Top of the Street: Haleon, Erste Group, Burberry, Flsmidth

Erste Bank AG

27/05/2025 12:42

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

** Exane BNP Paribas expects Haleon HLN.L to deliver on its profitability target - it ups the British consumer healthcare group to "outperform" from "neutral", even if it still sees scope for improvement despite Haleon's best-in-class gross margin

** UBS raises Erste Group Bank ERST.VI to "buy" from "neutral" as the Austrian lender's acquisition of Banco Santander's Polish assets SPL1.WA will boost its growth potential and EPS forecasts, addressing prior concerns on capital allocation and growth

** Barclays upgrades British luxury retailer Burberry BRBY.L to "equal weight" from "underweight", seeing the high-end brand positioning no longer at risk and further EBIT improvement for the brand in 2026, with cost savings providing some cushion

** Goldman Sachs raises FLSmidth FLS.CO to "buy" from "neutral", expecting the Danish mining and cement technology specialist to increase its margins through cost savings and increased service and product mix

(*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 Marta Frąckowiak, Philippe Leroy Beaulieu)

 ((marta.frackowiak@thomsonreuters.com;
Philippe.LeroyBeaulieu@thomsonreuters.com))