The Point for Europe

Research evidence excerpt

The Point for Europe

Arm Holdings PLC (ARM.O) - Strong Quarter with FY27 outlook modestly

improved

Arm reported F1Q27 results with a 1% beat on sales and an 11% beat on profits,

while the F2Q27 guidance was 3% ahead on sales and 10% ahead on profits at the

mid-point. We view the quarter positively, with Cloud AI and licensing strength

more than offsetting a softer handset outlook driven by demand and mix. We raise

FY27 sales/EBIT by 1%/4%, although longer-term estimate changes are modest.

Mgmt. also flagged stronger AGI CPU demand to over $2bn and improving

visibility. We continue to view Arm as a key AI infrastructure beneficiary with the

pullback as an enhanced opportunity. Retain Buy with a $300 TP.

Pavan Daswani, CFA

CaixaBank SA (CABK.MC) - Investor feedback: market reaction appears driven

by positioning rather than fundamentals

Based on our investor conversations on CABK following today's results conference

call, the share price weakness (down c.-6% today) appears to be driven more by

positioning and expectations than by any deterioration in underlying

fundamentals. Investors generally acknowledged that the modest NII miss was

largely technical in nature, while underlying trends around loan growth and

margins, and tailwinds from higher interest rates remain intact. In some cases,

investor expectations may have been anchored to NII scenarios above current sell-

side consensus, reflecting a more supportive forward rate environment. As a result,

the absence of an upgrade in NII guidance may have triggered a reassessment of

these upside earnings scenarios.

Borja Ramirez Segura | Anand Demble | Andre Nemec

Eni (ENI.MI) - Post 2Q26 Model Update

Following 2Q26 results and upgraded company guidance, we update our Eni