Report published September 9, 2026

J.P. Morgan Europe First to Market: European Medtech, Building Materials & Key Rating Changes (September 9, 2026)

J.P. Morgan · September 9, 2026

J.P. Morgan's daily European equity research summary features rating changes including an upgrade of Kingspan to Overweight and a downgrade of Coloplast to Underweight. The report also places Holcim, Sika, and JCDecaux on Positive Catalyst Watch while Amrize is placed on Negative Catalyst Watch.

Read the full report

Read the remaining 4 pages

View Report Sign in

Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Upgraded Kingspan to Overweight (PT raised to €130 from €95) driven by accelerating order intake in data center solutions and US roofing expansion opportunities.
2.Downgraded Coloplast to Underweight (PT reduced to DKK377 from DKK484) due to asymmetric downside risk from incoming CEO strategy and mid-term target resets.
3.Placed Holcim, Sika, and JCDecaux on Positive Catalyst Watch into upcoming Q3 results; placed Amrize on Negative Catalyst Watch.

Today's Morning Meeting
Also Published Today
In Case You Missed It... Trending in the Last Month
Key Changes
JPM Events
Upcoming Earnings

Report data

Rating Changes

Metric	Estimate	Context
Kingspan Advnsys Segment Valuation Discount vs Capital Goods Data Centre Peers	15.0%	Kingspan's Advnsys segment trades at a discount to peers despite comparable growth trajectory.
JCDecaux Q3 Organic Revenue Growth Estimate	6.3%	J.P. Morgan estimate is well above guidance of ~5% and consensus of 5.5%.
WH Smith Share Price Performance over last 18 months	-70.0%	WHSmith share price underperformed the FTSE 250 (+18%) significantly.
Coloplast Probability-Weighted Price Target	377.0 DKK	Reduced from Dkr484.00, implying ~18% downside.