Barclays
May 21, 2026
European Morning Research Summary
Daily UpdateEquitiesMacro Economic IndicatorsCommoditiesMaterialsHealth Care
A comprehensive daily summary of Barclays' European equity research covering ratings changes for Evonik and FLSmidth, sector updates in healthcare, energy, and tech, and strategic insights into corporate buybacks.
Key Takeaways
- 1.Evonik is downgraded to Equal Weight as valuation is considered fair following a share price outperformance, despite a Q1 beat.
- 2.FLSmidth & Co. is upgraded to Overweight as the company pivots from cost savings to growth, trading at a discount to peers despite high gold exposure.
- 3.Corporate buyback execution remains near cycle highs, providing source of market support as blackout constraints ease.
Table of Contents
- Summary of Changes
- Company Research
- Industry Research
- Equity Strategy
- Thematic Investing
- Data Science & Applied AI
- Publications Summary
- Basic Industries
- Consumer
- Energy
- Financial Services
- Healthcare
- Industrials
- Internet & Media
- Retail
- Technology
- Telecommunications
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Authors
Emmanuel CauAnil ShenoyJames Gordon
Securities
EVKn.DEFLS.COASML NAPM
Themes
Corporate Share BuybacksGLP-1 Impact on MedTechQuantum Computing Development
Regions
EuropeNorth AmericaUnited KingdomGermanyChina