>>> Europe : Brokers Upgrades & Downgrades - 15th of May 2025 V2(+)

>>> Up
* Burberry Raised to Buy at UBS (+)
* Cancom Raised to Buy at DZ Bank; PT 36 euros (+)
* Imperial Brands PT Raised to 3,900 pence at Panmure Liberum (+)
* Lagercrantz Raised to Buy at Nordea; PT 300 kronor
* PBR US Raised to Buy at Jefferies; PT $15.30
* Scout24 PT Raised to 141 euros from 114 euros at JPMorgan

>>> Down
* ASR Nederland Cut to Market Perform at KBW; PT 55 euros
* Brenntag Cut to Sell at DZ Bank; PT 58 euros (+)
* Burberry Cut to Hold at Deutsche Bank; PT 1,000 pence
* Coloplast Cut to Hold at HSBC; PT 670 kroner
* E.On Cut to Neutral at Oddo BHF; PT 16 euros (+)
* Forbo Cut to Reduce at Kepler Cheuvreux (+)
* Monte Paschi Cut to Market Perform at KBW; PT 8.40 euros
* Murray Cut to Hold at Stifel (+)
* NN Group Cut to Market Perform at KBW; PT 55 euros
* Orsted Cut to Hold at Berenberg; PT 250 kroner
* PVA TePla Cut to Hold at Jefferies; PT 19 euros
* UniCredit Cut to Market Perform at KBW; PT 57.80 euros
* Victoria PT Cut to 95 pence from 105 pence at Panmure Liberum (+)

>>> Initiation
* Amadeus Fire Rated New Buy at Kepler Cheuvreux; PT 100 euros (+)
* GB Group Rated New Buy at Berenberg; PT 340 pence
* Nvidia Reinstated Buy at William O'Neil
* On Holding Reinstated Buy at William O'Neil
* Property Franchise Rated New Buy at Berenberg; PT 593 pence
* Rheinmetall ADRs Rated New Buy at President Capital Management
* Safran Reinstated Buy at William O'Neil
* Schneider Electric Rated New Outperform at CICC; PT 236 euros
* SBDS LN Rated New Corporate at Zeus Capital (+)

>>> Call
* Burberry Raised to Buy at UBS as Strategy to Lift Earnings

Sohn NY : Wex, ADBE, Sea Limited & Canal Plus

Lauren Taylor Wolfe, co-founder and managing partner at Impactive Capital, said payments company Wex (NYSE:WEX) can boost its value with better management.

She presented her idea on Wednesday at the Sohn Investment Conference in New York for charity. Impactive earlier this month announced its intention to vote again three directors at the annual meeting.

William Heard, chief executive and chief investment officer at Heard Capital, recommends buying shares of Adobe (NASDAQ:ADBE). The software company is poised to win as content creators adopt artificial intelligence, he said.

John Yetimoglu, chief investment officer at Infinitum Asset Management, recommends shares of Southeast Asian tech company Sea Limited (NYSE:SE). The company owns Shopee, which has 55% market share in the region's e-commerce market. Sea shares have 30% upside this year, he added. Sea shares rose 5% on Wednesday.

David Rosen, founder of Rubric Capital, recommends buying shares of media company Canal+

Sohn NY : Wex, ADBE, Sea Limited & Canal Plus

Lauren Taylor Wolfe, co-founder and managing partner at Impactive Capital, said payments company Wex (NYSE:WEX) can boost its value with better management.

She presented her idea on Wednesday at the Sohn Investment Conference in New York for charity. Impactive earlier this month announced its intention to vote again three directors at the annual meeting.

William Heard, chief executive and chief investment officer at Heard Capital, recommends buying shares of Adobe (NASDAQ:ADBE). The software company is poised to win as content creators adopt artificial intelligence, he said.

John Yetimoglu, chief investment officer at Infinitum Asset Management, recommends shares of Southeast Asian tech company Sea Limited (NYSE:SE). The company owns Shopee, which has 55% market share in the region's e-commerce market. Sea shares have 30% upside this year, he added. Sea shares rose 5% on Wednesday.

David Rosen, founder of Rubric Capital, recommends buying shares of media company Canal+

>>> What to look at today - 15th of May 2025

Stocks in Asia fell on Thursday for the first time in five sessions as the rally on Wall Street sparked by US-China trade talks showed signs of exhaustion. Japanese and Chinese stocks slipped, while those in Australia were little changed. The moves reflected a note of caution in a week marked by a sharp rebound in risk assets fueled by progress in trade talks and economic resilience. Lurking in the background is the worry that stocks get so extended that they’re vulnerable to surprises. Still, the nascent US-China trade truce, a UK pact and high-profile Gulf deals have been reassuring investors. The S&P 500 rose 0.1% overnight, while the Nasdaq 100 gained 0.5%, helped along by an advance for Nvidia Corp that wiped 2025 losses for the chipmaker. An index of the dollar fell Thursday, retracing a Wednesday rally, as the greenback weakened against most Group of 10 currencies. The yen firmed to around 146 per dollar. The Australian dollar rallied on stronger-than-expected jobs data. In further signs of thawing trade tensions, China on Wednesday suspended curbs on exports of rare earths and other goods and technologies for military use. The move followed an agreement by the Asian nation and the US to temporarily lower tariffs levied against each other’s products and will last for 90 days, China’s Ministry of Commerce said in a statement. Weakness in Chinese equities Thursday moderated a rally earlier in the week that Richard Tang, China strategist at Julius Baer, attributed to the fact improving ties between Washington and Beijing are now reflected in share prices.  Traders will be watching for further moves in the won after a report that the US and South Korean governments discussed currency policies this month. The won extended gains on Thursday while neighboring currencies, including the Japanese yen, also rose.  In corporate news, Starbucks Corp. has contacted private equity firms, technology companies and others as it considers options for its China business, including a possible stake sale, according to people familiar with the matter. Elsewhere, Mukesh Ambani-owned Reliance Industries has obtained a dual-currency borrowing of $2.9 billion-equivalent, according to people familiar with the matter, the largest offshore Indian loan in over a year. Selling in US government debt across the curve on Wednesday sent the 10-year yield to around the highest in a month, as Federal Reserve rate-cut bets receded. Yields were steady during Asian trading on Thursday. Fed Bank of Chicago President Austan Goolsbee said that it’s important for central bankers not to respond to day-to-day volatility in equities and economic policy pronouncements, noting that economic data remain steady for now. Fed Vice Chair Philip Jefferson said tariffs and related uncertainty could slow growth and boost inflation this year, but monetary policy is well positioned to respond as needed. The modest advance for US stocks on Wednesday covered up a broadly down day for most sectors. Big tech was the key exception, alongside a mix of individual names. Boeing Co. rallied on its largest-ever deal after Qatar Airways placed an order for long-range jets during a visit to Doha by Donald Trump.  To Rick Gardner at RGA Investments, the stock-market rally has legs. Gold climbed after falling 2.3% to a one-month low in its previous session. Oil dropped for a second day after a government report showed US crude inventories rose the most in two months. US After Hours FL +62.6% on WSJ report that DKS -5.1% nearing deal to acquire FL; BOOT +16.6%, CSCO +2.1% higher on earnings; DXC -13.4%, CRWV -6.5%, JACK -4.6% lower on earnings.

Nikkei -0.96% Hang Seng -0.85% CSI -0.83% Shanghai -0.66% Shenzen -0.67%

Eur$ 1.1195 CNH 7.2095 CNY 7.2109 JPY 146.04 GBP 1.3281 CHF 0.8396 RUB 80.3950 TRY 38.7774 WTI$ 61.77 -2.19% Gold 3,148 -0.93% BTC 102,919 -0.63% ETH 2,589 -0.42%

S&P -0.36% Nasdaq -0.31% EuroStoxx -0.32% FTSE -0.09% Dax -0.38% SMI -0.22%

Macro :
- Hedge Fund Fermat Predicts 20% Surge in Catastrophe Bond Market
- Billionaire Mittal Said to Buy Home in ‘Beverly Hills of Dubai’
- Nigeria in Talks W/Petrobras for Deep Water Exploration: Reuters
- Greenlight's David Einhorn unveils his new pick, says it could be a tariff beneficiary
- Jim Chanos is doing an aggressive long and short trade involving MicroStrategy and bitcoin
- Leveraged Loan V-Shaped Recovery Backed by Return of Funds
- China Pauses Dual-Use Export Curbs Targeting US Firms
- Fidelity Adds US Stocks After ‘Pivotal’ Trade Truce With China
- Costa Rica Seeks $1.5 Billion Flexible Credit Line From IMF
- Baupost Buys Fidelity National, Cuts Liberty Global: 13F
- Brazil mulls yuan bonds as Lula pushes currency alternatives to dollar dependence

Keep an eye on :
- ATS AV : AT&S Cuts 2026 Ebitda Margin Forecast
- ALV GY : Allianz 1Q Operating Profit Meets Estimates, AllianzGI CEO Would Consider Deals to Grow Private Market Assets
- ANA SM : Acciona Sees FY Ebitda EU2.70B to EU3.00B, Est. EU2.74B
- AGR LN : Assura FY EPRA Net Tangible Assets per Share Beats Estimates
- AUSS NO : Austevoll Seafood 1Q Revenue NOK9.81B
- AVOL SW : Avolta 1Q Organic Revenue +5.3%
- BN CN : Brookfield nears €800mn deal for European hostel chain Generator Group
- BRBY LN : Burberry Sheds Jobs, Handbag Bling as CEO Seeks Return to Roots
- 1211 HK : +3.52%
- CAMX SS : Camurus 1Q Operating Profit Beats Estimates
- CEC GY : Ceconomy 2Q Ebit Misses Estimates
- DE US : Deere Profit Seen Down With Tractor Sales Pressured: Preview
- DMP GY : Dermapharm 1Q Adjusted Ebitda EU81.3M Vs. EU88.7M Y/y
- DBK GY : Deutsche Bank to Sell Coller Secondary PE Fund to Wealth Clients
- DTE GY : Deutsche Telekom 1Q Adjusted Ebitda After Leases Beats Estimates
- DNO NO : DNO 1Q Revenue Misses Estimates
- DOV IM : doValue 1Q Gross Rev. EU141.4M Vs. EU97.1M Y/y
- ENG SM : Enagas Completes Sale of Stake in La Marina Station in Mexico
- ENAV IM : Enav Shares Drop as 1Q Loss Widens on Seasonality
- ENGI FP : Engie 1Q Ebit Excluding Nuclear Beats Estimates
- ENI IM : Eni Signs Exclusivity Agreement With Ares for 20% of Plenitude
- ETO US : EToro IPO Nets Spark Capital $530 Million Gain From Early Bet
- RF FP : Eurazeo Assets Under Management EU36.77B Vs. EU34.44B Y/y
- ENX FP : Euronext 1Q Adjusted Ebitda Beats Estimates, EuronexLXSt Revenue Boosted by Market Volatility to Hit Record
- ENX FP : Euronext Showing Good Momentum, Consensus May Rise: Street Wrap
- SFER IM : Ferragamo 1Q Revenue Misses Estimates, Ferragamo’s Current Trading Soft, Has ‘Work Ahead’
- FL US : Dick’s Sporting Goods Is Said to Near Deal for Foot Locker
- FRVIA FP : Forvia Mulls Sale of Lifecycle Solutions Unit: Manager Magazin
- GE US : GE Aerospace, Qatar Airways Sign Deals for 400+ Engines
- GLEN LN : Li-Cycle, Glencore Agree to Stalking Horse Pact, DIP Facility
- GLJ GY : Grenke 1Q Net Income EU10.2M Vs. EU19.8M Y/y
- HHFA GY : Hamburger Hafen 1Q Ebit EU32.5M Vs. EU17.4M Y/y
- HEX NO : Hexagon Composites 1Q Ebitda Misses Estimates
- IVG IM : Iveco 1Q Adjusted Ebit Misses Estimates
- KBC BB : KBC 1Q Net Interest Income Matches Estimates, KBC Bank Agrees to Acquire Over 98% in Slovakia’s 365.bank
- KESKOB FH : Kesko April Sales From Continuing Operations EU1.07B
- LXS GY : Greenlight David Einhorn notes long Lanxess at Sohn conference
- LSG NO : Leroy 1Q Revenue Misses Estimates
- MDM FP : Maisons du Monde 1Q Sales EU221.4M Vs. EU248.4M Y/y
- ALMCP FP : McPhy to Be Subject to Judicial Liquidation Due to Takeover
- MEKO SS : Meko 1Q Ebit SEK161M Vs. SEK146M Y/y
- MBG GY : Austrac Orders Audit of Mercedes Benz Financial Services Unit
- MRK GY : Merck KGaA Cuts FY Adjusted Ebitda Forecast
- MSFT US : EU Regulators Set to Accept Microsoft’s Office-Teams Offer: Rtrs
- MLP GY : MLP 1Q Ebit EU37.8M Vs. EU37.0M Y/y
- PIRC IM : Pirelli 1Q Adjusted Ebit Beats Estimates, Pirelli’s Talks With Sinochem Over US Were Unsuccessful
- 1913 HK : Prada -2.47%
- PSM GY : ProSieben 1Q Adjusted Ebitda Misses Estimates
- RWAY IM : RAI Way Drops as Increased Depreciation Weighs on 1Q Earnings
- RWE GY : RWE 1Q Adjusted Ebitda Beats Estimates, RWE Says Weak Trading Performance Weighed on First Quarter, RWE Says Open to Cutting Spending Further, Raising Buybacks
- SAN FP : Sanofi to Invest at Least $20b in US Through 2030
- SIE GY : Siemens’ Revenue Rises on China Factory Automation Rebound (1)
- SIFG NA : SIF Holding Names Boudewijn Van SchaïK CFO
- SRG IM : Snam Names Agostino Scornajenchi as CEO and General Manager
- SLBEN PL : Lenore Sports Buys Stake in Portuguese Football Club Benfica
- SPSN SW :
- SYENS BB : Syensqo 1Q Net Sales Beat Estimates
- TLX GY : ProSieben 1Q DACH Advertising Revenue Meets Estimates
- TEG GY : TAG Immobilien FY FFO/Share Forecast Misses Estimates
- 700 HK ; Tencent Rises; Sales Beat Offers Growth Visibility
- TKA GY : Thyssenkrupp Holds Guidance Despite Slump in Earnings, Cash
- TTE FP : Nigeria in Talks W/Petrobras for Deep Water Exploration: Reuters
- UBI FP : Ubisoft FY Net Bookings Misses Estimates
- UCG IM : UniCredit Sends Letter to New German Government Offering Talks
- VK FP : Vallourec 1Q Ebitda Beats Estimates
- VARO US : Varo Energy Makes Bid for Corral Stake: Morocco Antitrust Body
- WBD IM : Webuild Logs EU5b Orders YTD, Maintains FY Revenue Outlook

>>> Europe : Brokers Upgrades & Downgrades - 15th of May 2025

>>> Up
* Lagercrantz Raised to Buy at Nordea; PT 300 kronor
* PBR US Raised to Buy at Jefferies; PT $15.30
* Scout24 PT Raised to 141 euros from 114 euros at JPMorgan

>>> Down
* ASR Nederland Cut to Market Perform at KBW; PT 55 euros
* Burberry Cut to Hold at Deutsche Bank; PT 1,000 pence
* Coloplast Cut to Hold at HSBC; PT 670 kroner
* Monte Paschi Cut to Market Perform at KBW; PT 8.40 euros
* NN Group Cut to Market Perform at KBW; PT 55 euros
* Orsted Cut to Hold at Berenberg; PT 250 kroner
* PVA TePla Cut to Hold at Jefferies; PT 19 euros
* UniCredit Cut to Market Perform at KBW; PT 57.80 euros

>>> Initiation
* GB Group Rated New Buy at Berenberg; PT 340 pence
* Nvidia Reinstated Buy at William O'Neil
* On Holding Reinstated Buy at William O'Neil
* Property Franchise Rated New Buy at Berenberg; PT 593 pence
* Rheinmetall ADRs Rated New Buy at President Capital Management
* Safran Reinstated Buy at William O'Neil
* Schneider Electric Rated New Outperform at CICC; PT 236 euros

>>> Call

>>> Stoxx 600 Pre-Market Indications

  • Rheinmetall (RHM TH) +1.9%
  • Deutsche Boerse (DB1 TH) +1.6%
  • Siemens (SIE TH) +1.3%
    • *SIEMENS 2Q INDUSTRIAL BUSINESS PROFIT RISES 29% Y/Y TO EU3.24B
  • Deutsche Telekom (DTE TH) +0.5%
    • Deutsche Telekom Raises Earnings Forecast on Strong German Sales
  • Scout24 (G24 TH) +0.5%
    • Scout24 PT Raised to 141 euros from 114 euros at JPMorgan
  • Talanx (TLX TH) -1%
    • Talanx 1Q Ebit EU1.27B Vs. EU1.23B Y/y
  • RWE (RWE TH) -1.1%
    • RWE Says Weak Trading Performance Weighed on First Quarter
  • NIBE Industrier (NJB TH) -1.1%
  • Sartorius (SRT3 TH) -1.3%
  • Santander (BSD2 TH) -1.4%
  • Shell (R6C0 TH) -1.7%
  • Coloplast (CBHD TH) -1.9%
  • Allianz (ALV TH) -2.5%
    • *ALLIANZ 1Q OPER PROFIT EU4.24B, EST. EU4.22B
  • Merck KGaA (MRK TH) -2.9%
    • Merck KGaA Lowers Outlook on Tariff Risks, Currency Headwinds
  • Thyssenkrupp (TKA TH) -7.1%
    • Thyssenkrupp Holds Guidance Despite Slump in Earnings, Cash

>>> TradeGate Pre-Market Indications

DAX:
  • Rheinmetall (RHM TH) +1.5%
    • Rheinmetall ADRs Rated New Buy at President Capital Management
  • Siemens (SIE TH) +1.4%
    • *SIEMENS 2Q INDUSTRIAL BUSINESS PROFIT RISES 29% Y/Y TO EU3.24B
  • Deutsche Telekom (DTE TH) +1.1%
    • Deutsche Telekom Raises Earnings Forecast on Strong German Sales
  • Daimler Truck (DTG TH) -1%
  • RWE (RWE TH) -1.1%
    • RWE Says Weak Trading Performance Weighed on First Quarter
  • Allianz (ALV TH) -2%
    • *ALLIANZ 1Q OPER PROFIT EU4.24B, EST. EU4.22B
MDAX:
  • RENK Group (R3NK TH) +2.1%
  • TeamViewer (TMV TH) +1.3%
  • Scout24 (G24 TH) +0.9%
    • Scout24 PT Raised to 141 euros from 114 euros at JPMorgan
  • Nordex (NDX1 TH) -1.8%
  • Aixtron (AIXA TH) -2.2%
  • Thyssenkrupp (TKA TH) -5.6%
    • Thyssenkrupp Holds Guidance Despite Slump in Earnings, Cash
SDAX:
  • SUSS MicroTec (SMHN TH) +1.6%
  • Douglas AG (DOU TH) +1.5%
  • Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +1.1%
  • Patrizia (PAT TH) +1%
  • Schaeffler (SHA0 TH) -1.1%
  • Eckert & Ziegler (EUZ TH) -2.3%
    • Alstom Sinks, Burberry Jumps on Busy Day: Stoxx 600 Sector Wrap
  • MLP (MLP TH) -3.3%
    • MLP 1Q Ebit EU37.8M Vs. EU37.0M Y/y
  • SFC Energy (F3C TH) -5.3%

WSJ : Dick’s Sporting Goods Nears Deal to Buy Foot Locker

Dick’s Sporting Goods Nears Deal to Buy Foot Locker
Sides are discussing a deal for about $24 a share, or $2.3 billion

Key Points
  • Dick’s Sporting Goods is close to buying Foot Locker for about $2.3 billion.
  • The deal could be finalized as soon as Thursday at $24 per share for Foot Locker.
  • Foot Locker’s stock slumped due to tariff announcements and weak sales this year.

Dick’s Sporting Goods DKS -1.15%decrease; red down pointing triangle is nearing a deal to buy Foot Locker FL -3.31%decrease; red down pointing triangle for roughly $2.3 billion, according to people familiar with the matter.

The details
A deal could be finalized as soon as Thursday, barring any last-minute snags, the people added.

The sides have discussed a deal at $24 per share for Foot Locker, the people said. That would be a nearly 90% premium to Foot Locker’s current price, which has dropped sharply this year.

Foot Locker shares closed at $12.87 on Wednesday, before soaring more than 60% in after-hours trading following The Wall Street Journal’s report on the talks.

The context
Retailers, and sneaker companies, were rocked by President Trump’s tariff plans last month, which upended supply chains and costs. But Trump has paused most of those levies, including the fight with China that is most crucial to the sneaker world, easing the immediate crunch on the industry.

Foot Locker’s stock had slumped on the tariff announcements and remained down 40% this year, as of Wednesday’s close.

The retailer had guided for weaker sales this year, citing tariffs and the pricing changes Nike has been making to reinvigorate its own sales.

Foot Locker’s CEO, Mary Dillon, joined the company in 2022 from Ulta Beauty. At the beauty retailer, she helped expand Ulta’s online experience significantly and brought that same strategy over to Foot Locker.

Foot Locker’s turnaround plan has also entailed trying to win back key brand partners such as Adidas.

It has a sprawling real-estate footprint with roughly 2,400 locations in 26 countries, according to the company’s website. It also owns Champs Sports.

A new global reach
Dick’s, based in Pittsburgh, is the nation’s biggest sports retailing chain and also operates Golf Galaxy stores. The deal would be, by far, its biggest acquisition and would expand the company outside of the U.S.

Run by another female CEO, Lauren Hobart, Dick’s has been executing its own plan to win more consumers in a choppy environment. It’s plowed ahead with investments in megastores called House of Sport that offer experiences such as batting cages and outdoor playing fields to shoppers.

Dick’s shares are down 8% this year, giving it a market value of a little under $19 billion. They touched new all-time highs in January.

The deal follows the recent sneaker buyout of Skechers, which agreed to sell itself earlier this month for $9.4 billion to 3G Capital, a private-equity firm that has a history in the consumer-goods sector.