EMEA - In Case You Missed It...

Research evidence excerpt

EMEA - In Case You Missed It...

EUROPE | Europe Insights EquityJulyResearch4, 2026

To help you cut through the noise and focus on what matters, we present

a selection of our most read European research. This week we set out our

Semis roadmap, upgrade Mercedes-Benz and highlight ten long/short ideas

into earnings. We also flag key research from the US and Asia, and high-

profile Access events. .

Semis roadmap

Semis We expect companies across our coverage to sound incrementally more positive

through upcoming results although re-rating may cease to be a material driver of share prices

after a record rally.

Nokia Rising hyperscaler engagement supports stronger growth and margin outlook, with

optical and IP momentum driving earnings upgrades. JEF estimates 15% ahead of consensus,

PT raised to €13.8.

Rating Changes

Mercedes-Benz Shares have tracked BMW's recent warning but messaging at our German

Swiss conference gave us confidence that headwinds were manageable - we detail our

conviction inside. UG to Buy.

Catalyst driven ideas

On The Horizon Earnings season is upon us - we identify eight names that could surprise

positively and two that could surprise negatively. For each, we provide a summary investment

case and why we believe the setup looks attractive.

Best of the rest

Integrated Oil Brent is now lower than the day before start of the US/Iran conflict - a remarkable

round trip. Refining exposure (REP) & Trading Optimisation (TTE, SHEL) to offset ME disruption

will be key for 2Q results outperformance.

UK Industrials The Defence Investment Plan is finally here and unlocks multi-year revenue

opportunities across our coverage. Click inside to understand how to play growth in digital,

armoured vehicles and emerging technologies.