J.P. Morgan's daily update highlights resilient sales in European Staples but cautions on future demand and costs, while raising outlooks for Leonardo and Scout24 following recent corporate events.
Key Takeaways
- 1.European Staples sector reported better-than-expected Q1 sales beats (16 of 22 companies), but FY26 visibility remains low due to cost inflation and demand risks.
- 2.Scout24's Capital Markets Day highlighted AI as a key moat widener, leading to upgraded margin guidance (67%) and an increased price target of €91.
- 3.Leonardo EPS estimates for 2026-30 increased by 5-6% following the acquisition of Iveco Defence Vehicles, though the price target was trimmed to €70 due to SOTP adjustments.
Table of Contents
- Today's Morning Meeting
- Also Published Today
- Sector Research
- In Case You Missed It... Trending in the Last Month
- Key Changes
- Price Target Changes
- EPS Estimate Changes
- JPM Events
- Upcoming Earnings
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Authors
David H PerryCeline PannutiMarcus DiebelBorja Olcese
Securities
LDOHeinekenG24 GRGRG LN
Themes
AI Integration in Business ModelsCOGS Inflation and Consumer Demand PressureGeopolitical Impact on Supply Chains
Regions
EuropeGlobalUnited KingdomItalyGermany