Deutsche Bank European Daily Research: SPIE & Accor Initiations, Genmab Upgrades & AI Capex Trends

Deutsche Bank's September 1, 2026 morning research wrap initiates coverage on SPIE at Buy and resumes coverage on Accor at Buy. It also provides rating and price target updates across European software, healthcare, financials, utilities, and capital goods.

Key Takeaways

• 1.Deutsche Bank initiates coverage on SPIE at Buy (PT EUR 57) and resumes coverage on Accor at Buy (PT EUR 55).
• 2.Target price increases include Genmab (+11% to DKK 2500), Hexagon (+12% to SEK 95), and Dassault Systemes (+10% to EUR 22), while target prices are lowered for Universal Music, Pernod Ricard, Fielmann, and Deutsche Pfandbriefbank.
• 3.AI infrastructure capex momentum remains robust with 2027 top-5 hyperscaler capex projected near $1.1tn to $1.3tn, supporting structural growth across hardware and power suppliers despite near-term supply constraints.

Table of Contents

• SPIE (SPIE.PA) - Technically adept - initiate at BUY; Tgt EUR57. Last Close EUR43.54.
• ACCOR (ACCP.PA) - Resuming coverage at BUY; Tgt EUR55. Last Close EUR46.73.
• FIELMANN (FIEG.DE) - Germany-led guidance cut looks contained - reiterate Buy; Tgt EUR63 to EUR62. Last Close EUR39.3, Buy.
• GENMAB (GMAB.CO) - Post Q2: buckle up – it could be a momentous finish to the year...; Tgt DKK2250 to DKK2500. Last Close DKK2156. Buy.
• UNIVERSAL MUSIC (UMG.AS) - Confirming numbers post results; Tgt EUR29 to EUR26.5. Last Close EUR14.85. Buy.
• DEUTSCHE PFANDBRIEFBANK (PBBG.DE) - Visibility remains limited; Tgt EUR3.8 to EUR3.7. Last Close EUR3.49. Hold.
• EDP (EDP.LS) - 2026 guide appears conservative given H2 outlook. Model update; Tgt EUR4.6 to EUR4.7. Last Close EUR4.698. Hold.
• PERNOD RICARD (PERP.PA) - Tough on the top shelf; Tgt EUR65 to EUR60. Last Close EUR63.2. Hold.
• ENGINEERING SOFTWARE - Attention returning to Engineering Software
• REDCARE PHARMACY (RDC.DE) - CEO Succession Announced; FY26 Guidance Confirmed; Tgt EUR103. Last Close EUR63.5. Buy.
• RHEINMETALL (RHMG.DE) - German 2027 draft budget continues to support investment case; Tgt EUR1800. Last Close EUR1154.6, Buy.
• SIEMENS ENERGY (ENR1n.DE) - Our take on SpaceX plan to produce blades; Tgt EUR210. Last Close EUR149.7. Buy.
• VGP (VGP1.BR) - Expect the CMD to be a positive catalyst; Tgt EUR100. Last Close EUR81.4. Buy.
• FLUGHAFEN ZURICH AG (FHZN.S) - H1'26 results: no major surprises; Tgt CHF237. Last Close CHF208.2. Hold.
• GERRESHEIMER (GXIG.DE) - A Long Road Back to Stability; Tgt EUR26. Last Close EUR26.62. Hold.
• ORSTED (ORSTED.CO) - Model maintenance; Tgt DKK155. Last Close DKK139.25. Hold.
• CAPITAL GOODS WEEKLY - UK Capital Goods Weekly
• DB MEDIA & ONLINE #WHAT'S APPENING - RELX, Agencies/Dentsu, Prosus, 30th DB TMT Conf
• DB X-CONNECT - (WK 35-52): Telco time DB's 30th EUR TMT Conf topics; ILD Q2 FRA pickup
• EU PHARMACEUTICALS - The Weekly Fix: EU pharma data pack
• EUROPEAN CHEMICALS - Key movements in petrochemical pricing/margins/spreads
• EUROPEAN REAL ESTATE - Weekly Valuation Snapshot
• EUROPEAN UTILITIES - Tomorrow: 'Back to School' Virtual Euro Utilities Event: 11 firms, mainly C-suite.
• GENERAL RETAIL & LUXURY WEEKLY - Retail & Luxury Look of the Week
• INDUSTRIAL LOGIC - AI infrastructure: the cycle that refuses to slow
• METALS & MINING - Boliden Nexa deal. Copper price squeeze. Aluminium tariffs. Valuations
• PAYMENTS PULSE - Rewiring Payments
• STEEL SPREAD TRACKER - Steel prices up across markets, spreads improving
• TECHNOLOGY VALUATION SHEET - Deutsche Numis Technology Valuation Sheet
• UK STAPLES VALUATION - UK Staples Valuation
• INITIATION OF COVERAGE - Necessity is the mother of invention - Initiating on the Hardware sector
• SEMICONDUCTORS - Takeaways from 2026 DB Tech Conference

Report data

Initiation, Resuming coverage, and Target Price Changes — as of September 1, 2026.

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