Barclays
May 26, 2026
European Morning Research Summary
Daily UpdateEquitiesMacro Economic IndicatorsFinancialsUtilities
Barclays' morning research summary for May 26, 2026, highlights rating upgrades for Iberdrola and British Land while warning of a potential cyclical peak for chemical distributors by 2027.
Key Takeaways
- 1.Iberdrola upgraded to Overweight, described as a 'Gold standard' utility with superior EPS growth during the energy transition.
- 2.European chemical distributors face a strong 2026 but potential risk of a 2027 'hangover' due to current disruption-driven over-demand.
- 3.Julius Baer sell-off is considered excessive despite mixed results; FINMA closure is seen as a major catalyst for recovery.
Table of Contents
- Summary of Changes
- Industry Research
- Basic Industries
- Consumer
- Energy
- Financial Services
- Healthcare
- Industrials
- Internet & Media
- Power & Utilities
- Retail
- Thematic Investing
- Analyst(s) Certification(s)
- Important Disclosures
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Authors
Dominic Nash, PhDFlora BocahutJames Gordon
Securities
IberdrolaBLNDBAER.SBATBOY.L
Themes
Energy Transition & InfrastructureSelective European Banking Sentiment
Regions
EuropeNorth AmericaAsia PacificUnited KingdomSpainSwitzerland