yen, which has remained under pressure even as the BOJ gradually increases borrowing costs, pared gains against the dollar after the central bank raised its key rate by a quarter percentage point to 1%. Meanwhile, the Reserve Bank of Australia is expected to keep interest rates unchanged on Tuesday for the first time this year amid signs the economy is beginning to soften. The decisions begin a packed week for global central banks, with the Federal Reserve also set to announce a policy verdict on Wednesday. US President Donald Trump and Vice President JD Vance signed an electronic copy of a memorandum of understanding with Iran, a senior US official said in a call with reporters. Hormuz “is already partially opened,” and “it’ll be completely opened” Friday, Trump said during a meeting with French President Emmanuel Macron. Global stocks and bonds climbed on Monday as the US-Iran deal spurred a decline in oil prices and raised hopes that the war that has jolted markets since the end of February may be close to an end. Investors continue to monitor developments in the Middle East, seeking clarity on how the planned reopening of the waterway —which carried about a fifth of all oil supply before the war — is progressing. Morgan Stanley made substantial cuts to its oil-price forecasts for the coming quarters. While key risks remain, this is a key step towards a de-escalation of the conflict and higher oil exports via the Strait of Hormuz, analysts including Martijn Rats wrote in a note, referring to the interim agreement between Washington and Tehran that is slated to be signed in Switzerland on Friday. An index of global equities edged lower on Tuesday after rallying more than 1% in each of the last three sessions. The dollar and 10-year Treasuries held steady. Elsewhere in markets, Bitcoin fell about 1% while gold prices edged higher. Economists expect the Fed to keep its benchmark rate in a range of 3.5% to 3.75% as it meets under new Chairman Kevin Warsh for the first time. Swaps traders are pricing in less than an 80% chance of a quarter-point hike by December. Meanwhile, the Bank of England and Swiss National Bank are widely anticipated to stand pat this week. Their decisions come after the European Central Bank last week raised rates for the first time in almost three years, with President Christine Lagarde warning inflation triggered by the Iran war is widening beyond just energy. Separately, data on Tuesday showed China’s consumer spending contracted for the first time since the pandemic while investment deteriorated, exposing risks still facing the economy even as it benefits from booming exports and a deescalation in tensions around Iran. The nation’s home prices also fell at a quicker pace in May. US After Hours HITI +18.2% sharply higher on earnings; PLAY -9.5% and DOMO -1.8% lower on earnings; Dell +0.4% ticks higher on Air Force award.

Nikkei +0.60% Hang Seng -1.23% CSI +0.13% Shanghai +0.06% Shenzen +1.15%

Eur$ 1.1580 CNH 6.7619 CNY 6.7610 JPY 160.29 GBP 1.3396 CHF 0.7956 RUB 72.3896 TRY 46.2998 WTI$ 80.80 +0.07% Gold 4,327 -0.28% BTC 66,088 -0.61% ETH 1,774 -2.31%

S&P -0.09% Nasdaq -0.14% EuroStoxx +0.05% FTSE -0.10% Dax -0.04% SMI +0.20%

Macro :
- JPMorgan plans Chase expansion into Europe’s largest markets
- EU Says China Trained Russian Troops to Fight in Ukraine War

Keep an eye on :
- ACS SM : Santander to Own ~15.7% Stake in Spain Data Center JV: Expansión
- ADP FP : ADP May Passenger Traffic +1.2%
- BABA US : Alipay Launches AI Assistant to Help With Tasks
- Anthropic IPO : Anthropic Set to Meet Trump Officials Over AI Security Concerns
- BKT SM : Bankinter Agrees to Buy Dutch Mortgage Platform Tulp Hypotheken
- BEIJB SS : Beijer Ref Holder EQT Private Equity Offers About 30.7m Shares, Beijer Ref Offering by Holder Prices at SEK132/Share
- BEN FP : Beneteau to Sell Cadillac Shipyard, Three Brands in US
- ETL FP : Eutelsat Signs €350m Contract With French Armed Forces
- FISV US : *INVESTOR MICHAEL BURRY SAYS HE BOUGHT FISERV SHARES
- GM US : GM in Talks to Supply Weapons Parts to Lockheed Martin -- WSJ
- GOOGL US : Google Investing $1.5b to Expand Alabama Data Center
- HEN3 GY : Henkel Targets Mid-Term Organic Sales Growth of 3% to 4%
- Infracore IPO : Infracore Plans to List on SIX Swiss Exchange in Coming Weeks
- ADMIS GA : IPTO Holding Starts €530m Share Capital Hike on June 16
- JAR LN : Jardine Matheson Plans $500m Share Buyback Running to End 2027
- LDO IM : Leonardo Gets Orders for 15 Helicopters From Avincis
- MRK US : Merck, Bristol Slip on Risk From Proposed CMS Rule, RBC Says
- MSFT US : Microsoft turns to Amazon for help with GitHub's AI-driven capacity issues
- NEL NO : Nel CEO Hakon Volldal Steps Down to Take Position at Elopak
- Open AI IPO : OpenAI spending hit $34bn last year ahead of planned IPO
- OPT LN : Optima Health Sees Earnings Ahead of Market Expectations
- RDC GY : Redcare Pharmacy NV Sees FY Adjusted Ebitda Margin 2.5% to 3%
- SAABB SS : Saab Gets Order for Anti-Tank Weapon NLAW From France
- SAN SM : Santander to Own ~15.7% Stake in Spain Data Center JV: Expansión
- SECUB SS : Securitas Targets 10% Average Annual EPS Growth Through 2030
- SPCX US : SpaceX IPO Is Said to Allocate $600 Million to European Retail
- SPCX US : Litmus Test Looms for SpaceX Multiples on Earnings, Lockup
- TEF SM : Santander to Own ~15.7% Stake in Spain Data Center JV: Expansión
- TSLA US : Tesla Submits FSD System for Regulatory Review in Taiwan: UDN
- UPM FH : Finland’s TVO Completes Annual Outages at Power Plant Units
- WAF GY : Siltronic Increases Capital by 10% Via Accelerated Bookbuilding

>>> Stoxx 600 Pre-Market Indications

  • Assa Abloy (ALZC TH) +4.8%
    • Assa Abloy Rated New Outperform at RBC; PT 400 kronor
  • GEA Group (G1A TH) +2%
    • GEA Group Raised to Buy at Deutsche Bank; PT 70 euros
  • Puma (PUM TH) +1.8%
  • Rubis (BYNN TH) +1.5%
  • Nokia (NOA3 TH) +1.3%
  • Porsche (P911 TH) +1%
  • Aurubis (NDA TH) -1%
  • Aker BP (ARC TH) -1%
  • Rheinmetall (RHM TH) -1.1%
  • BP (BPE5 TH) -1.2%
  • OMV (OMV TH) -1.3%
  • TotalEnergies (TOTB TH) -1.4%
  • Brenntag (BNR TH) -1.4%
  • STMicro (SGM TH) -1.4%
    • STMicroelectronics International NV Announces Debt Redemption
  • Prosus (1TY TH) -1.9%
  • Mondi (KYC0 TH) -2.3%

Reuters - Stocks of oil in US Strategic Petroleum Reserve falls to lowest since

Stocks of oil in US Strategic Petroleum Reserve falls to lowest since 1983

HOUSTON, June 15 (Reuters) - Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell to 340.3 million barrels, the lowest level since 1983, ​according to data from the Department of Energy on Monday, signaling tight ‌supplies just as the U.S. and Iran agree on a deal to end the war and open the Strait of Hormuz.

Inventories in the government's emergency stash fell by 8.9 million ​barrels, the third steepest draw on record. The drawdowns are a part ​of a U.S. agreement to loan 172 million barrels from ⁠the facility to help push down fuel prices, which surged in recent months ​to multi-year highs.


U.S. crude stocks have fallen sharply in recent weeks due to high refining ​and export demand for American oil to fill supply gaps caused by the Iran war. Overall U.S. inventories, including commercial and SPR stocks, have fallen by 79 million to 77.6 million ​barrels, the lowest since 2023, after the war began at the end of ​February.

Inventories at Cushing, the main storage hub for oil in Oklahoma and the pricing point ‌for ⁠U.S. West Texas Intermediate crude futures, have eased to 21.6 million barrels, near operational lows, raising concerns of supply tightness.

Stocks in the SPR also dropped below the levels seen during the administration of former President Joe Biden, when it touched a ​low of 346.8 ​million barrels.

Republican lawmakers ⁠at the time raised concerns that the sale of 180 million barrels of oil — the largest ever from the Strategic ​Petroleum Reserve following Russia’s invasion of Ukraine — was being used ​as a "political ⁠tool" and had damaged the system’s delicate salt caverns. The Biden administration denied those claims.

Under the latest SPR loans, companies borrowing the oil are required to return the ⁠original ​volumes, with a premium in the form of ​extra oil. The department says that system will help stabilize markets at no cost to U.S. taxpayers.