>>> Europe : Brokers Upgrades & Downgrades - 24th of June 2025 V2(+)

>>> Up
* Aurubis Raised to Outperform at Oddo BHF; PT 105 euros
* Aviva Raised to Outperform at Mediobanca SpA; PT 689 pence
* Bioretec Raised to Buy at Inderes; PT 2.40 euros
* Colruyt Raised to Accumulate at KBC Securities; PT 41 euros (+)
* CVC Capital Raised to Overweight at Barclays; PT 19.80 euros
* Dialight Raised to Buy at Investec; PT 220 pence (+)
* Electronic Arts Raised to Buy at Roth Capital Partners; PT $185
* Eutelsat Raised to Hold at Kepler Cheuvreux (+)
* Holcim Raised to Overweight at Morgan Stanley
* Holcim Raised to Buy at BofA (+)
* MakeMyTrip Raised to Outperform at Macquarie; PT $110
* Mapfre Raised to Equal-Weight at Barclays; PT 3.50 euros
* Melexis Raised to Overweight at Morgan Stanley; PT 80 euros
* Monte Paschi Raised to Buy at BofA (+)
* Sweco Raised to Buy at SEB Equities; PT 180 kronor
* Tullow Raised to Add at AlphaValue/Baader

>>> Down
* Aker BP Cut to Neutral at SpareBank; PT 290 kroner (+)
* ASR Nederland Cut to Neutral at Citi; PT 55.31 euros
* BMW Cut to Underperform at BNPP Exane; PT 63 euros
* Bunzl Cut to Hold at Stifel; PT 2,600 pence (+)
* Deutsche Post Cut to Sell at UBS; PT 36 euros (+)
* Eurotelesites Cut to Accumulate at Erste Group; PT 5.90 euros
* Hims & Hers Health Cut to Hold at Needham
* Hugo Boss Cut to Add at Baader Helvea; PT 42 euros
* Incap Cut to Reduce at Inderes; PT 12 euros (+)
* Intesa Sanpaolo Cut to Neutral at BofA (+)
* Lindt & Spruengli Cut to Neutral at BofA (+)
* Partners Group Cut to Neutral at BofA (+)
* Porsche Cut to Neutral at BNPP Exane; PT 42 euros
* Deutsche Post Cut to Sell at UBS; PT 36 euros (+)
* Poste Italiane Cut to Hold at Jefferies; PT 18.40 euros
* Reinet Investments Cut to Hold at SBG Securities; PT 27.57 euros (+)
* Var Energi Cut to Neutral at SpareBank; PT 37 kroner

>>> Initiation
* Amrize Rated New Outperform at RBC
* Amrize Rated New Overweight at Morgan Stanley
* Amrize Rated New Outperform at ZKB
* Grenke Rated New Buy at DZ Bank; PT 22 euros
* Holcim Reinstated Overweight at JPMorgan; PT 65 Swiss francs
* Nexans Rated New Buy at Deutsche Bank; PT 131 euros (+)
* Odfjell Drilling Rated New Buy at William O'Neil
* On The Beach Rated New Outperform at RBC; PT 340 pence
* Prysmian Rated New Buy at Deutsche Bank; PT 67 euros (+)

>>> Call
* Alibaba Rises as Citi Says Delivery, Travel Union is Positive
* DKSH Gets New Buy at Berenberg on Attractive Asia Exposure
* Elisa Upgraded at Citi on Near-Term Boost From Security Fees
* Holcim is Upgraded at Morgan Stanley Following Amrize Spinoff
* Melexis Raised at Morgan Stanley, Top EU Small-Cap Semi Pick (+)

>>> What to look at today - 24th of June 2025

Oil slumped and stocks gained after President Donald Trump said Israel and Iran had agreed to a ceasefire, spurring optimism there will be a lasting pause in the Middle-East conflict.  Global benchmark Brent crude slid almost 5% in early Asian trading, briefly dropping below the level of June 12 when Israel attacked Iran’s nuclear sites. European and US stock-index futures both jumped, while MSCI’s Asia Pacific share gauge headed for its biggest gain in more than two months. The dollar fell against all its major peers and gold, a haven asset, dropped as much as 1%. Trump’s surprise statement on the Truth Social platform followed Iran’s strikes on a US base in Qatar Monday that were flagged in advance and seen as largely symbolic. His announcement follows a volatile period in which financial markets have been whipsawed for almost two weeks by concern the conflict would keep escalating. Brent slid toward $68 a barrel at the Asian open before trimming declines to be down about 2.8%, while West Texas Intermediate fell 3.2%. The MSCI Asia Pacific Index of shares jumped about 2%, with about four stocks gaining for every one that declined. South Korea’s Kospi was the best-performing major index in the region, surging as much as 2.9%. The risk-sensitive New Zealand and Australian dollars led gains in Group-of-10 currencies, followed by the yen. Treasuries were largely left behind by Tuesday’s market move, with the yield on the benchmark 10-year note dropping just one basis point to 4.34%. That was seen as due to uncertainty about what Federal Reserve Chair Jerome Powell will say this week in testimony before the House Financial Services Committee on Tuesday, and on Wednesday before the Senate Banking Committee. Treasuries had rallied Monday after Federal Reserve Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman both said they could support an interest-rate cut in July if inflation remains contained. Demand at a Japanese 20-year bond sale was lower than the average over the past year, indicating investors are still cautious even after the government adjusted its borrowing plans to calm a surge in yields. The bid-to-cover ratio — a key gauge of investor interest — at the Ministry of Finance’s sale of the debt was 3.11, less than some market participants were expecting. While the Middle-East conflict is dominating headlines, selloffs caused by geopolitical events tend to be brief, according to Morgan Stanley.  According to the Morgan Stanley team, prior geopolitical risk events have led to some volatility for equities in the short term, but one, three and 12 months after the events, the S&P 500 has been up 2%, 3%, and 9%, on average, respectively. US After Hours KBH -2.6% lower on earnings; SBUX +0.7% weighing sale of China business, according to CaixinGlobal

Nikkei +1.23% Hang Seng +1.77% CSI +1.15% Shanghai +1.10% Shenzen +1.65%

Eur$ 1.1606 CNH 7.1765 CNY 7.1775 JPY 145.25 GBP 1.3571 CHF 0.8112 RUB 78.5001 TRY 39.6320 WTI$ 65.83 -3.95% Gold 3,329 -1.18% BTC 105,475 +1.61% ETH 2,418 +2.95%

S&P +0.75% Nasdaq +1% EuroStoxx +1.83% FTSE +0.50% Dax +1.90% SMI +1.60%

Macro :
- US arms groups woo European rivals as they target region’s rising spending
-

Keep an eye on :
- ALO FP : Alstom Gets €1.7B Trainset Order for Paris-Region Rail Network
- BBVA SM : Spain to Add Hurdles to BBVA’s Sabadell Bid, Vanguardia Says
- BB FP : BIC Names Dayton Interim CFO After Spooner Decides to Step Down
- ACA FP : Credit Agricole Hires Former MUFG Markets Veteran Akira Kato
- ACA FP : Credit Agricole to Acquire BNP Monaco Wealth Management Clients
- ENGI FP : Engie Says French Renewables Ban Could Endanger €5 Billion Plan
- EQNR NO : Equinor’s Snorre A Shuts Down Production Due to Gas Leak: NRK
- FDJU FP : FDJ United Sees About 5% Average Organic Rev. Growth in 2025-28
- GALP PL : Portugal’s ENSE Says Gasoline Consumption Rose 8.4% in May
- GUMB BB : Gimv Sells Stake in Itineris to Cobepa: No Terms
- GF SM : Grifols Case Shows It Paid Family-Linked Entity More for Plasma
- HBH GY : Hornbach Holding 1Q Sales EU1.91B Vs. EU1.81B Y/y
- META US : Meta Held Deal Talks With Startup Runway in AI Recruiting Push
- BMPS IM : EU Examining Italy Government’s Monte Dei Paschi Stake Sale: FT
- 7201 JP : Nissan Investors Grill CEO Over Restructuring, Failed Honda Deal
- NOVOB DC : Novo’s Ozempic Gets Positive CHMP Opinion for Arterial Disease
- NOVOB DC : Hims & Hers Shares Sink After Novo Ends Partnership on Copycats
- OVH FP : OVH Groupe 3Q Like-for-Like Sales +9.3%
- RIO LN : Rio, Hancock to Invest $1.6b to Develop Iron Ore Project in WA
- SFL IM : Safilo Group, Carolina Herrera Renew Licensing Deal Until 2031
- SPM IM : Saipem Gets Contract for Venice Biorefinery Expansion
- SMCP FP : SMCP Says Legal Proceedings Initiated by Glas Are Progressing
- SMCI US : Super Micro Seeks $2 Billion Convertible Bond as Deals Ramp Up
- TEF SM : WOM Mulls Buying Telefonica Unit in Chile, CEO Says: El Mercurio
- TSLA US : Tesla Robotaxi Incidents Draw Scrutiny From US Safety Agency (1)
- UCG IM : Greek Premier to Meet UniCredit’s Orcel After Alpha Bank Deal

>>> US After Hours Summary: KBH -2.6% lower on earnings; SBUX +0.7% weighing sal

After Hours Summary: KBH -2.6% lower on earnings; SBUX +0.7% weighing sale of China business, according to CaixinGlobal

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: None

Companies trading higher in after hours in reaction to news: HURA +25.3% (shareholders approve Kineta merger), NKTR +23.8% (to announce top-line data from Phase 2b study), DHX +3.7% (organizational restructuring for Dice Brand, includes 25% workforce reduction), CIFR +2.8% (commences hashing at its Black Pearl site), IMDX +2.5% (results from study evaluating its flagship test kit technology), EHLD +1.7% (Pittas family sells 51.04% stake to Marla Investments), PLYM +1.6% (acquries Ohio industrial portfolio), OII +1.5% (wins Navy-related contract), DEC +1.1% (DEC and CG announce partnership to invest up to $2 bln in natural gas and oil assets), TERN +0.8% (presents data from Phase 1 Study of TERN-601), THO +0.8% (re-authorization of $400 mln share buyback), SBUX +0.7% (weighing sale of China business, according to CaixinGlobal), MPTI +0.5% (awarded $5.5 mln contract from top DoD contractor), CG +0.4% (DEC and CG announce partnership to invest up to $2 bln in natural gas and oil assets)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: KBH -2.6%

Companies trading lower in after hours in reaction to news: CHWY -2.7% (public offering by selling stockholder, concurrent share repurchase of up to $150 mln), IPGP -1.9% (to showcase fiber laser technologies), CORT -1.9% (CATALYST met its primary endpoint), LPLA -0.9% (reports monthly activity for May), CDTX -0.2% ($250 mln stock offering), META -0.1% (held deal talks with Runway AI, according to Bloomberg), ZS -0.1% (CTO to step down)

>>> Stoxx 600 Pre-Market Indications

  • TUI (TUI1 TH) +5.1%
  • Lufthansa (LHA TH) +3.5%
  • IAG (INR TH) +3.2%
  • Kion (KGX TH) +2.8%
  • Accor (ACR TH) +2.7%
  • Ryanair (RY4C TH) +2.4%
  • Sartorius (SRT3 TH) +2.3%
  • Rio Tinto (RIO1 TH) +2.2%
  • Philips (PHI1 TH) +2.2%
  • Zalando (ZAL TH) +2.1%
  • Neste (NEF TH) -2.7%
  • RENK Group (R3NK TH) -2.8%
  • Eni (ENI TH) -3%
  • Hensoldt (HAG TH) -3.1%
  • TotalEnergies (TOTB TH) -3.3%
  • Repsol (REP TH) -3.6%
  • BP (BPE5 TH) -4.8%
  • Shell (R6C0 TH) -4.8%
  • Equinor (DNQ TH) -7.2%
  • Aker BP (ARC TH) -7.4%

>>> Europe : Brokers Upgrades & Downgrades - 24th of June 2025

>>> Up
* Aurubis Raised to Outperform at Oddo BHF; PT 105 euros
* Aviva Raised to Outperform at Mediobanca SpA; PT 689 pence
* Bioretec Raised to Buy at Inderes; PT 2.40 euros
* CVC Capital Raised to Overweight at Barclays; PT 19.80 euros
* Electronic Arts Raised to Buy at Roth Capital Partners; PT $185
* Holcim Raised to Overweight at Morgan Stanley
* MakeMyTrip Raised to Outperform at Macquarie; PT $110
* Mapfre Raised to Equal-Weight at Barclays; PT 3.50 euros
* Melexis Raised to Overweight at Morgan Stanley; PT 80 euros
* Sweco Raised to Buy at SEB Equities; PT 180 kronor
* Tullow Raised to Add at AlphaValue/Baader

>>> Down
* ASR Nederland Cut to Neutral at Citi; PT 55.31 euros
* BMW Cut to Underperform at BNPP Exane; PT 63 euros
* Eurotelesites Cut to Accumulate at Erste Group; PT 5.90 euros
* Hims & Hers Health Cut to Hold at Needham
* Hugo Boss Cut to Add at Baader Helvea; PT 42 euros
* Porsche Cut to Neutral at BNPP Exane; PT 42 euros
* Poste Italiane Cut to Hold at Jefferies; PT 18.40 euros
* Var Energi Cut to Neutral at SpareBank; PT 37 kroner

>>> Initiation
* Amrize Rated New Outperform at RBC
* Amrize Rated New Overweight at Morgan Stanley
* Grenke Rated New Buy at DZ Bank; PT 22 euros
* Holcim Reinstated Overweight at JPMorgan; PT 65 Swiss francs
* Odfjell Drilling Rated New Buy at William O'Neil
* On The Beach Rated New Outperform at RBC; PT 340 pence

>>> Call
* Alibaba Rises as Citi Says Delivery, Travel Union is Positive
* DKSH Gets New Buy at Berenberg on Attractive Asia Exposure
* Elisa Upgraded at Citi on Near-Term Boost From Security Fees
* Holcim is Upgraded at Morgan Stanley Following Amrize Spinoff

>>> Europe : Brokers Upgrades & Downgrades - 24th of June 2025

>>> Up
* Aurubis Raised to Outperform at Oddo BHF; PT 105 euros
* Aviva Raised to Outperform at Mediobanca SpA; PT 689 pence
* Bioretec Raised to Buy at Inderes; PT 2.40 euros
* CVC Capital Raised to Overweight at Barclays; PT 19.80 euros
* Electronic Arts Raised to Buy at Roth Capital Partners; PT $185
* Holcim Raised to Overweight at Morgan Stanley
* MakeMyTrip Raised to Outperform at Macquarie; PT $110
* Mapfre Raised to Equal-Weight at Barclays; PT 3.50 euros
* Melexis Raised to Overweight at Morgan Stanley; PT 80 euros
* Sweco Raised to Buy at SEB Equities; PT 180 kronor
* Tullow Raised to Add at AlphaValue/Baader

>>> Down
* ASR Nederland Cut to Neutral at Citi; PT 55.31 euros
* BMW Cut to Underperform at BNPP Exane; PT 63 euros
* Eurotelesites Cut to Accumulate at Erste Group; PT 5.90 euros
* Porsche Cut to Neutral at BNPP Exane; PT 42 euros
* Poste Italiane Cut to Hold at Jefferies; PT 18.40 euros
* Var Energi Cut to Neutral at SpareBank; PT 37 kroner

>>> Initiation
* Amrize Rated New Outperform at RBC
* Amrize Rated New Overweight at Morgan Stanley
* Grenke Rated New Buy at DZ Bank; PT 22 euros
* Holcim Reinstated Overweight at JPMorgan; PT 65 Swiss francs
* Odfjell Drilling Rated New Buy at William O'Neil
* On The Beach Rated New Outperform at RBC; PT 340 pence

>>> Call
* Alibaba Rises as Citi Says Delivery, Travel Union is Positive
* DKSH Gets New Buy at Berenberg on Attractive Asia Exposure
* Elisa Upgraded at Citi on Near-Term Boost From Security Fees
* Holcim is Upgraded at Morgan Stanley Following Amrize Spinoff

>>> TradeGate Pre-Market Indications

DAX:
  • Infineon (IFX TH) +2.2%
  • Zalando (ZAL TH) +2.1%
  • Siemens (SIE TH) +2%
  • BASF (BAS TH) +2%
  • SAP (SAP TH) +1.8%
  • BMW (BMW TH) flat
    • BMW Cut to Underperform at BNPP Exane; PT 63 euros
  • Rheinmetall (RHM TH) -1.2%
MDAX:
  • TUI (TUI1 TH) +4.7%
  • Lufthansa (LHA TH) +3.3%
  • Fraport (FRA TH) +3%
  • Kion (KGX TH) +2.7%
  • Stroeer (SAX TH) +2.4%
  • Hensoldt (HAG TH) -2.2%
  • RENK Group (R3NK TH) -2.7%
SDAX:
  • SFC Energy (F3C TH) +2.8%
  • Hornbach Holding (HBH TH) +2.3%
    • Hornbach Holding 1Q Sales EU1.91B Vs. EU1.81B Y/y
  • SAF-Holland SE (SFQ TH) +2.1%
  • MLP (MLP TH) +2%
  • Heidelberger Druck (HDD TH) +1.8%