European Equity Daily

Latest edition · October 12, 2026

Jefferies European Equity Daily

Jefferies' European Equity Daily highlights an upgrade of Nexans to Buy on transmission order visibility and data center tailwinds, alongside previewing strong 3Q results and capital returns for Shell. Concurrently, Roche is reiterated at Underperform due to unrealistic consensus pipeline estimates, while European autos remain pressured.

The October 12 publication provides research highlights and rating revisions across European and global equities. Key actions include upgrading Nexans to Buy alongside constructive views on Prysmian and NKT in the cable sector driven by grid and data center infrastructure spend. Shell is projected to post a 3Q beat with $10.2bn in earnings and potential upside to capital distributions. Conversely, Roche remains an Underperform given demanding valuation hurdles for giredestrant, while automotive OEMs struggle with downward earnings revisions and fragile 2027 consensus numbers.

Key takeaways from the latest edition

• 1.Nexans is upgraded from Hold to Buy within the European cable sector, which benefits from ongoing grid investments and data center expansion.
• 2.Shell's 3Q earnings are projected to beat consensus by ~7% at $10.2bn, driven by refining, trading, and lagged gas pricing, with attention focused on shareholder returns and buybacks.
• 3.Roche's Underperform rating is reiterated as survey results show market expectations for breast cancer drug giredestrant are overly aggressive relative to its 40% valuation premium.

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• THEMATIC / MACRO
• FOCUS RESEARCH
• RATING CHANGES
• PRICE TARGET CHANGES
• ESTIMATE CHANGES
• SECTOR / COMPANY UPDATES
• Summary Changes – Recommendation / Price Target / EPS
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Edition archive

• Jefferies European Equity Daily

  October 12, 2026

• Jefferies

  October 7, 2026

• Jefferies European Equity Daily 6 oct

  October 6, 2026

• Jefferies European Equity Daily

  October 5, 2026

• Jefferies

  October 1, 2026

• Jefferies European Equity Daily 28th Sep

  September 28, 2026