Top of the Street: Anglo American, Rio Tinto, Antofagasta, Voestalpine, Ferrovial, Orange, ACS, IAG, Nexi, Endesa

Endesa SA

09/03/2026 12:52

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:

** J.P.Morgan cuts mining and metal companies Anglo American AAL.L, Rio Tinto RIO.L, Antofagasta ANTO.L and Voestalpine VOES.VI amid Middle East conflict

** Jefferies cuts Spanish infrastructure operator Ferrovial FERF.AS to "hold" from "buy," citing limited upside and better opportunities elsewhere in the sector

** Kepler Cheuvreux cuts Orange ORAN.PA to "hold" from "buy", citing an "impressive" share price performance over the last 15 months that has bridged the historical discount to the sector

** Barclays ups Spanish construction group ACS ACS.MC to "overweight" from "equal-weight" on a data centre valuation gap

** Barclays raises British Airways and Iberia owner IAG ICAG.L to "overweight" from "equal-weight", expecting share rebound once Iran air campaign slows down

** Morgan Stanley ups Nexi NEXII.MI to "equal-weight" from "underweight", citing company's industrial plan

** BofA double upgrades Spanish utility firm Endesa ELE.MC to "buy" from "underperform" as strong delivery, better regulation and upside optionality outweigh retail risk

(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.)

 (Reporting by Amir Orusov and Olivier Cherfan)

 ((Amir.Orusov@thomsonreuters.com; Olivier.Cherfan@thomsonreuters.com))