The Point for Europe

Research evidence excerpt

The Point for Europe

Point |

Monday, 29 June 2026

Top Call | Company | Industry | Strategy & Economics | Fixed Income & FX | Key Rating and Target Price

Changes

Top Call Must Read

Iberdrola (IBE.MC) - Exceptionalism Global Economic Outlook & Strategy -

We have renewed our rating after a period of Rating Suspended with a Neutral The Resilient Global Economy—

rating and 12m TP of €21.1. IBE trades at a near 30% premium to the SX6P, an Cascading Supply Shocks

exceptionalism we think can only be justified by consistent delivery of earnings

growth, irrespective of the macro and political environment. Absent any

confidence shock we assume this sizable premium stays, but given IBE shares also

trade close to mega cap US utility peers – which typically trade above Europeans -

we see limited upside from current levels. We view IBE’s operational delivery at an

asset level as varied, with Network growth delivery better than Renewables, and

Europe better than US and Brazil.

Jenny Ping | Chris McDonagh

North America Internet - Digital Postcard from Cannes ‘26: Advertising Enters

the Agentic Era Amid a Relatively Healthy Ad Environment

After attending Cannes and meeting with almost every major ad platform and

brand, we are incrementally positive on the broader online advertising ecosystem,

the benefits of AI and agents, and the growing importance of data, commerce, and

brand visibility as the web evolves from queries to quests. The tone across

meetings was largely constructive: demand across Search, Social, and CTV

appears relatively healthy and AI is improving workflows and delivering greater

personalization and creative cadence, while watching the evolution of agent-to-

agent advertising and adoption of Agentic Commerce. We believe LLM Search is