>>> Europe : Brokers Upgrades & Downgrades - 1st of June 2026

>>> Up
* American Air PT Raised to $24 from $20 at Morgan Stanley
* Ariston Raised to Equal-Weight at Barclays; PT 3.30 euros
* Cadeler Raised to Buy at SB1 Markets; PT 70 kroner
* Delta Air Lines PT Raised to $105 from $90 at Morgan Stanley
* GRID LN Raised to Overweight at JPMorgan
* Magyar Telekom Raised to Outperform at Oddo BHF; PT 3,300 forint
* Segro Raised to Buy at Goldman; PT 900 pence
* Southwest Air PT Raised to $60 from $55 at Morgan Stanley
* Swissquote Raised to Neutral at UBS; PT 42.50 Swiss francs
* United Airlines PT Raised to $182 from $150 at Morgan Stanley

>>> Down
* BioMerieux Cut to Neutral at UBS; PT 80 euros


>>> Initiation


>>> Call

>>> Stoxx 600 Pre-Market Indications

  • EasyJet (EJT1 TH) +5.7%
    • EasyJet Draws Early Interest From Investment Firm Castlelake
  • Nokia (NOA3 TH) +3.3%
  • Reckitt (3RB0 TH) +2.9%
  • Schneider Electric (SND TH) +2.3%
  • Halma (H11 TH) +2.1%
  • 3i (IGQ5 TH) +1.9%
  • SAP (SAP TH) +1.9%
  • SocGen (SGE TH) +1.7%
  • Prysmian (AEU TH) +1.4%
  • Spie (4SP TH) +1.3%
  • Coloplast (CBHD TH) -1%
  • Hensoldt (HAG TH) -1.2%
  • Qiagen (QIA TH) -1.2%
  • NKT (NKT TH) -1.5%
  • Delivery Hero (DHER TH) -1.5%
  • BAE (BSP TH) -2%
  • Legal & General (LGI TH) -2.4%

>>> TradeGate Pre-Market Indications

DAX:
  • SAP (SAP TH) +2.1%
  • Rheinmetall (RHM TH) +1.5%
MDAX:
  • TKMS (TKMS TH) +2%
  • Nemetschek (NEM TH) +1.5%
  • CTS Eventim (EVD TH) +1.3%
  • Redcare Pharmacy NV (RDC TH) +1.1%
  • DWS (DWS TH) +1%
  • Hensoldt (HAG TH) -1.2%
  • Delivery Hero (DHER TH) -1.9%
SDAX:
  • PNE AG (PNE3 TH) +5.2%
  • Wacker Neuson (WAC TH) +2.2%
  • Siltronic (WAF TH) +1.3%
  • Deutsche Euroshop (DEQ TH) +1.2%
  • Hamborner REIT (HABA TH) +1.1%
  • Deutsche PBB (PBB TH) -1.1%
  • Tonies SE (TNIE TH) -1.1%
  • SAF-Holland SE (SFQ TH) -1.4%
  • SFC Energy (F3C TH) -1.5%
  • Verve Group (VRV TH) -2.9%

>>> ROS AV — READ-ACROSS FROM HIAB/LABRIE M&A (deck out 1-Jun)

ROS AV — READ-ACROSS FROM HIAB/LABRIE M&A (deck out 1-Jun)

Hiab (HIAB FH) to buy Labrie Environmental Grp. Headline terms now confirmed: PP USD1,035m cash-free/debt-free = 9.2x LTM comparable EBITDA (Labrie EBITDA USD113m / 23% margin; sales USD491m = 2.11x). #1 N.Am automated side loaders, 100% N.Am, order book ~USD435m, ~1,200 staff, 4 plants. Close Q3-26. Hiab calls it margin- & growth-accretive (Labrie 23% EBITDA vs Hiab 16%); financed w/ cash + up to EUR900m debt, PF ND/EBITDA 2.1x.

KEY POINT — IGNORE THE SALES MULTIPLE. 2.11x sales transfers to a fantasy EUR3bn EV on ROS; meaningless given the margin gap (Labrie 23% vs ROS 9.5%). The real comp is EBITDA.

EV/EBITDA READ-ACROSS: deal done at 9.2x. ROS trades 6.8x EV/EBITDA LTM (EV EUR953m / EBITDA EUR139m). Re-rate ROS to the Labrie print → EV EUR1.28bn → equity ~EUR975m → ~1.5x current mkt cap (~+50%). Gap = ROS optically cheap vs a strategic W&R print.

BUT THE DISCOUNT IS LARGELY JUSTIFIED — and note the print is disciplined, not frothy: Hiab paid only 9.2x for a 23%-margin, #1-position, recurring-aftermarket franchise. ROS earns 9.5% EBITDA / 5.9% EBIT, lumpy tender-driven (airport/defence) demand vs Labrie's stable municipal replacement cycle, heavy TWC ~EUR470m, and 50.1% Robau control overhang caps the float. A firefighting bodybuilder arguably should trade below a best-in-class RCV asset. 6.8x vs 9.2x is a fair-to-modest discount, not a screaming dislocation.

TAKEAWAY: W&R/vocational-vehicle M&A is live and strategics are paying ~9x for quality. ROS re-rating case rests on self-help margin delivery (mgmt 7% EBIT by '30) + ROS-as-target optionality, NOT on closing the full gap to Labrie. Modest re-rating support, not a step-change. Comps read-across only, not a reco.

>>> Michael Burry just said Elon Musk and Nvidia's deal is built on fake numbers

Michael Burry just said Elon Musk and Nvidia's deal is built on fake numbers.

Burry published a detailed breakdown calling the entire structure "Fugazi", his word for fake.

He is alleging that billions of dollars in Nvidia chips are being hidden off balance sheets, and that American retirees are unknowingly funding the whole thing.

Nvidia, the world's largest AI chip company sold $5.4 billion worth of its most advanced GPUs, the GB200, to a company called Valor.

Valor is not a real operating business. It is a special purpose vehicle, a shell company created specifically to hold these chips and nothing else. Nvidia also invested $1.9 billion of its own money directly into Valor on top of the sale.

Those 100,000+ chips are now physically inside xAI's data center. xAI is Elon Musk's artificial intelligence company, the one that builds Grok. xAI is using every single one of those chips right now to run its AI models.

But here is what Burry is flagging.

Neither Nvidia nor xAI owns those chips on paper. Valor, the shell company holds legal title. That means $5.4 billion in GPU assets do not show up on Nvidia's balance sheet as inventory.

They do not show up on xAI's balance sheet as assets. They are legally invisible to both companies.

Nvidia gets to book the $5.4 billion as a completed sale and record it as revenue. xAI gets full use of the chips without owning them. And the risk disappears into a shell company in the middle.

Now here is where American retirees enter the picture.

Valor needed $3.5 billion in debt to fund this structure. Apollo provided it. Apollo is one of the largest asset managers on earth with $1.03 trillion under management and $834 billion specifically in private credit.

Apollo raised the $3.5 billion, packaged it into debt securities, and sold those securities to Athene.

Athene is Apollo's own insurance company. It sells fixed and indexed annuities, retirement savings products, to ordinary Americans.

When a retiree buys an Athene annuity, they believe their money is sitting in safe, stable investments. That money is now inside a structure funding Elon Musk's AI data center.

The numbers inside Athene are most alarming.

Athene holds $74.2 billion in reserves. It has moved $217 billion in assets into a captive insurer based in Bermuda, meaning those assets sit outside normal US insurance regulation and oversight.

Of the entire portfolio, 34.7%, equal to $103 billion, is classified as Level 3 assets.

Level 3 is an accounting classification that means there is no observable market price for these assets. No outside party can independently verify what they are actually worth.

The leverage sitting on top of those unpriced assets is 16 times.

Burry's says:
Every step of this structure is technically legal and publicly disclosed. But the entire thing was deliberately engineered across 8 to 12 steps to move credit risk off balance sheets and away from any market pricing.

- Nvidia books the revenue.
- Apollo collects the fees.
- xAI gets the computing power.
- And retirees sitting at the bottom of a 16x leveraged Bermuda insurance structure, holding $103 billion in assets with no market price carry the risk without knowing it exists.