European Morning Research Summary

The June 5th Barclays European Morning Research Summary details analyst rating changes across transportation, consumer, and tech sectors, alongside updates on ESG fund flows.

Key Takeaways

• 1.Air France-KLM and Finnair downgraded to Underweight due to normalizing unit revenues on Asian routes.
• 2.ASML Holding NV price target raised to EUR 1900 on strong demand and supply capacity increases.
• 3.ESG fixed income funds saw modest inflows in May, while ESG equity funds continue to experience outflows.

Table of Contents

• Summary of Changes
• European Morning Research Summary
• Equity Strategy
• Publications Summary
• Rémy Cointreau: Some FY27 strategies outlined, but can Remy execute?
• HgCapital Trust: CMD takeaways: Alignment and AI investment
• Colonial SFL: CMD feedback: let's talk about the additional 5% growth
• Commerzbank: CEO presentation feedback
• CEE Banks Investor Field Trip: Growth intact, earnings durability debated
• Elekta AB / Siemens Healthineers AG: Feedback from a KOL call on radiotherapy
• Global Biopharmaceuticals: ADA Conference Planner and Preview
• Air France-KLM: Excess optimism – downgrade to UW
• Finnair: Asian boom looks too good to be true
• International Airlines Group: IAG Loyalty CMD
• World Cup 2026: Viewership drives value
• SSE: SSE remains a core generational OW
• Watches of Switzerland Group: On the road in NY and Texas
• ASML Holding NV: Ramping up supply