Le Figaro : Casino : pourquoi la partie de poker menteur entre Daniel Kretinsky

Casino : pourquoi la partie de poker menteur entre Daniel Kretinsky et les créanciers va durer tout l’été

Faute d’accord après huit mois de négociations, le sort du distributeur devrait être tranché par le tribunal de commerce de Paris, en octobre. Mais les parties ont, en fait, intérêt à s’entendre, tant les risques sont élevés.

L’avenir de Casino se jouera-t-il au tribunal de commerce de Paris cet automne ? Depuis quelques jours, cette option semble la plus probable. La dette du distributeur stéphanois (Monoprix, Franprix, Vival, Cdiscount…) est devenue insupportable et le groupe sera incapable de rembourser le 1,4 milliard d’euros exigible en 2027. Daniel Kretinsky, qui détient 53 % de Casino depuis la précédente restructuration financière, en mars 2024, n’a pas réussi à trouver un accord avec les principaux créanciers sur un allégement de cette dette, indispensable pour éviter la faillite.

Après huit mois de négociations, Casino, qui ne vaut plus que 85 millions d’euros en Bourse, a officialisé ce désaccord lundi, en publiant les deux propositions de restructuration (celle de Daniel Kretinsky et celle des créanciers) remises le mardi 30 juin, date limite pour un accord. Le groupe a prévenu que son conseil d’administration déciderait laquelle il présenterait au tribunal de commerce. Selon les observateurs et les acteurs de ce dossier, aussi complexe que sensible, il ne fait aucun doute que le board choisira le plan du principal actionnaire, même si le comité ad hoc d’administrateurs, constitué pour émettre une recommandation, ne compte pas de représentant de Daniel Kretinsky.

À lire aussi Casino : les enjeux de la partie de poker menteur entre Daniel Kretinsky et les créanciers

Passer la publicité

Fort du soutien des banques qui financent l’activité quotidienne du groupe à hauteur de 1,2 milliard d’euros, le principal actionnaire propose d’effacer 600 millions de dette, d’apporter 550 millions d’argent frais et de renforcer son contrôle : sa participation passerait à 66,8 %. Les créanciers obligataires proposent, eux, un abandon de la quasi-totalité de la dette en échange de la prise de contrôle du groupe, ce qui évincerait Kretinsky. Et ils assurent avoir une alternative pour assurer le financement opérationnel. Bref, les positions officielles des deux clans sont diamétralement opposées.

En fait, rien n’est figé, et la date butoir du 30 juin était seulement indicative. D’intenses négociations se sont d’ailleurs poursuivies entre le mercredi 1er juillet et le dimanche 5, sous l’égide de Marc Sénéchal, le conciliateur nommé en mars par le tribunal de commerce. Les créanciers obligataires ont proposé une nouvelle offre. Intraitable, Daniel Kretinsky a fait savoir, à la fin du week-end, qu’il la refusait. Ce projet n’est donc plus sur la table et les deux offres soumises au conseil d’administration de Casino sont celles du 30 juin.

«Daniel Kretinsky refuse tout » et « les créanciers sont trop agressifs »
« Daniel Kretinsky refuse tout », s’étrangle-t-on du côté des créanciers, qui incluent les fonds Monarch et Attestor (ils détiennent à eux deux 40 % des créances) ainsi que ReadyState. « Les créanciers sont trop agressifs, rétorque-t-on du côté de l’actionnaire. Il y a un biais cognitif qui va à l’encontre d’un accord consensuel. » Et sans accord consensuel, la justice peut imposer une solution à toutes les parties prenantes. Dans ce cas contraire, le dépôt de bilan est inévitable.

Le conseil d’administration de Casino, présidé par l’ancien ministre Laurent Pietraszewski, devrait choisir entre les deux offres et « formuler une proposition » dans les prochains jours. Celle-ci sera soumise aux votes des actionnaires, des créanciers et des banques, mais pas avant septembre. Le dossier arrivera ensuite sur la table du tribunal de commerce de Paris, probablement mi-octobre. C’est lui qui devra décider de valider le plan, et donc de l’imposer aux créanciers, qui auront très probablement voté contre.

« Il y a encore beaucoup trop d’incertitudes à lever »
À en croire l’entourage de Daniel Kretinsky, la voie est libre pour que son projet soit mis en œuvre. « En réalité, il y a encore beaucoup trop d’incertitudes à lever, et toutes les parties ont intérêt à trouver un accord avant la décision du tribunal de commerce », assure un bon connaisseur du dossier. Pour commencer, il est risqué de spéculer sur le résultat d’une décision de justice. Ensuite, cette dernière est menacée de recours : les fonds anglo-saxons détenteurs d’obligation menacent déjà de faire appel, et même d’aller jusqu’en Cour de cassation. Enfin, le soutien des banques de Casino (Société générale, BNP Paribas, BPCE…) au projet de son principal actionnaire est conditionné à l’accord des deux tiers des créanciers obligataires.

L’entourage du milliardaire est convaincu que les banques renonceront in extremis à cette condition. « À quelques mois de la présidentielle, elles ne prendront pas le risque de mener Casino et ses 28 000 salariés à la faillite », confirme un proche des banques. Pour faire pression sur les autres acteurs, ses proches martèlent que Daniel Kretinsky est désormais un investisseur institutionnel et une figure du capitalisme français bien établie. Premier actionnaire de Fnac Darty, troisième de TotalEnergies, il détient Editis et les hebdomadaires Elle et Marianne. Daniel Kretinsky serait donc l’opposé des hedge funds anglo-saxons qui détiennent la dette, soulignent-ils, rappelant qu’il a déjà injecté, et perdu, 1,2 milliard d’euros dans Casino. Dans ces conditions, pas question de remettre au pot sans renforcer son contrôle. « Le groupe n’est pas menacé. Il est prospère, stable et soutenu par ses banques partenaires. Son bilan sera rééquilibré, soit par un accord soit par une décision du tribunal », prévenait fin mai Daniel Kretinsky dans Le Figaro.

« Ils se détestent tellement qu’ils ne rêvent que d’une chose : écraser leur adversaire »
Toutefois, en voulant tordre le bras aux créanciers avec le soutien de la justice, il fait un pari très risqué. « Si le plan de Daniel Kretinsky passe, cela enverrait un mauvais signal pour l’attractivité de la place de Paris, martèle un proche des fonds, particulièrement remonté. En matière de restructuration, les créanciers sont prioritaires sur les actionnaires. Notre proposition respecte les textes. » S’ils prennent le contrôle, les créanciers obligataires promettent d’apporter 400 millions d’euros d’argent frais et assurent, sans convaincre, avoir une solution pour financer de la dette opérationnelle détenue par les banques. « Ce serait Noël pour le groupe », lâche-t-on dans l’entourage des créanciers.

Tout comme Kretinsky, ces derniers ont aussi intérêt à un compromis avant un jugement du tribunal du commerce. « Quoi qu’ils disent, ils ne veulent pas devenir actionnaires à long terme de Casino, assure un proche du dossier. Leur vocation est de revendre tout de suite leurs actions après une restructuration de la dette, et surtout pas d’en prendre le contrôle et de réinvestir. » Certains brandissent la menace d’une vente à la découpe si ces fonds, qui ont apporté des engagements de non-cession pour deux ans seulement, prenaient le contrôle du distributeur. « Ce serait une catastrophe industrielle », avertit un protagoniste.

Alors que tout indique qu’un accord négocié entre Daniel Kretinsky et les créanciers est meilleur qu’une solution imposée par la justice, reste à savoir si les acteurs du dossier seront raisonnables. « Ils se détestent tellement qu’ils ne rêvent que d’une chose : écraser leur adversaire », assure un acteur du dossier.

FT : CME launches new product to simplify basis trade bets Instrument set to cut

CME launches new product to simplify basis trade bets
Instrument set to cut cost of popular hedge fund strategy that has been blamed for adding to market volatility

CME Group, one of the world’s largest derivatives exchanges, is launching a new product designed to simplify and lower the cost of a popular but controversial hedge fund bet known as the basis trade, potentially opening it up to a broader range of investors. 

The Chicago-based firm said it would launch a new feature called Treasury Link, which will turn what is currently a multi-step process — buying a US Treasury bond and placing a short bet on the equivalent future — into a single, electronic transaction. By eliminating the risk of a market move in between transactions, and reducing the need for a broker, CME expects Treasury Link to open the market up to smaller and more risk-averse investors. 

The basis trade has boomed in recent years, with big hedge funds using leverage — sometimes more than 100 times — to try to profit from minuscule discrepancies in the price of a Treasury bond compared with its corresponding futures contract. As of September last year, the Federal Reserve estimated there were $830bn in such bets, double the last peak hit in 2020.

Expanding investor access could fuel a trade that has added to market volatility and prompted warnings from regulators. A rapid unwind of the basis trade shook the Treasury market during the market collapse in March 2020 triggered by the coronavirus pandemic and has since attracted regulatory scrutiny. 

Regulators including the Federal Reserve, the Securities and Exchange Commission and the Financial Stability Oversight Council have all issued warnings about the basis trade. The trade has enormous concentration risk: a handful of big hedge funds control the majority of the basis trade and regulators fear a liquidity crisis among those funds could lead to a rapid unwind in positioning — as was seen in March 2020. The trade is also highly sensitive to geopolitical shocks, such as the US tariff announcement last year, which led to a dramatic unwind of positions that moved the 10-year Treasury yield by 0.6 percentage points over the course of a week.

But the immediate effect of the launch is more likely to make the market safer, CME argues. By decreasing the risk of a multi-part trade and expanding the investor base, the product should make pricing in both markets more efficient and narrow the difference, or basis, between them.

It could also make it easier for traders to jump into the trade when the spread expands, as in March 2020 and other events, potentially reducing market contagion from a rapid deleveraging.

Moving more of these trades to a fully electronic platform would also increase transparency in the still-opaque Treasury cash market, says CME. The electronification of the trade means buyers and sellers are matched transparently and automatically through an algorithm, in a development that could appeal to smaller funds with fewer broker relationships across markets. 

“We believe this is positive structurally for the liquidity and transparency of the market. It adds to the integrity of the Treasury system, which is important given the increasing size of the market,” said Matt Gierke, global head of BrokerTec, the cash Treasuries trading platform owned by CME. 

“We believe that there is a high chance of attracting customers who were not previously clients, or only clients in one market.”  

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • LEVI -4.5% (also increases dividend), COST -1.3% (June comps), PEP -0.9%, AVAV -0.5% (FY30 financial targets)
Other news:
  • IONS -18.9% (Ionis Pharma and AstraZeneca (AZN) report Phase 3 ATTR-CM study misses primary endpoint)
  • AZN -8.4% (Ionis Pharma and AstraZeneca (AZN) report Phase 3 ATTR-CM study misses primary endpoint)
  • MDA -8.1% (to acquire majoirty interest in Collecte Localisation Satellites; also bought deal offering)
  • ALEC -6.6% (GSK terminates collaboration)
  • RDY -3.7% (discloses that certain batches of semaglutide were out of specification due to an issue associated with the active pharmaceutical ingredient used in the product)
  • PERI -2% (new partnership with Acrossmedia241)
  • CCNE -1.4% (files for $150 mln mixed securities shelf offering)
  • BRBR -1.4% (appoints new CEO)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • SMPL +14.2%, AZZ +8.1%, ASX +6.8% (June revs), HON +1.8% (guidance), CABO +1.3% (guidance)
Other news:
  • AP +14.4% (customer order activity for 1H26)
  • FCEL +11.1% (FuelCell Energy and Siemens (SIEGY) partner on distributed power solutions)
  • GLSI +10.2% (announces European approval for use of commercially manufactured GP2 in FLAMINGO-01)
  • BYRN +4.9% (to acquire assets of HERO Defense Systems)
  • UCTT +4.8% (names new CFO)
  • CBRS +4.8% (outlines European AI infrastructure expansion)
  • TENX +4.5% (favorable blog mention)
  • ODV +3.8% (extends gold mineralization at Cariboo Gold Project)
  • RMBS +3.1% (introduces chipset for next-gen data center platforms)
  • FSM +2.9% (reports Q2 production in line with guidance, advances growth projects)
  • NOK +2.3% (Nokia and NestAI expand defense AI partnership for battlefield communications)
  • RYTM +2.2% (NJEM publication of Phase 3 TRANSCEND trial results)
  • LTM +2% (approved buyback)
  • BTDR +2% (breaks ground on Nevada manufacturing facility)
  • FRVO +1.9% (reports 143% improvement in drilling rates at Cape Station)
  • UNFI +1.7% (announces leadership updates to strengthen execution of the Company's strategy, focused on adding value for customers and suppliers while improving effectiveness and efficiency)
  • AG +1.6% (production results; updates guidance; names new CFO)
  • MNST +1.2% (2-for-1 stock split)
  • NSLR +1% (Q2 investment portfolio update)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • AP +18.4%, VMAR +16.4%, CBRS +7%, ASX +7%, AZZ +6.8%, BYRN +5.9%, UCTT +5.7%, GLSI +5.6%, RMBS +3.2%, TENX +2.9%, CABO +2.8%, NOK +2.3%, FRVO +2.2%, ODV +2.1%, AG +2%, LTM +2%, NSLR +1.9%, TRNO +1.4%, CF +1.3%
  • Gapping down:
    • IONS -20.7%, AZN -8.5%, MDA -7.2%, ALEC -7.1%, LEVI -6%, RDY -5.1%, PERI -2%, CCNE -1.4%, PEP -1.4%, COST -1.2%, AVAV -1.1%

>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2026 V3(++)

>>> Up
* Adecco Raised to Buy at Deutsche Bank; PT 210 Swiss francs (+)
* Admiral Raised to Neutral at Goldman; PT 3,860 pence
* BHP ADRs PT Raised to $61.50 from $56.50 at Bernstein (++)
* Bjorn Borg Raised to Accumulate at Inderes; PT 69 kronor
* Clariant Raised to Outperform at On Field; PT 9.50 Swiss francs (+)
* Comet Raised to Buy at BofA; PT 518 Swiss francs (++)
* Fincantieri Raised to Outperform at Mediobanca SpA; PT 17 euros
* Glencore Raised to Buy at Goldman; PT 630 pence (+)
* Indutrade Raised to Buy at ABG; PT 235 kronor
* J. Martins Raised to Buy at Kepler Cheuvreux; PT 20.40 euros (++)
* OKEA Raised to Buy at SB1 Markets; PT 38 kroner
* Orange Raised to Buy at Kepler Cheuvreux; PT 20.20 euros (++)
* Pandora Raised to Buy at SEB Equities; PT 1,000 kroner
* Roche Raised to Buy at Bank Vontobel; PT 400 Swiss francs (+)
* Sampo Raised to Buy at Goldman; PT 10.60 euros
* Scatec Price Target Raised to NOK 129 from NOK 122 by Nordea
* Schott Pharma Raised to Outperform at RBC; PT 21 euros
* Siltronic Raised to Outperform at BNP Paribas; PT 108 euros
* Sonae Raised to Buy at CaixaBank BPI; PT 2.90 euros (++)
* Tele2 Raised to Buy at Kepler Cheuvreux; PT 195 kronor (++)
* Unibail Raised to Buy at Berenberg; PT 120 euros
* Veidekke Raised to Buy at ABG; PT 210 kroner
* Viaplay Raised to Buy at Kepler Cheuvreux; PT 1.50 kronor (++)
* Vincit Raised to Accumulate at Inderes; PT 1.15 euros
* Wolters Kluwer Raised to Overweight at JPMorgan; PT 87 euros

>>> Down
* Admicom Cut to Hold at Nordea
* Barrick Mining PT Cut to $61 from $66 at Bernstein (++)
* Bytes Technology Cut to Hold at Deutsche Bank; PT 410 pence (++)
* Caesars Entertainment Cut to Equal-Weight at Barclays; PT $31
* Elisa Price Target Cut to EUR 38 from EUR 39 by Nordea
* Freeport PT Cut to $50 from $58.50 at Bernstein (++)
* Gjensidige Cut to Hold at Norne Securities; PT 295 kroner
* GlobalData Cut to Hold at Peel Hunt; PT 77 pence (+)
* HelloFresh PT Cut to 3.30 euros from 3.50 euros at Stifel (++)
* Hensoldt Cut to Sell at mwb research AG; PT 62 euros (++)
* Industrivarden Cut to Sell at Nordea; PT 464 kronor
* New Wave Price Target Cut to SEK 100 from SEK 105 by Danske Bank
* Nokian Tyres Downgraded to Hold from Buy by Danske Bank
* Nokian Renkaat Cut to Hold at Danske Bank Markets; PT 13 euros (++)
* Partners Group Cut to Neutral at UBS; PT 705 Swiss francs
* RAI Way Cut to Hold at Kepler Cheuvreux; PT 5.20 euros (++)
* Rheinmetall Cut to Hold at mwb research AG; PT 1,150 euros (++)
* Salesforce Cut to Sector Weight at KeyBanc
* Siltronic Cut to Hold at Kepler Cheuvreux; PT 90 euros (++)
* Simon Property Cut to Hold at Deutsche Bank; PT $220
* Stellantis Cut to Neutral at JPMorgan; PT $6.85
* STMicro Cut to Neutral at Banca Akros (ESN); PT 5.50 euros (++)
* Telenor Price Target Cut to NOK 174 from NOK 183 by Nordea
* Vale ADRs PT Cut to $12 from $14.80 at Bernstein (++)

>>> Initiation
* Bavarian Nordic Resumed with Buy by Nordea
* Elementis Rated New Buy at Kepler Cheuvreux; PT 205 pence (++)
* Erste Resumed with Buy by Goldman Sachs
* Franchetti S.P.A Rated New Buy at Banca Akros (++)
* Saga Rated New Buy at Berenberg; PT 1,025 pence
* Scorpio Tankers Reinstated Equal-Weight at Morgan Stanley
* Straumann Rated New Outperform at BMO; PT 121 Swiss francs
* Tesla Reinstated Market Perform at Citizens

>>> Call
* Admiral Upped to Neutral at Goldman as Pricing Turns, Risks Fade (+)
* Morgan Stanley Lifts African, Egyptian Stocks; Cuts Saudi Arabia
* Siltronic Jumps as BNP Paribas Upgrades on AI Demand for Wafers (++)
* Stellantis Gets Cut to Neutral at JPMorgan on Slower Recovery (+)
* Simon Property Downgraded as Deutsche Bank Says Fully Valued (++)
* VW May Take Big Restructuring Hit and Warn on Profit, Says UBS (++)
* Wolters Kluwer Upgraded to Overweight at JPMorgan on Valuation (+)

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • AIG (AIG) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $92
    • American Tower (AMT) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $188
    • Cinemark (CNK) upgraded to Neutral from Sell at Goldman, tgt $30
    • Five Below (FIVE) upgraded to Outperform from Neutral at Mizuho, tgt $220
    • Grainger (GWW) upgraded to Peer Perform from Underperform at Wolfe Research
    • ITT (ITT) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $229
    • Knight-Swift Transportation (KNX) upgraded to Buy from Neutral at Citigroup, tgt $90
    • Old Dominion Freight Line (ODFL) upgraded to Neutral from Sell at Citigroup, tgt $228
    • Redwood Trust (RWT) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $6
    • Saia (SAIA) upgraded to Buy from Neutral at Citigroup, tgt $488
    • Sarepta Therapeutics (SRPT) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $27
    • Ternium (TX) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $45
    • The Bancorp (TBBK) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $77
    • Toast (TOST) upgraded to Buy from Neutral at Goldman, tgt $36
  • Downgrades:
    • AeroVironment (AVAV) downgraded to Sector Perform from Outperform at RBC Capital, tgt $180
    • Caesars Entertainment (CZR) downgraded to Equal Weight from Overweight at Barclays, tgt $31
    • Ducommun (DCO) downgraded to Sector Perform from Outperform at RBC Capital, tgt $175
    • First Citizens BancShares (FCNCA) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $2,300
    • Goldman Sachs BDC (GSBD) downgraded to Underperform from Neutral at BofA Securities, tgt $8.50
    • Graco (GGG) downgraded to Peer Perform from Outperform at Wolfe Research
    • Granite Construction (GVA) downgraded to Sell from Neutral at Goldman, tgt $139
    • Kaiser Aluminum (KALU) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $158
    • Madison Square Garden Entertainment (MSGE) downgraded to Neutral from Buy at Goldman, tgt $82
    • Mattel (MAT) downgraded to Sell from Neutral at Goldman, tgt $12
    • Packaging Corp (PKG) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $246
    • Paramount Skydance (PSKY) downgraded to Sell from Neutral at Arete, tgt $2
    • Pentair (PNR) downgraded to Peer Perform from Outperform at Wolfe Research
    • Salesforce (CRM) downgraded to Sector Weight from Overweight at KeyBanc
    • Stellantis (STLA) downgraded to Neutral from Overweight at JPMorgan
    • Tractor Supply (TSCO) downgraded to Neutral from Outperform at Mizuho, tgt $32
  • Others:
    • Alerus Financial (ALRS) resumed with an Outperform at Raymond James, tgt $34
    • Align Technology (ALGN) initiated with an Outperform at BMO Capital, tgt $209
    • Alphatec (ATEC) initiated with an Outperform at BMO Capital, tgt $11
    • Axos Financial (AX) initiated with a Buy at Benchmark, tgt $115
    • Bank of Hawaii (BOH) initiated with a Hold at Benchmark
    • Banner Corporation (BANR) initiated with a Hold at Benchmark
    • Capitol Federal Financial (CFFN) initiated with a Buy at Benchmark, tgt $10
    • CECO Environmental (CECO) initiated with an Overweight at JPMorgan, tgt $130
    • Central Pacific Financial (CPF) initiated with a Buy at Benchmark
    • Cohu (COHU) initiated with an Outperform at Robert W. Baird, tgt $65
    • Comfort Systems USA (FIX) initiated with a Buy at Goldman, tgt $2,159
    • CONMED (CNMD) initiated with a Market Perform at BMO Capital, tgt $36
    • Dentsply Sirona (XRAY) initiated with a Market Perform at BMO Capital, tgt $12
    • Edgewise Therapeutics (EWTX) initiated with an Outperform at Oppenheimer, tgt $51
    • Enovis (ENOV) initiated with an Outperform at BMO Capital, tgt $29
    • Envista (NVST) initiated with a Market Perform at BMO Capital, tgt $27
    • First Financial (THFF) resumed with a Market Perform at Raymond James
    • First Hawaiian (FHB) initiated with a Hold at Benchmark
    • Flotek (FTK) initiated with a Buy at JonesResearch, tgt $40
    • GE HealthCare (GEHC) initiated with a Market Perform at BMO Capital, tgt $70
    • Globus Medical (GMED) initiated with an Outperform at BMO Capital, tgt $94
    • Henry Schein (HSIC) initiated with a Market Perform at BMO Capital, tgt $85
    • Integra LifeSciences (IART) initiated with a Market Perform at BMO Capital, tgt $19
    • Intuitive Surgical (ISRG) initiated with an Outperform at BMO Capital, tgt $518
    • LXP Industrial Trust (LXP) initiated with an Outperform at BMO Capital, tgt $65
    • Medallion Financial (MFIN) initiated with a Market Perform at Raymond James
    • Orchid Island Capital (ORC) initiated with a Neutral at BTIG
    • Orrstown Financial (ORRF) resumed with a Market Perform at Raymond James
    • OS Therapies (OSTX) initiated with a Buy at Roth Capital, tgt $7
    • Perimeter Solutions (PRM) initiated with an Overweight at JPMorgan, tgt $50
    • Polaryx Therapeutics (PLYX) initiated with a Buy at H.C. Wainwright, tgt $7
    • Scorpio Tankers (STNG) reinstated with an Equal Weight at Morgan Stanley, tgt $82
    • Solventum (SOLV) initiated with a Market Perform at BMO Capital, tgt $81
    • Stryker (SYK) initiated with an Outperform at BMO Capital, tgt $369
    • Teleflex (TFX) initiated with an Outperform at BMO Capital, tgt $159
    • Tesla (TSLA) initiated with a Market Perform at Citizens
    • Waters (WAT) initiated with an Outperform at RBC Capital, tgt $435
    • Zimmer Biomet (ZBH) initiated with a Market Perform at BMO Capital, tgt $95

>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2026 V2(+)

>>> Up
* Adecco Raised to Buy at Deutsche Bank; PT 210 Swiss francs (+)
* Admiral Raised to Neutral at Goldman; PT 3,860 pence
* Bjorn Borg Raised to Accumulate at Inderes; PT 69 kronor
* Clariant Raised to Outperform at On Field; PT 9.50 Swiss francs (+)
* Fincantieri Raised to Outperform at Mediobanca SpA; PT 17 euros
* Glencore Raised to Buy at Goldman; PT 630 pence (+)
* Indutrade Raised to Buy at ABG; PT 235 kronor
* OKEA Raised to Buy at SB1 Markets; PT 38 kroner
* Pandora Raised to Buy at SEB Equities; PT 1,000 kroner
* Roche Raised to Buy at Bank Vontobel; PT 400 Swiss francs (+)
* Sampo Raised to Buy at Goldman; PT 10.60 euros
* Scatec Price Target Raised to NOK 129 from NOK 122 by Nordea
* Schott Pharma Raised to Outperform at RBC; PT 21 euros
* Siltronic Raised to Outperform at BNP Paribas; PT 108 euros
* Unibail Raised to Buy at Berenberg; PT 120 euros
* Veidekke Raised to Buy at ABG; PT 210 kroner
* Vincit Raised to Accumulate at Inderes; PT 1.15 euros
* Wolters Kluwer Raised to Overweight at JPMorgan; PT 87 euros

>>> Down
* Admicom Cut to Hold at Nordea
* Caesars Entertainment Cut to Equal-Weight at Barclays; PT $31
* Elisa Price Target Cut to EUR 38 from EUR 39 by Nordea
* Gjensidige Cut to Hold at Norne Securities; PT 295 kroner
* GlobalData Cut to Hold at Peel Hunt; PT 77 pence (+)
* Industrivarden Cut to Sell at Nordea; PT 464 kronor
* New Wave Price Target Cut to SEK 100 from SEK 105 by Danske Bank
* Nokian Tyres Downgraded to Hold from Buy by Danske Bank
* Partners Group Cut to Neutral at UBS; PT 705 Swiss francs
* Salesforce Cut to Sector Weight at KeyBanc
* Simon Property Cut to Hold at Deutsche Bank; PT $220
* Stellantis Cut to Neutral at JPMorgan; PT $6.85
* Telenor Price Target Cut to NOK 174 from NOK 183 by Nordea

>>> Initiation
* Bavarian Nordic Resumed with Buy by Nordea
* Erste Resumed with Buy by Goldman Sachs
* Saga Rated New Buy at Berenberg; PT 1,025 pence
* Scorpio Tankers Reinstated Equal-Weight at Morgan Stanley
* Straumann Rated New Outperform at BMO; PT 121 Swiss francs
* Tesla Reinstated Market Perform at Citizens

>>> Call
* Admiral Upped to Neutral at Goldman as Pricing Turns, Risks Fade (+)
* Morgan Stanley Lifts African, Egyptian Stocks; Cuts Saudi Arabia
* Stellantis Gets Cut to Neutral at JPMorgan on Slower Recovery (+)
* Wolters Kluwer Upgraded to Overweight at JPMorgan on Valuation (+)

The Information : SpaceX Makes AI Advances, With a Little Help From Cursor

SpaceX Makes AI Advances, With a Little Help From Cursor

How about that? SpaceX’s AI unit is rolling out some AI products of value to businesses. On Wednesday, SpaceXAI—as the unit is called—and its soon-to-be subsidiary Cursor jointly introduced Grok 4.5, a model “built for coding, agentic tasks and knowledge work.” A week ago, SpaceX introduced a “Voice Agent Builder” enabling small businesses to set up an AI that can talk on the phone and handle customer service calls, among other things.

To be clear, SpaceX is late to the party on both fronts. Voice AI agents are already widely available from firms like Sierra, while a model built for coding and agentic tasks is hardly novel. Elon Musk promoted Grok 4.5 as “roughly comparable to [Anthropic’s] Opus 4.7, but much faster.” Even so, the product releases are a reminder that SpaceXAI isn’t just renting out its cloud capacity to other firms. It is still trying to build a regular AI business.

One problem SpaceXAI may find is cutting through the noise and getting attention for its new offerings. While Musk uses his X account to promote what SpaceXAI is doing, his messages won’t reach small businesses unless they’re online constantly. Most of them aren’t. And his strategy of ignoring the regular business media means he is missing out on a marketing channel that OpenAI, Anthropic and Google all use to get the word out. (OpenAI, incidentally, rolled out its latest voice models on Wednesday).

What gets attention in the news media are Musk’s polarizing political activities, as well as the more ambitious moves his companies are making, like Tesla’s Robotaxi push (which we wrote about today here) or SpaceX’s public market debut. (SpaceX stock fell 0.8% today to $148.30, 10% above its IPO price but 30% below the high it reached shortly after the offering.) Meanwhile, his controversial behavior, and Grok’s reputation for racy content, might alienate potential business customers. SpaceX’s planned purchase of Cursor is giving it a leg up in winning AI enterprise business, but the AI unit still faces lots of obstacles to becoming competitive in that market.

Bezos Goes Hat in Hand to Investors
Even Jeff Bezos has his spending limits. His rocket firm, Blue Origin, is raising outside capital for the first time, we and others reported on Wednesday, after years of being financed entirely by the Amazon founder. The company is raising $10 billion, with $2 billion coming from Bezos, as we reported.

Last year, Bezos co-founded an AI startup called Prometheus to focus on AI that can help with engineering and manufacturing. He put in some of the company’s initial $6 billion in funding, but not all of it. And last month, Prometheus raised another $12 billion from a wide range of venture firms, according to PitchBook. Yes, rockets and AI are both massively capital-intensive businesses, no matter how rich you are, as Elon Musk has also demonstrated.