European Morning Research Summary

A comprehensive daily summary of Barclays' European equity research, covering ratings changes, sector updates in Consumer and Healthcare, and a macro-focused June equity strategy.

Key Takeaways

• 1.Barclays revised price targets and estimates for several European firms, notably increasing targets for Sodexo, Veolia, and CK Infrastructure while lowering them for Adecco and GB Group.
• 2.The June European Equity Strategy notes caution due to 'frothy' edges in AI and Semiconductors, but maintains a positive view on the 'solid core' of earnings and liquidity.
• 3.AstraZeneca received positive clinical data updates for camizestrant (SERENA-6), which may support FDA approval despite a previously negative ODAC vote.

Table of Contents

• Summary of Changes
• Industry Research
• Equity Strategy
• Publications Summary
• Consumer
• Financial Services
• Healthcare
• Industrials
• Internet & Media
• Power & Utilities
• Retail
• Analyst(s) Certification(s)
• Important Disclosures