GS European Express

This Goldman Sachs European Express report highlights key sector updates for Philips, Media & Internet, Copper mining, and Healthcare. It also provides macro insights on the ECB's upcoming rate hike and global market sentiment.

Key Takeaways

• 1.Philips shows upside potential as it works toward FDA milestones for US sleep systems.
• 2.Copper markets are tightening ex-US due to supply constraints and trade flows, favoring a bullish outlook on Lundin and Antofagasta.
• 3.European Media & Internet maintains growth and capital returns despite YTD volatility; analysts favor companies with AI exposure and cyclical recovery potential.

Table of Contents

• Philips (PHG.AS): Framing the opportunity of potential return to US Sleep
• European Media & Internet: AI exposure in focus, but we see value in most sub-sectors
• Europe Metals & Mining: Lifting Copper Prices on Ex-US Tightness Ahead of US Tariff Catalyst. Buy LUN, ANTO
• Global Healthcare: The Obesity Evolution: Framing global AOM peptide manufacturing capacity and implications for the branded/generic markets
• Europe Rating Changes/Initiations
• Europe PT Changes (10% or more)
• Europe EPS Changes (10% or more)
• Other notable research
• Commodities & Industrials
• Consumer
• Financials -30th European Financials Conference in Zurich this week, feedback notes below
• Healthcare
• TMT
• Podcasts
• Macro / Markets
• Global
• Upcoming Webinars
• Corporate Access over the next 3 months