European Daily Focus: Tuesday, 16th June 2026

研报英文原文证据摘录

European Daily Focus: Tuesday, 16th June 2026

Deutsche Bank

Research

Europe Strategy Date

16 June 2026

European Daily Periodical

Focus

Tuesday, 16th June 2026

Jonathan Jayarajan

TOP STORIES Associate Director Equity Research - EMEA

GEA (G1AG.DE) - A compelling mismatch / Upgrade to Buy Products

Lars Vom-Cleff: Hold to Buy, Tgt EUR64 to EUR70. Last Close EUR56.10. We +44-20-754-76037

upgrade GEA to Buy and raise our target price to EUR 70 (from EUR 64) as we now

see a more compelling mismatch between the group’s resilient fundamentals and

the current valuation. We have become more confident in the outlook for improving

revenue momentum, sustained margin expansion and continued execution against

MISSION 30, supported by a favorable mix shift towards higher-margin service and

digital revenues, additional cost savings and disciplined capital allocation. Against

this background, we have increased our FY26E-FY28E EPS forecast by 4-6%. At the

same time, GEA’s defensive end-market exposure, low customer concentration

and healthy order/backlog dynamics continue to underpin earnings resilience.

EUROPEAN CHEMICALS - Chemical distributors: Brenntag d/g to HOLD, Q2 Figure 1: Table of Contents

previews & data book

Tristan Lamotte: Recommendation and Target Price Change: Brenntag Top Stories Page 01

Target Price Changes Page 02

(BNRGn.DE) – Buy to Hold, Tgt EUR67 to EUR57. We have highlighted that Company Updates Page 02

chemical distributors were likely to benefit from the impact of the Middle East Sector Update Page 04

conflict due to higher chemical prices and supply disruption typically being Strategy / Economics Page 06

Global Focus Page 08

supportive for the distributors. We saw Brenntag as the greater beneficiary

Source : Deutsche Bank