Today's Morning Meeting

J.P. Morgan's morning meeting highlights include an upgrade for ams-Osram on AI Photonics prospects and a thematic review of new EU merger guidelines that could drive Telco consolidation. Analysts also flag volume risks for Lindt and reiterate conviction in Alstom's turnaround.

Key Takeaways

• 1.The EC's draft of new EU merger guidelines could represent a paradigm shift, potentially paving the way for significant pan-European Telco consolidation.
• 2.ams-Osram is upgraded to Overweight due to improved growth prospects in AI Photonics and Smart Glasses, alongside semiconductor business stabilization.
• 3.Lindt & Sprüngli faces volume softness risks as pricing remains disconnected from the wider market, leading to market share decline.

Table of Contents

• Today's Morning Meeting
• Reviewing the draft new EU merger guidelines
• OW/AFL: A delay on the track but medium-term prospects remain attractive
• Equity raise approved to help fuel next phase of strategic growth
• Melted chocolate: Volume softness risks Lindt LFL 26E
• Upgrade to OW: AI Photonic + Smart Glasses upside
• Also Published Today
• In Case You Missed It... Trending in the Last Month
• Key Changes
• Rating Changes
• Price Target Changes
• EPS Estimate Changes
• JPM Events
• Upcoming Earnings

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