GS European Express: UK Homebuilders, Chemicals, Smith & Nephew, Stellantis, Macro, Global, and Corporate Access

This Goldman Sachs update highlights a sector-wide de-rating in UK Homebuilders, strategies for consumer ingredients under stagflation, and a notable fund rotation from Software to Semiconductors.

Key Takeaways

• 1.UK Homebuilders have de-rated to 15-year lows due to increased headwinds, prompting a downgrade of Taylor Wimpey to Sell while favoring Persimmon and Barratt Redrow.
• 2.Investment in consumer ingredients requires a framework assessing resilience to stagflation, with Novonesis identified as a preferred Buy-rated name.
• 3.Hedge funds and mutual funds are rotating significant capital from Software into Semiconductors, with Semis reaching record high weights in hedge fund portfolios.

Table of Contents

• UK Homebuilders: Increased headwinds drive sector de-rating to 15y lows
• Consumer Ingredients: Assessing Resilience to Stagflation Risk
• Smith & Nephew (SN.L): Lowering growth outlook for FY26; see upside to growth in FY27 and beyond; Buy
• Stellantis NV (STLAM.MI): Investor day sets 2030 growth targets; Neutral
• 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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