European Express

The report highlights a downgrade for Lanxess and reiterates bullish views on Dutch insurers, AB InBev, and European AI hardware enablers. It also covers shifts in European inflation expectations and China gas demand.

Key Takeaways

• 1.Lanxess AG downgraded to Sell with 25% downside following 1Q26 results due to pricing headwinds and balance sheet risks.
• 2.Dutch Life insurers (NN and ASR) remain Buy-rated, viewed as uniquely positioned against current macro and tech backdrops.
• 3.Nvidia's strong results suggest positive dynamics for European AI infrastructure stocks like ASML and Nebius.

Table of Contents

• Lanxess AG (LXSG.DE)
• Insurance
• Technology: Hardware
• Anheuser-Busch InBev (ABI.BR)
• ISS (ISS.CO)
• Birkenstock (BIRK)
• Europe Rating Changes
• Europe PT Changes (10% or more)
• Europe EPS Changes (10% or more)
• Other notable research
• Macro / markets
• Global
• Upcoming Webinars
• Corporate Access over the next 3 months

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