GS European Express

The report provides updates on European equity ratings, including upgrades for Porsche and EDPR, alongside macro commentary on US AI capex and Hong Kong banking sector concerns.

Key Takeaways

• 1.Porsche AG upgraded to Buy following significant de-risking and potential for EPS recovery.
• 2.European renewable sector outlook improves, leading to upgrades for EDPR and EDP.
• 3.Hong Kong banks HSBC and STAN remain Buy-rated despite market volatility regarding deposit flows.

Table of Contents

• Porsche AG
• European Utilities
• Hong Kong Banks
• Ceres Power
• UPM-Kymmene
• Europe Rating Changes
• Europe PT Changes
• Europe EPS Changes
• Other notable research
• Financials
• TMT
• Podcasts
• Macro / markets
• Global
• Upcoming Webinars
• Corporate Access over the next 3 months
• Disclosure Appendix