WSJ : Activist Jana Builds Stake in Payments Business Fiserv

Activist Jana Builds Stake in Payments Business Fiserv
The hedge fund has been speaking to the company and supports CEO Mike Lyons

Activist investor Jana Partners has built a stake in Fiserv FISV 0.92%increase; green up pointing triangle and is pushing for changes to boost the payments company’s underperforming stock, according to people familiar with the matter.

The details
Fiserv, which provides fintech services to banks, credit unions and merchants, had a market value of about $32 billion as of Friday.

Fiserv shares tumbled almost 70% last year on slowing growth in its core merchant-solutions business and heightened industry competition. Year-to-date, the stock is down over 11%. Much of the drop last year came after Chief Executive Officer Mike Lyons joined and cut prior profit forecasts to reset earnings growth expectations on Wall Street, with the company losing around $30 billion of market value in one day.

Jana has been speaking privately with the Milwaukee-based company about ways to improve its share price, the people said. The investment firm believes Fiserv is poised to benefit from a strong spending environment for banks, the people said.

Jana supports Lyons and his focus on improving execution and refreshing the board, the people added. Lyons was appointed to the role in May from his prior job at PNC Financial. (Fiserv’s former CEO, Frank Bisignano, left to join the Trump administration.)

The exact size of Jana’s stake and whether or not the firm could seek board representation couldn’t be learned.

“During the past several months, we have engaged with many of our shareholders, including Jana Partners,” a spokesperson for Fiserv said in a statement. “We value shareholder perspectives as we drive progress through our One Fiserv action plan.”

The context
Jana is joining with at least one banking industry executive with dealmaking experience on its investment, the people familiar with the matter said.

Jana wants Fiserv to accelerate growth of its core banking franchise and conduct a strategic review to exit nonstrategic assets, the people said. Jana isn’t expected to push for a separation of Fiserv’s payments business from its financial-technology business, a strategy that the firm successfully lobbied for at Fidelity National Information Services in 2022, the people added.

Lyons recently announced fresh strategic initiatives, including its One Fiserv plan, which is focused on winning new enterprise clients and longer-term capital planning. Jana supports the One Fiserv plan, the people familiar with the matter said.

Late last year, Fiserv hired a new chief financial officer and appointed two co-presidents for the company’s main business segments. It also recently added three new independent directors to its board.

Jana has recently pushed for changes at medical-device maker Cooper Cos. and the big holding company Markel Group, both of which are in the process of conducting their own strategic reviews. It recently called on digital banking platform provider Alkami Technology to explore a sale.

>> US Research Calls I

Research Calls I
  • Upgrades:
    • Accenture (ACN) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $275
    • Albemarle (ALB) upgraded to Buy from Neutral at BofA Securities, tgt $190
    • Cognex (CGNX) upgraded to Buy from Hold at HSBC, tgt $68
    • Dollar Tree (DLTR) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $165
    • Jack Henry (JKHY) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $196
    • Liberty Energy (LBRT) upgraded to Buy from Neutral at BofA Securities, tgt $31
    • Marsh McLennan (MRSH) upgraded to Strong Buy from Outperform at Raymond James, tgt $225
    • Melco Resorts & Entertainment (MLCO) upgraded to Buy from Neutral at UBS, tgt $9.50
    • Shopify (SHOP) upgraded to Buy from Hold at Truist, tgt $150
    • Southwest Airlines (LUV) upgraded to Buy from Neutral at UBS, tgt $73
    • TransUnion (TRU) upgraded to Neutral from Underperform at BofA Securities, tgt $83
    • Truist Financial (TFC) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $69
    • Upstart (UPST) upgraded to Neutral from Sell at Compass Point, tgt $30
    • Veeva Systems (VEEV) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $205
  • Downgrades:
    • Bath & Body Works (BBWI) downgraded to Neutral from Buy at Citigroup, tgt $25
    • ConocoPhillips (COP) downgraded to Neutral from Buy at Roth Capital, tgt $112
    • Dollar General (DG) downgraded to Sell from Neutral at Rothschild & Co Redburn, tgt $111
    • Eagle Materials (EXP) downgraded to Underweight from Neutral at JPMorgan, tgt $215
    • Enbridge (ENB) downgraded to Hold from Buy at Jefferies
    • ICON (ICLR) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $100
    • Unilever (UL) downgraded to Hold from Buy at Kepler
    • Warner Bros. Discovery (WBD) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $31
  • Others:
    • AeroVironment (AVAV) initiated with an Overweight at JPMorgan, tgt $320
    • Autolus Therapeutics (AUTL) initiated with a Buy at H.C. Wainwright, tgt $9
    • BASF (BASFY) upgraded to Hold from Sell at Berenberg
    • BitGo (BTGO) initiated with a Buy at Citigroup, tgt $18
    • BitGo (BTGO) initiated with a Buy at Compass Point, tgt $17
    • BitGo (BTGO) initiated with a Buy at Deutsche Bank, tgt $17
    • BitGo (BTGO) initiated with a Neutral at Goldman, tgt $11.50
    • BitGo (BTGO) initiated with an Outperform at Mizuho, tgt $17
    • BitGo (BTGO) initiated with a Buy at Clear Street, tgt $18
    • BitGo (BTGO) initiated with an Overweight at Cantor Fitzgerald, tgt $18
    • Caris Life Sciences (CAI) initiated with an Outperform at Robert W. Baird, tgt $26
    • Cullinan Therapeutics (CGEM) initiated with a Buy at Citigroup, tgt $33
    • EquipmentShare (EQPT) initiated with a Buy at Goldman, tgt $51
    • EquipmentShare (EQPT) initiated with a Buy at Truist, tgt $43
    • EquipmentShare (EQPT) initiated with an Outperform at Robert W. Baird, tgt $63
    • EquipmentShare (EQPT) initiated with an Outperform at Citizens, tgt $42
    • EquipmentShare (EQPT) initiated with a Sector Weight at KeyBanc
    • Genmab (GMAB) resumed with a Buy at Jefferies, tgt $41.50
    • Grail (GRAL) initiated with an Outperform at Robert W. Baird, tgt $113
    • Guardant Health (GH) initiated with an Outperform at Robert W. Baird, tgt $120
    • Immutep (IMMP) initiated with an Outperform at Citizens, tgt $6
    • Karooooo (KARO) initiated with a Buy at Roth Capital, tgt $62
    • Tempus AI (TEM) initiated with an Outperform at Robert W. Baird, tgt $59

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • WHG -8.3%, GPC -7.2%, VMC -6.9%, SUN -6.7%, AHH -5.5%, SXC -5%, CNH -4.9%, MDT -4.6%, VMI -4.5%, ALLE -4.2%, GIS -3.4% (guidance), HRI -3.1%, LDOS -1.9%, POR -1.8%, LPX -1.4%, IVA -1.3%, SGI -1.3%, USAC -1.3%
Other news:
  • OCUL -30.6% (topline results from the SOL-1 Phase 3 superiority trial of AXPAXLI, its investigational product candidate, for the treatment of wet age-related macular degeneration)
  • VMC -7.5% (increases quarterly cash dividend to $0.52/share from $0.49/share)
  • WPM -2.3% (production guidance)
  • STEX -1.7% (files prospectus supplement relating to 2,443,750 shares; supplement relates to the resale from time to time by the Selling Stockholder)
Analyst comments:
  • BBWI -2.4% (downgraded to Neutral from Buy at Citigroup)
  • DG -0.6% (downgraded to Sell from Neutral at Rothschild & Co Redburn)

>>> Europe : Brokers Upgrades & Downgrades - 17th of February 2026 V3(++)

>>> Up
* Albemarle Raised to Buy at BofA; PT $190 (++)
* Avolta Raised to Buy at UBS; PT 65 Swiss francs
* BASF Raised to Hold at Berenberg; PT 48 euros
* BASF ADRs Raised to Hold at Berenberg; PT $14.20
* Cancom Raised to Overweight at Cantor; PT 31 euros (+)
* Citigroup PT Raised to $152 from $135 at Morgan Stanley
* Dollar Tree Raised to Buy at Rothschild & Co Redburn; PT $165
* Eurofins Scientific Raised to Buy at CIC; PT 80 euros (++)
* FinecoBank Raised to Buy at UBS; PT 23.80 euros
* Genmab Raised to Buy at Jefferies; PT 2,650 kroner
* Genmab ADRs Raised to Buy at Jefferies; PT $41.50
* Huscompagniet Raised to Buy at Danske Bank Markets; PT 43 kroner (++)
* L'Oreal Raised to Buy at HSBC; PT 437 euros (+)
* Note Raised to Buy at Nordea; PT 182 kronor
* Schroders Raised to Equal-Weight at Morgan Stanley; PT 612 pence
* SF Urban Properties AG Raised to Outperform at ZKB (+)
* SSP Raised to Buy at UBS; PT 245 pence
* Theon International Raised to Buy at Stifel; PT 34 euros

>>> Down
* Alfen Cut to Underperform at Oddo BHF; PT 8 euros
* Aspo Cut to Reduce at Inderes; PT 7.60 euros (+)
* Conoco Cut to Neutral at Roth Capital Partners; PT $112
* Credit Agricole Cut to Hold at Deutsche Bank; PT 20 euros
* Dollar General Cut to Sell at Rothschild & Co Redburn; PT $111
* Ecora Royalties Plc Cut to Hold at Peel Hunt; PT 154 pence
* Henkel Cut to Neutral at Grupo Santander; PT 86.70 euros
* InterContinental Hotels Cut to Hold at Peel Hunt (+)
* Norsk Hydro Cut to Sell at SEB Equities; PT 75 kroner
* Plazza Cut to Market Perform at ZKB (+)
* Prosegur Cash Cut to Hold at Bestinver; PT 74 euro cents (+)
* Prysmian Cut to Hold at Berenberg
* Puig Cut to Neutral at JB Capital Markets; PT 18.50 euros
* Solvay Cut to Neutral at Oddo BHF; PT 28 euros
* Unilever Cut to Hold at Kepler Cheuvreux
* Warner Bros Discovery Cut to Neutral at Rothschild & Co Redburn (+)
* Zurich Airport Cut to Neutral at Intesa Sanpaolo (++)

>>> Initiation
* Addnode Group AB Rated New Buy at SB1 Markets; PT 96 kronor
* Allianz Rated New Sector Perform at RBC; PT 405 euros
* AXA Reinstated Outperform at RBC; PT 48 euros
* Mha Rated New Buy at Stifel; PT 205 pence (+)
* Moreld Rated New Buy at Clarksons; PT 21 kroner
* Pinewood Technologies Reinstated Buy at Berenberg; PT 725 pence
* PZ Cussons Rated New Buy at Singer Capital Markets; PT 118 pence (++)

>>> Call
* Atos, Aumovio Drop as Bernstein Highlights AI Disruption Risks (++)
* Genmab Resumed With a Buy at Jefferies: Europe Research Digest (++)
* Citigroup is Morgan Stanley’s Top US Pick, Target Boosted (+)
* AI Disruption May Push US Small-Bank Mergers, JPMorgan Says (+)
* AXA Rated Outperform at RBC on ‘Fundamental Improvements’
* BASF Shares Raised to Hold at Berenberg on Political Outlook
* SSP Raised to Buy at UBS on Cash-Flow Focus, Earnings Growth (+)
* Prysmian Cut to Hold at Berenberg on Limited Upside (+)
* Kepler Cheuvreux Downgrades Unilever, Sees More Value Elsewhere (+)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • DTE +28.5%, ENLT +8%, ETOR +6.7%, FLR +6.6%, KNF +3.7%, WAY +3.5%, CEVA +3.4%, NESR +2.7%, LH +2.6%, SON +2.4%, KRYS +2%, RNW +1.9%, SSTK +1%
Other news:
  • ZIM +35.2% (to be acquired by Hapag-Lloyd for $35 per share in $4.2 bln cash deal)
  • CMPS +23.1% (announces successful achievement of the primary endpoint in the ongoing Phase 3 COMP006 trial)
  • RYI +12.8% (Ryerson and Olympic Steel announce successful closing of merger)
  • KW +9.7% (to be acquired in an all-cash transaction by Fairfax Financial Holdings (FRFHF) and KW Management Group for $10.90/share)
  • NPO +5.2% (increases quarterly cash dividend 3.2% to $0.32/share from $0.31/share)
  • BNC +4.4% (issues statement refuting YZi Labs' latest claims; Confirms BNC is fully compliant with Nasdaq rules for holding the annual meeting)
  • LAD +3.2% (implements shift to align its IT and technology teams more closely)
  • NWG +3.2% (launches £750 mln 2026 share buyback program)
  • NKTR +3.2% (announces research collaboration with UCSF and Dr. Stephen Hauser for NKTR-0165, a Tumor Necrosis Factor Receptor 2 antibody, in multiple sclerosis)
  • GSK +2.5% (receives EU approval for Exdensur in severe asthma and CRSwNP; launches £0.45 bln fourth tranche under £2 bln buyback program)
  • ESLT +1.9% (secures $435 mln in multi-year international defense awards)
Analyst comments:
  • LUV +2.1% (upgraded to Buy from Neutral at UBS)
  • DLTR +1.8% (upgraded to Buy from Neutral at Rothschild & Co Redburn)
  • ALB +1.2% (upgraded to Buy from Neutral at BofA Securities)
  • ACN +0.9% (upgraded to Overweight from Equal Weight at Wells Fargo)
  • UPST +0.7% (upgraded to Neutral from Sell at Compass Point)

>>> Europe : Brokers Upgrades & Downgrades - 17th of February 2026 V2(+)

>>> Up
* Avolta Raised to Buy at UBS; PT 65 Swiss francs
* BASF Raised to Hold at Berenberg; PT 48 euros
* BASF ADRs Raised to Hold at Berenberg; PT $14.20
* Cancom Raised to Overweight at Cantor; PT 31 euros (+)
* Citigroup PT Raised to $152 from $135 at Morgan Stanley
* Dollar Tree Raised to Buy at Rothschild & Co Redburn; PT $165
* FinecoBank Raised to Buy at UBS; PT 23.80 euros
* Genmab Raised to Buy at Jefferies; PT 2,650 kroner
* Genmab ADRs Raised to Buy at Jefferies; PT $41.50
* L'Oreal Raised to Buy at HSBC; PT 437 euros (+)
* Note Raised to Buy at Nordea; PT 182 kronor
* Schroders Raised to Equal-Weight at Morgan Stanley; PT 612 pence
* SF Urban Properties AG Raised to Outperform at ZKB (+)
* SSP Raised to Buy at UBS; PT 245 pence
* Theon International Raised to Buy at Stifel; PT 34 euros

>>> Down
* Alfen Cut to Underperform at Oddo BHF; PT 8 euros
* Aspo Cut to Reduce at Inderes; PT 7.60 euros (+)
* Conoco Cut to Neutral at Roth Capital Partners; PT $112
* Credit Agricole Cut to Hold at Deutsche Bank; PT 20 euros
* Dollar General Cut to Sell at Rothschild & Co Redburn; PT $111
* Ecora Royalties Plc Cut to Hold at Peel Hunt; PT 154 pence
* Henkel Cut to Neutral at Grupo Santander; PT 86.70 euros
* InterContinental Hotels Cut to Hold at Peel Hunt (+)
* Norsk Hydro Cut to Sell at SEB Equities; PT 75 kroner
* Plazza Cut to Market Perform at ZKB (+)
* Prosegur Cash Cut to Hold at Bestinver; PT 74 euro cents (+)
* Prysmian Cut to Hold at Berenberg
* Puig Cut to Neutral at JB Capital Markets; PT 18.50 euros
* Solvay Cut to Neutral at Oddo BHF; PT 28 euros
* Unilever Cut to Hold at Kepler Cheuvreux
* Warner Bros Discovery Cut to Neutral at Rothschild & Co Redburn (+)

>>> Initiation
* Addnode Group AB Rated New Buy at SB1 Markets; PT 96 kronor
* Allianz Rated New Sector Perform at RBC; PT 405 euros
* AXA Reinstated Outperform at RBC; PT 48 euros
* Mha Rated New Buy at Stifel; PT 205 pence (+)
* Moreld Rated New Buy at Clarksons; PT 21 kroner
* Pinewood Technologies Reinstated Buy at Berenberg; PT 725 pence

>>> Call
* Citigroup is Morgan Stanley’s Top US Pick, Target Boosted (+)
* AI Disruption May Push US Small-Bank Mergers, JPMorgan Says (+)
* AXA Rated Outperform at RBC on ‘Fundamental Improvements’
* BASF Shares Raised to Hold at Berenberg on Political Outlook
* SSP Raised to Buy at UBS on Cash-Flow Focus, Earnings Growth (+)
* Prysmian Cut to Hold at Berenberg on Limited Upside (+)
* Kepler Cheuvreux Downgrades Unilever, Sees More Value Elsewhere (+)

>>> What to look at today - 17th of February 2026

US equity-index futures fell and Treasuries edged higher, underscoring a cautious mood heading into the market’s reopening after a holiday. Contracts for the S&P 500 dropped 0.4% and those for the Nasdaq 100 Index slipped 0.7% in a sign of risk aversion before the US returned Tuesday after observing the Presidents’ Day holiday on Monday. Asian stocks fell 0.1% in thin trading, with China, Hong Kong and several regional markets shut for the Lunar New Year. European shares were also set for a weaker open. Treasury 10-year yields fell two basis points to 4.03%. Precious metals slid. Japan’s bonds rallied across the curve after demand at a bond auction showed signs of stabilization. Oil held its gains, with traders pricing in higher geopolitical risk after Iran held naval exercises near a critical shipping corridor before talks with the US. Developments in the Middle East have thrust geopolitical risk back into focus, as traders also weigh the outlook for Federal Reserve interest-rate cuts following Friday’s inflation data. Shifting sentiment around artificial intelligence is adding to the unease, rippling beyond the tech sector amid the emergence of the so-called AI scare trade. Iranian Foreign Minister Abbas Araghchi held talks with the head of the UN’s atomic watchdog in Geneva on Monday, ahead of a second round of nuclear negotiations with the US. Trump has threatened to strike the Islamic Republic unless it agrees to a deal curbing Tehran’s nuclear program in exchange for sanctions relief. He’s mobilized warships and fighter jets near Iran in response to a recent deadly crackdown by the regime there following mass protests. Investors seeking clues on the Fed’s rate path will get a chance Tuesday, when Governor Michael Barr speaks on the labor market and AI, while San Francisco Fed President Mary Daly discusses AI and the economy. Traders will also be watching for ADP private payrolls numbers on Tuesday and the minutes from the Fed’s January meeting on Wednesday for a fresh read on the economy. In Japan, demand at a five-year government bond auction increased for the first time since September amid receding expectations for an early rate hike by the country’s central bank. This was the first auction of conventional Japanese government bonds after Prime Minister Sanae Takaichi’s historic election victory earlier this month. Meanwhile, the impact of AI, which has driven selling pressure across multiple stock-market sectors in recent weeks, continued to draw attention. The S&P 500 has declined for two straight weeks and is down 0.1% this year. The tech-heavy Nasdaq 100 has fallen for three consecutive weeks, leaving it about 2% lower year-to-date. A JPMorgan Chase & Co. team led by Mislav Matejka urged caution on stocks at risk of AI-driven “cannibalization” including software, business services and media companies.  Firms are developing tools to capitalize on the divergence. Goldman Sachs Group Inc. launched a new basket of software stocks that goes long firms that will benefit from AI adoption, while shorting the companies whose workflows could be replaced.  With AI disruption rippling through markets, a lot will come down to earnings resilience, particularly in the US. 

Nikkei -0.83% Hang Seng closed CSI closed Shanghai closed Shenzen closed

Eur$ 1.1845 CNH 6.8883 CNY 6.9048 JPY 152.92 GBP 1.3611 CHF 0.7691 RUB 76.8208 TRY 43.7261 WTI$ 63.37 +0.76% Gold 4,891 -2.04% BTC 68,350 -0.70% ETH 1,978 -1.02%

S&P -0.39% Nasdaq -0.72% EuroStoxx -0.35% FTSE -0.18% Dax -0.41% SMI +0.03%

Macro :
- Hedge Funds Buy Most Asian Stocks in a Decade, Goldman Says
- Italian Power Drops as Market Weighs Gas, Carbon Policy Shifts
- EVs must be 70% made in the EU to qualify for state support, Brussels says - FT

Keep an eye on :
- ACAST SS : Acast to Distribute Video Podcasts to Apple Podcasts Using HLS
- ADP FP : ADP Jan. Passenger Traffic +5%
- ALSN SW : Also Sees 2026 Ebitda EU300M to EU340M
- ANTO LN : Antofagasta FY Revenue Beats Estimates
- BSLN SW : Basilea FY Net Income Beats Estimates
- BHP LN : BHP Targets $10 Billion in Asset Sales to Help Fund Copper Expansion - WSJ
- DHT US : Danaher closes in on nearly $10bn deal for medical device maker Masimo - FT
- DKSH SW : DKSH FY Operating Profit CHF335.4M Vs. CHF333.9M Y/y
- FGR FP : Eiffage Buys Assets of Claus Heinemann Elektroanlagen
- ENG SM : Enagas FY Ebitda Meets Estimates
- ERG IM : ERG Could Seek Industrial Partners, Corriere Reports
- EXO NA : Reale Group Agrees to Buy 80% of Lifenet From Exor and Invin
- FCT IM : Norwegian Cruise Orders Three New Ships From Fincantieri
- GIVN SW : Givaudan to Invest CHF55m in Campus in Grasse, France
- GTT FP : GTT Gets Order From Jiangnan for Tank Design of 4 LNG Carriers
- HACK SS : Hacksaw 4Q Revenue Misses Estimates
- IDR SM : Activist Third Point Builds Indra Stake, Urges Board to Buy EM&E
- MoonShot : China AI Startup Moonshot Seeks $10 Billion Value in New Funding
- NWRN SW : Newron Secures Up to EU38 Million to Advance Evenamide Program
- NEXI IM : Nexi Shareholder Pact Drops to 41.37% After Funds Cut Stakes
- NOEJ GY : Norma 4Q Adjusted Ebit EU0.4M Vs. EU3.6M Y/y
- NCLH US : Activist Elliott Builds Big Stake in Norwegian Cruise Line -- WSJ
- PLUS LN : Plus500 Executives to Sell 1.5 Million Shares Via Goldman Sachs, Plus500 Offering by Holders Prices at £45/Share, Terms Show
- ROSE LN : Rosebank Looks Again to its Raise-to-Buy Strategy: ECM Watch
- SINCH SS : Sinch 4Q Net Sales Miss Estimates
- SRE LN : Sirius Real Estate Starts £75 Million Capital Raise, Sirius Real Estate Raises £75m for German Acquisition Pipeline
- Space X IPO : SpaceX to Compete in Pentagon Contest for Autonomous Drone Tech
- TRIP US : Starboard to Push for Big Shake-Up of Tripadvisor's Board -- WSJ
- TRUEB SS : Truecaller 4Q Revenue Beats Estimates
- VK FP : Baker Hughes, Vallourec in MOU For Hydrogen Storage Projects
- VCT LN : Vicat FY Ebitda Meets Estimates
- VOW GY : Volkswagen Says Launch of Criminal Proceedings in France over Diesel Issue 'Inadmissible'
- FHZN SW : Zurich Airport Reaches Agreement in Airport Charges Talks

>>> Europe : Brokers Upgrades & Downgrades - 17th of February 2026

>>> Up
* Avolta Raised to Buy at UBS; PT 65 Swiss francs
* BASF Raised to Hold at Berenberg; PT 48 euros
* BASF ADRs Raised to Hold at Berenberg; PT $14.20
* Citigroup PT Raised to $152 from $135 at Morgan Stanley
* Dollar Tree Raised to Buy at Rothschild & Co Redburn; PT $165
* FinecoBank Raised to Buy at UBS; PT 23.80 euros
* Genmab Raised to Buy at Jefferies; PT 2,650 kroner
* Genmab ADRs Raised to Buy at Jefferies; PT $41.50
* Note Raised to Buy at Nordea; PT 182 kronor
* Schroders Raised to Equal-Weight at Morgan Stanley; PT 612 pence
* SSP Raised to Buy at UBS; PT 245 pence
* Theon International Raised to Buy at Stifel; PT 34 euros

>>> Down
* Alfen Cut to Underperform at Oddo BHF; PT 8 euros
* Conoco Cut to Neutral at Roth Capital Partners; PT $112
* Credit Agricole Cut to Hold at Deutsche Bank; PT 20 euros
* Dollar General Cut to Sell at Rothschild & Co Redburn; PT $111
* Ecora Royalties Plc Cut to Hold at Peel Hunt; PT 154 pence
* Henkel Cut to Neutral at Grupo Santander; PT 86.70 euros
* Norsk Hydro Cut to Sell at SEB Equities; PT 75 kroner
* Prysmian Cut to Hold at Berenberg
* Puig Cut to Neutral at JB Capital Markets; PT 18.50 euros
* Solvay Cut to Neutral at Oddo BHF; PT 28 euros
* Unilever Cut to Hold at Kepler Cheuvreux

>>> Initiation
* Addnode Group AB Rated New Buy at SB1 Markets; PT 96 kronor
* Allianz Rated New Sector Perform at RBC; PT 405 euros
* AXA Reinstated Outperform at RBC; PT 48 euros
* Pinewood Technologies Reinstated Buy at Berenberg; PT 725 pence

>>> Call
* AXA Rated Outperform at RBC on ‘Fundamental Improvements’
* BASF Shares Raised to Hold at Berenberg on Political Outlook

>>> Stoxx 600 Pre-Market Indications

  • Lotus Bakeries (7LB TH) -1%
  • Hensoldt (HAG TH) -1%
  • Eni (ENI TH) -1.1%
  • Credit Agricole (XCA TH) -1.1%
  • Zalando (ZAL TH) -1.1%
  • Henkel (HEN3 TH) -1.2%
    • Henkel Cut to Neutral at Grupo Santander; PT 86.70 euros
  • Reckitt (3RB0 TH) -1.2%
  • Prysmian (AEU TH) -1.6%
    • Prysmian Cut to Hold at Berenberg
  • Fresnillo (FNL TH) -4.3%
    • Silver Tumbles With JGB Yields as Sentiment Sours: Markets Live