The Point for Europe

Citi Research highlights attractive risk-rewards in European Food and Beauty sectors while maintaining an overweight stance on European Banks. The report also details selective opportunities in infrastructure and notes continued Al-driven bullish positioning in Nasdaq and KOSPI.

Key Takeaways

• 1.Food & Beauty stocks are preferred over mass Household & Personal Care (HPC) for the next 3-6 months due to attractive catalyst paths and relative EPS upgrade potential.
• 2.European Banks remain an overweight sector recommendation, supported by a ~7% capital return yield and continued EPS upgrades despite shifting valuation multiples.
• 3.Selectivity is key in European infrastructure; Eiffage and Getlink are upgraded/reiterated as Buy, while Vinci and Ferrovial are downgraded to Neutral due to limited upside or valuation.

Table of Contents

• Top Call
• Must Read
• Company
• Industry
• Strategy & Economics
• Key Rating and Target Price Changes
• Appendix A-1

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