>>> US Research Calls I

Research Calls I
  • Upgrades
    • Baidu (BIDU) upgraded to Outperform from Neutral at Macquarie, tgt $176
    • Beacon Financial (BBT) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $33
    • Ciena (CIEN) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $140
    • Columbia Banking (COLB) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $31
    • Core Natural Resources (CNR) upgraded to Buy from Hold at Jefferies, tgt $125
    • ESS Inc. (GWH) upgraded to Buy from Neutral at Roth Capital; tgt $3.50
    • FormFactor (FORM) upgraded to Buy from Neutral at B. Riley, tgt $47
    • Littelfuse (LFUS) upgraded to Outperform from Neutral at Robert W. Baird, tgt $310
    • nCino (NCNO) upgraded to Outperform from Market Perform at William Blair
    • OceanFirst Financial (OCFC) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $22
    • Synchrony Financial (SYF) upgraded to Buy from Hold at HSBC, tgt $81
    • TechnipFMC (FTI) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $47
    • Walker & Dunlop (WD) upgraded to Outperform from Market Perform at Citizens JMP, tgt $95
  • Downgrades
    • Align Technology (ALGN) downgraded to Hold from Buy at Jefferies, tgt $140
    • Allogene Therapeutics (ALLO) downgraded to Underweight from Neutral at JPMorgan
    • ArcelorMittal (MT) downgraded to Neutral from Buy at Goldman
    • Comerica (CMA) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $93
    • Doximity (DOCS) downgraded to Underweight from Neutral at JPMorgan, tgt $62
    • Dyne Therapeutics (DYN) downgraded to Perform from Outperform at Oppenheimer
    • HSBC Holdings (HSBC) downgraded to Hold from Buy at Jefferies
    • Keysight Technologies (KEYS) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $180
    • OR Royalties (OR) downgraded to Market Perform from Outperform at Raymond James, tgt $41
    • Pliant Therapeutics (PLRX) downgraded to Underweight from Neutral at JPMorgan
    • Saratoga Investment (SAR) downgraded to Neutral from Buy at Janney
    • Tenaris (TS) downgraded to Neutral from Outperform at BNP Paribas Exane
    • Tilray (TLRY) downgraded to Underperform from Sector Perform at ATB Capital Mkts
    • Trilogy Metals (TMQ) downgraded to Market Perform from Outperform at BMO Capital, tgt $5.50
    • Venture Global (VG) downgraded to Neutral from Outperform at Mizuho, tgt $12
  • Others
    • Abbott Laboratories (ABT) initiated with a Buy at Benchmark, tgt $145
    • Acuren (TIC) initiated with a Neutral at Robert W. Baird, tgt $15
    • Aptiv (APTV) initiated with a Buy at Citigroup, tgt $109
    • Ares Capital (ARCC) initiated with a Buy at Lucid Capital, tgt $22.50
    • Astronics (ATRO) initiated with a Buy at Craig Hallum; tgt $60
    • Cabaletta Bio (CABA) resumed with a Buy at Jefferies; tgt $14
    • Cidara Therapeutics (CDTX) initiated with an Overweight at JPMorgan, tgt $200
    • Corebridge Financial (CRBG) initiated with a Peer Perform at Wolfe Research
    • Five Star Bancorp (FSBC) initiated with a Buy at Janney
    • FTAI Aviation Ltd. (FTAI) initiated with a Buy at JonesResearch, tgt $306
    • Golar LNG (GLNG) initiated with a Buy at Citigroup, tgt $51
    • Guardian Pharmacy Services (GRDN) initiated with an Outperform at Oppenheimer, tgt $30
    • Gyre Therapeutics (GYRE) initiated with a Buy at Jefferies, tgt $16
    • Heritage Commerce (HTBK) assumed with an Overweight at Piper Sandler, tgt $11
    • Karman Holdings (KRMN) initiated with a Buy at Truist, tgt $89
    • Mannkind (MNKD) initiated with an Outperform at Leerink Partners; tgt $9
    • Morgan Stanley Direct Lending (MSDL) initiated with a Buy at Lucid Capital, tgt $18.50
    • New Mountain Finance (NMFC) initiated with a Buy at Lucid Capital, tgt $10
    • Northwest Bancshares (NWBI) initiated with a Buy at Truist, tgt $15
    • Perspective Therapeutics (CATX) initiated with a Buy at BTIG Research, tgt $14
    • StandardAero (SARO) initiated with a Buy at Truist, tgt $35
    • TAT Technologies (TATT) initiated with a Buy at JonesResearch, tgt $50
    • Viking Holdings (VIK) initiated with an Underperform at Mizuho, tgt $54
    • Weatherford International (WFRD) initiated with an Outperform at BMO Capital, tgt $82
    • Zymeworks (ZYME) initiated with a Buy at B. Riley, tgt $30

>>> Europe : Brokers Upgrades & Downgrades - 10th of October 2025 V2(+)

>>> Up
* Admicom Raised to Buy at Nordea; PT 56 euros
* Baidu ADRs Raised to Outperform at Macquarie; PT $176
* DNB Bank Raised to Buy at SEB Equities; PT 303 kroner
* Equinox Gold Raised to Outperform at CIBC; PT C$22
* First Quantum Minerals Raised to Overweight at JPMorgan; PT C$42
* Glencore PT raised from 310 to 350 Gbp at Goldman
* Newmont Corp Raised to Outperform at CIBC; PT $112
* Norwegian Air Raised to Buy at Arctic Securities
* Sika Raised to Buy at Rothschild & Co Redburn
* SpareBank 1 Sor-Norge Raised to Buy at SEB Equities
* Verbund Raised to Hold at Erste Group; PT 64.40 euros

>>> Down
* Apetit Cut to Reduce at Inderes; PT 14 euros (+)
* ArcelorMittal Cut to Neutral at Goldman; PT 30 euros
* ArcelorMittal ADRs Cut to Neutral at Goldman; PT $33
* Aviva Cut to Underperform at KBW; PT 650 pence
* Aixtron Cut to Hold at M.M. Warburg; PT 15.50 euros (+)
* Brenntag Cut to Sell at UBS; PT 45 euros
* Ceres Power Cut to Hold at Peel Hunt; PT 190 pence
* Ferrari Cut to Neutral at Banca Akros (ESN); PT 350 euros (+)
* Gerresheimer Cut to Sell at Bankhaus Metzler; PT 27 euros (+)
* Melia Hotels Cut to Neutral at Alantra Equities; PT 8.65 euros
* Nexans Cut to Underperform at BNPP Exane; PT 100 euros
* Norsk Hydro Cut to Equal-Weight at Barclays; PT 70 kroner
* NRC Cut to Hold at ABG; PT 9.80 kroner
* Repsol Cut to Neutral at Alantra Equities; PT 16.65 euros
* Sika PT cut from 200 to 190 CHF at citigroup
* Technip Energies Cut to Neutral at BNPP Exane; PT 40 euros
* TechnipFMC Raised to Outperform at BNPP Exane; PT $47
* Tenaris Cut to Neutral at BNPP Exane; PT 17 euros
* TotalEnergies Cut to Hold at DBS Bank; PT 54 euros
* Yara Cut to Neutral at SB1 Markets; PT 400 kroner

>>> Initiation
* ARM Holdings ADRs Rated New Buy at William O'Neil
* Dr Martens Reinstated Neutral at Goldman; PT 75 pence
* Evolution Rated New Sell at UBS; PT 600 kronor
* Golar LNG Rated New Buy at Citi; PT $51
* Inspiration Healthcare Rated New Buy at Cavendish; PT 82 pence (+)
* Keller Rated New Sector Perform at RBC; PT 1,540 pence
* Lottomatica Rated New Buy at UBS
* Safran Rated New Overweight at Oxcap; PT 350 euros
* Swisscom Resumed Underweight at JPMorgan; PT 525 Swiss francs
* Technip Energies ADRs Rated New Neutral at BNPP Exane; PT $46.80
*Technip Energies ADRs Rated New Neutral at BNPP Exane; PT $46.80
* Tenaris ADRs Rated New Neutral at BNPP Exane; PT $39.80
* Vallourec ADRs Rated New Outperform at BNPP Exane; PT $4.65
* Weatherford Rated New Outperform at BMO; PT $82
* Xaar Rated New Buy at Berenberg; PT 160 pence

>>> Call
* ArcelorMittal Cut to Neutral at Goldman on Valuation (+)
* Aston Martin Falls After Jefferies Lowers PT on Subdued Outlook
* Brenntag End Markets Remain Weak, Downgraded to Sell at UBS (+)
* Gerresheimer Cut to Sell at Bankhaus Metzler on Low Visibility (+)
* Keller Rated New Sector Perform at RBC on Near-Term Uncertainty
* Safran New Overweight at Oxcap on Growth From Broad Portfolio
* Swisscom is Underweight at JPMorgan, Better Options Elsewhere

>>> What to look at today - 10th of October 2025

Asian equities declined amid concern that valuations in some technology companies have become stretched after their relentless surge this year. The MSCI Asia Pacific Index dropped 0.8% with chip shares dragging Japan lower. Semiconductor Manufacturing International Corp. fell after reports that brokerages have cut the stock’s margin financing ratio to zero citing higher valuations. A gauge of tech shares in Hong Kong is set for its worst week since the start of August. South Korean shares rose upon return from a week-long holiday with Samsung Electronics Co. jumping 6%. The dollar edged lower after a four-day rally took it to the strongest since the beginning of August. A Bloomberg gauge of the greenback is set for its best weekly gain since mid-November 2024. Gold traded just below the $4,000 mark while oil held the biggest decline in a week on cautious optimism about easing tensions in the Middle East. Global shares were set for a second decline in three weeks as investors take a pause following a robust rebound from April’s lows, when tariff announcements shook markets. The surge in AI-focused technology companies has fueled a debate over whether prices are running ahead of fundamentals. Even after a series of records to all-time highs, stock positioning data from JPMorgan Chase & Co. suggested some investors including hedge funds are holding back. The equity beta of monthly reporting macro hedge funds — an indicator of their exposure — remains modestly negative despite becoming slightly less so in recent months, the team led by Nikolaos Panigirtzoglou said. One of the main reasons the AI bubble talk is misplaced is that the leading spenders continue to enjoy increased earnings power, according to Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team. Chip stocks in Asia, especially in Japan, had rallied earlier this month after companies such as Hitachi Ltd. and Fujitsu Ltd. formed alliances with OpenAI and Nvidia Corp. Chinese chip stocks are undergoing some profit-taking after the Golden Week holiday, said Kenny Ng, a strategist at China Everbright Securities International. “The margin financing adjustment also raised concerns about stretched valuations, adding pressure to the sector,” he said. In other corners of the market, Treasuries steadied after falling across the curve Thursday. The yen headed for its biggest weekly loss in a year even as Japan’s new ruling-party leader Sanae Takaichi, a pro-stimulus lawmaker, said she wasn’t in favor of an excessively weak currency. The Argentine peso rebounded after the US rushed to stabilize the country’s economy, offering $20 billion in financing and carrying out a rare intervention in currency markets after weeks of sharp declines. Investors are also focused on the recent strength of the dollar. The world’s primary reserve currency is around a two-month high, even as the US government shutdown drags on, and traders in Asia and Europe say hedge funds are adding options bets that the rebound versus most major peers will extend into year-end. US After Hours ESTC +9.1% on bullish guidance and buyback; APLD +14.2% higher on earnings; KIDS -14.3%, USNA -11.3%, LEVI -7.7% lower on earnings/guidance; BLS recalling staff to ready September CPI report, according to Bloomberg.

Nikkei -1.10% Hang Seng -1.14% CSI -1.25% Shanghai -0.51% Shenzen -1.11%

Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH

S&P +0.12% Nasdaq +0.16% EuroStoxx +0.07% FTSE -0.23% Dax +0.04% SMI -0.04%

Macro :
- US Launches Financial Rescue of Argentina, Treasury Buys Pesos
- Jane Street Muscles Into Physical Gas Market in Trading Push
- Microsoft Forecasts Show Data Center Crunch Persisting Into 2026
- Speculative AI Stock Wagers Amplify Valuation Risks: Macro View
- SEC Offers Relief for IPOs Stuck in Limbo During Shutdown

Keep an eye on :
- ALV GY : Allianz, AIG, Others Prepare for Wave of First Brands Claims: FT
- AAPL US : Apple to Shift Health, Fitness Divisions to Services in Shake-Up
- ARM US : SoftBank in Talks for $5 Billion Margin Loan Backed by Arm Stock
- ATRLJB SS : Atrium Ljungberg 3Q Rental Income Beats Estimates
- AZN LN : AstraZeneca Lifts Virginia Plant Spend to $4.5b
- Bitso : Mexican Unicorn Bitso Expands Beyond Crypto With Stock Trading
- BPE IM : BPER Banca: SREP Requirement Revised After Acquisition
- BP/ LN : Venture Global Suffers Surprise Defeat in BP’s LNG Arbitration
- BYD 1211 HK : BYD confirms 2025 year-end production start at Hungarian plant
- CAP FP : WNS Acquisition by Capgemini Sanctioned by Royal Court of Jersey
- COFA FP : Allianz, AIG, Others Prepare for Wave of First Brands Claims: FT
- COLOB DC : Coloplast’s Rasmussen to Leave Board; Lego’s CEO to Enter
- DEMANT DC : Demant Chairman Niels Christiansen Won’t Stand For Re-election
- ESTC US : Elastic Shares Rally 10% After Announcing $500m Share Buyback
- EOAN GY : PSI Software Nears Takeover: Reuters
- FAST NA : Fastned Expands into Spain, Opening First Charging Stations
- F US : Ford Reverses Plan to Claim EV Tax Credits: Reuters
- GXI GY : Gerresheimer 3Q Adjusted Ebitda Margin Misses Estimates
- IDIA SW : Idorsia Raised CHF65.6M Through Placement of 16.4 Million Shares
- IG IM : Italgas to Proceed With Awarding Proccess for Divested Assets
- ISS DC : ISS Signs New Contract in Turkey With Annual Value of ~DKK100M
- JYSK DC : Jyske Raises FY Net Income Forecast; New Range Beats Estimates
- LEVI US : Levi Strauss 3Q Adjusted EPS Beats Estimates
- NRIX US : Nurix Therapeutics Slips After 3Q Loss per Share Disappoints
- PSAN GY : PSI Software Confirms Talks on Potential Takeover Offer
- RIO LN : Rio Tinto to Close Metal Powder Plant in Quebec in Coming Months
- SHEL LN : WA Regulator Okays Renewal of Shell’s Electricity Retail Licence
- SAX GY : Stroeer Shares Spike Briefly on Betaville ‘Uncooked Alert’
- SWK US : Runway Growth to Buy SWK for About $220m in Stock, Cash
- TCAP LN : TP ICAP Crypto Exchange to Add Stablecoin Pairs as Volume Jumps
- TRYG DC : Tryg 3Q Pretax Profit Beats Estimates (1)
- UMG NA : Universal Music Says Court Dismissed Drake’s Defamation Lawsuit
- VAR NO : Var Energi Prelim 3Q Avg Production Rises to 370,000 BOE/D
- WNS US : WNS Acquisition by Capgemini Sanctioned by Royal Court of Jersey

>>> Europe : Brokers Upgrades & Downgrades - 10th of October 2025

>>> Up
* Admicom Raised to Buy at Nordea; PT 56 euros
* Baidu ADRs Raised to Outperform at Macquarie; PT $176
* DNB Bank Raised to Buy at SEB Equities; PT 303 kroner
* Equinox Gold Raised to Outperform at CIBC; PT C$22
* First Quantum Minerals Raised to Overweight at JPMorgan; PT C$42
* Glencore PT raised from 310 to 350 Gbp at Goldman
* Newmont Corp Raised to Outperform at CIBC; PT $112
* Norwegian Air Raised to Buy at Arctic Securities
* Sika Raised to Buy at Rothschild & Co Redburn
* SpareBank 1 Sor-Norge Raised to Buy at SEB Equities
* Verbund Raised to Hold at Erste Group; PT 64.40 euros

>>> Down
* ArcelorMittal Cut to Neutral at Goldman; PT 30 euros
* ArcelorMittal ADRs Cut to Neutral at Goldman; PT $33
* Aviva Cut to Underperform at KBW; PT 650 pence
* Brenntag Cut to Sell at UBS; PT 45 euros
* Ceres Power Cut to Hold at Peel Hunt; PT 190 pence
* Melia Hotels Cut to Neutral at Alantra Equities; PT 8.65 euros
* Nexans Cut to Underperform at BNPP Exane; PT 100 euros
* Norsk Hydro Cut to Equal-Weight at Barclays; PT 70 kroner
* NRC Cut to Hold at ABG; PT 9.80 kroner
* Repsol Cut to Neutral at Alantra Equities; PT 16.65 euros
* Sika PT cut from 200 to 190 CHF at citigroup
* Technip Energies Cut to Neutral at BNPP Exane; PT 40 euros
* TechnipFMC Raised to Outperform at BNPP Exane; PT $47
* Tenaris Cut to Neutral at BNPP Exane; PT 17 euros
* TotalEnergies Cut to Hold at DBS Bank; PT 54 euros
* Yara Cut to Neutral at SB1 Markets; PT 400 kroner

>>> Initiation
* ARM Holdings ADRs Rated New Buy at William O'Neil
* Dr Martens Reinstated Neutral at Goldman; PT 75 pence
* Evolution Rated New Sell at UBS; PT 600 kronor
* Golar LNG Rated New Buy at Citi; PT $51
* Keller Rated New Sector Perform at RBC; PT 1,540 pence
* Lottomatica Rated New Buy at UBS
* Safran Rated New Overweight at Oxcap; PT 350 euros
* Swisscom Resumed Underweight at JPMorgan; PT 525 Swiss francs
* Technip Energies ADRs Rated New Neutral at BNPP Exane; PT $46.80
*Technip Energies ADRs Rated New Neutral at BNPP Exane; PT $46.80
* Tenaris ADRs Rated New Neutral at BNPP Exane; PT $39.80
* Vallourec ADRs Rated New Outperform at BNPP Exane; PT $4.65
* Weatherford Rated New Outperform at BMO; PT $82
* Xaar Rated New Buy at Berenberg; PT 160 pence

>>> Call
* Aston Martin Falls After Jefferies Lowers PT on Subdued Outlook
* Keller Rated New Sector Perform at RBC on Near-Term Uncertainty
* Safran New Overweight at Oxcap on Growth From Broad Portfolio
* Swisscom is Underweight at JPMorgan, Better Options Elsewhere

>>> TradeGate Pre-Market Indications

DAX:
  • Brenntag (BNR TH) -1.6%
MDAX:
  • Gerresheimer (GXI TH) +1.8%
  • Hensoldt (HAG TH) -1%
SDAX:
  • Jenoptik (JEN TH) +1.5%
  • Evotec (EVT TH) -1.3%
  • Energiekontor (EKT TH) -16%
    • EQS-Adhoc: Energiekontor adjusts earnings forecast for 2025 financial year

The Kobeissi Letter : Alphabet, Amazon, Meta, Microsoft, and OpenAI alone have a


Alphabet, Amazon, Meta, Microsoft, and OpenAI alone have announced $800 BILLION in commitments for new data centers in 2025.

Meanwhile, electricity prices are up +35% since 2022.

With nuclear power 10+ years away, how will we meet electricity demand?


Data centers are the new oil:

Data center energy consumption has reached a record 5% of total US power demand.

By 2030, data center energy consumption will exceed 10% of total US power demand.

The AI revolution is even bigger than you think.


Data centers are the new oil:

Data center energy consumption has reached a record 5% of total US power demand.

By 2030, data center energy consumption will exceed 10% of total US power demand.

The AI revolution is even bigger than you think.

Le Monde : En Belgique, la police déjoue un projet d’attentat djihadiste qui vis

En Belgique, la police déjoue un projet d’attentat djihadiste qui visait le premier ministre, Bart De Wever
Trois suspects ont été arrêtés à Anvers, pour des soupçons de préparation d’« attentat terroriste d’inspiration djihadiste à l’encontre d’hommes politiques » à l’aide d’un drone, a annoncé la justice belge. Deux d’entre eux comparaîtront devant un juge d’instruction vendredi, et le troisième a été libéré.

Un projet d’attentat djihadiste à l’aide d’un drone visant le premier ministre belge Bart De Wever a été déjoué et trois personnes ont été arrêtées jeudi 9 octobre.

La justice belge a d’abord évoqué des « politiques » comme cible de ce projet d’attentat, mais l’entourage du chef du gouvernement belge, et plusieurs de ses ministres, ont confirmé qu’il était bien la cible.

« La nouvelle d’un projet d’attentat visant le premier ministre, Bart De Wever, est profondément choquante », a déclaré sur la plateforme X le ministre des affaires étrangères belge, Maxime Prévot. Interrogé par l’Agence France-Presse, l’entourage du chef du gouvernement belge a également confirmé qu’il était bien la cible de ce projet d’attaque.

Les suspects sont des adultes nés en 2001, 2002 et 2007. Deux d’entre eux étaient auditionnés par la police judiciaire et comparaîtront devant un juge d’instruction vendredi. Le troisième suspect a été libéré.

Ces arrestations s’inscrivent dans le cadre d’une enquête pour « tentative d’assassinat terroriste et participation aux activités d’un groupe terroriste », a expliqué la cheffe du parquet fédéral, Ann Fransen, au cours d’une conférence de presse à Bruxelles. « Il y a également des indications que le but des suspects était de fabriquer un drone auquel une cargaison devait être attachée », a ajouté Mme Fransen.

Selon la presse, la police a fouillé une maison à quelques centaines de mètres du domicile du chef du gouvernement à Anvers. « Lors de la perquisition au domicile d’un des suspects », un engin improvisé, potentiellement explosif mais pas encore opérationnel, a été trouvé ainsi qu’un sac contenant des billes de métal.

Chez un deuxième suspect, la police a découvert une imprimante 3D « dont on peut soupçonner qu’elle devait servir à fabriquer des pièces utiles à la commission d’un attentat », a déclaré Ann Fransen.

FT : The footballing behemoth offered a breather by Ares


The footballing behemoth offered a breather by Ares

If there has ever been a sign of credit risk, an annual interest rate of 22 per cent is it.

That’s what Ares is charging Eagle Football Group, the prolific football investor and owner of Olympique Lyonnais, for part of the $450mn it’s owed.

Eagle Football was founded by John Textor, a former professional skateboarder who subsequently went into tech investing.

But the group has struggled with a heavy debt burden and the FT revealed this week that it’s long been in default on hundreds of millions of dollars of debt.

In June 2023, Eagle Football triggered a technical default by failing to provide Ares with adequate financial information “on a timely basis”, according to long-delayed accounts filed last weekend at UK Companies House.

Altogether, Eagle Football owes Ares about $300mn of ‘payment in kind’ debt with annual interest rates of 16 per cent, another $135mn at a rate of 18 per cent, and a final $27mn facility costing 22 per cent.

Not wanting to disturb the peace though, Ares has let the former minority owner of Crystal Palace off the hook.

The private capital group has been piling into European sports investments in recent years. Yet it decided against seizing Eagle Football’s assets and taking control of the clubs it owns.

Last week it told Textor’s group it wouldn’t seek repayment for a further 12 months. You might think that magnanimous, but Ares is starting to get its pound of flesh.

In July, Eagle Football sold its 45 per cent stake in Crystal Palace to New York Jets owner Robert “Woody” Johnson.

And it was none other than Ares that pocketed the vast majority of the £190mn proceeds from the sale.

WWD : On the Shores of Lake Como, a New Hotel Group Is Born

On the Shores of Lake Como, a New Hotel Group Is Born
The owners of Villa d’Este, whose grounds have captured the wonder of the international jet-set for almost half a millennium, have formed a new group named Villa d’Este La Collezione.


Cernobbio, Italy — Lake Como is filled with aristocratic villas and hotels that have enchanted the world’s greatest thought leaders and celebrities for centuries. On Wednesday, the owners of the storied Villa d’Este, which has lured celebrity guests like Frank Sinatra, Elizabeth Taylor, Woody Allen, Madonna, Oscar de la Renta, Bill Blass, Gianfranco Ferré, Winston Churchill and Gianni Agnelli, said they formed a collection of hotels aimed at preserving the region’s architectural gems. In addition to their marquee property Villa d’Este, they already own Villa La Massa, a five-star location, which is situated on the banks of the Arno River near Florence.

In a press conference announcing the Villa d’Este La Collezione, its owner Giuseppe Fontana said the firm plans to open two new luxury properties: Palazzo Venezia in Como and Miralago Luxury Apartments in Cernobbio.

Preserving Architectural Treasures
“Every day we strive to enhance the destination on a global scale. Today, Villa d’Este La Collezione marks the beginning of a new chapter within a structured growth and development strategy for our magnificent territory, reaffirming our commitment to raising the standard of luxury hospitality and strengthening our position as a leader in the industry,” Fontana said, adding that the group has a constant eye on further acquisitions.


Restoring a Fabled Past
Palazzo Venezia, a 19th-century building located in Piazza Cavour in Como and which faces the lake is expected to open Dec. 6. It will also introduce a new dining experience called Altariva, which includes a lake-view rooftop bar. It will be the first five‑star hotel in Como to join The Leading Hotels of the World, the group said.

Miralago Luxury Apartments, situated in the lakeside town of Cernobbio, will follow in June. The residential property consists of eight luxury apartments that were reimagined by Milan-based design duo Nathalie and Virginie Droulers of Droulers Architecture. It was formerly a four-star property named Hotel Miralago. The upscale residences combine the warmth of a home with the standards of five-star hotel concierge services, as well as privileged access to the facilities of Villa d’Este, including its Sporting Club, swimming pool and Golf Club.


The group is also in the earlier stages of revitalizing two key locations starting with the historic Hotel Regina Olga in Cernobbio. Dating back to the late 19th century, the hotel was acquired by Villa d’Este in April. The restoration project involves updating approximately 50 rooms, a restaurant and a bar with generous outdoor spaces. Another architectural jewel, Villa Belinzaghi, which was built in 1860 by former Milan Mayor and banker Count Giulio Belinzaghi, is also in the works. It was previously part of the Villa d’Este estate during the 1950s and 60s and rejoined the portfolio in 2022, reconnecting an essential chapter in Villa d’Este’s history. The updated property is expected to include four suites, two restaurants, a destination bar and cigar lounge, and a private spa featuring an indoor plunge pool and an outdoor pool nestled in the garden.

Fontana lauded Lake Como’s continued allure and its status as one of the world’s top tourist destinations, remarking on the Sultan of Morocco’s visit to Villa d’Este in 1615.

The property, which boasts a 10-hectare park, was originally built in 1568 and named Villa Garovo. It was designed by architect Pellegrino Pellegrini, known as “Il Tibaldi,” as a summer residence for Cardinal Tolomeo Gallio, Bishop of Como.

In 1815 it was acquired by the then Princess of Wales, Caroline of Brunswick, who became the future Queen of England. She originally named it “New Villa d’Este.”

Lake Como’s Eternal Allure
Tourism continues to serve as a major contributor to Italy’s economy, according to the National Statistics Bureau Istat. In 2024, Italy welcomed 129.3 million tourist arrivals. Nights spent rose 2.5 percent year-on-year, with a total of 458.4 million nights, driven by nonresident visitors.

The upcoming Winter Olympic Games is a key driver for new hotel openings this year. The event, which will be held between Milan and Cortina d’Ampezzo, will run Feb. 6 to 22, while the Paralympics will run March 6 to 15. Italy-based Rocco Forte Hotels will cut the ribbon on the five-star hotel under The Carlton banner, with entrances on Milan’s Via Senato and Via della Spiga, on Nov. 6., while the new Rosewood Milan and Six Senses in Milan are expected to open in 2026.