BUZZ-Top of the Street: Real estate, CVC, Flughafen Zurich, Magnum

Reuters12-16

BUZZ-Top of the Street: Real estate, CVC, Flughafen Zurich, Magnum

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

** Bernstein upgrades Belgian healthcare real estate firm Aedifica AOO.BR to "outperform" from "market-perform", saying a planned 2026 merger with Belgian property company Cofinimmo COFB.BR creates a unique growth platform

** UBS downgrades CVC Capital Partners CVC.AS to "neutral" from "buy", seeing near-term growth headwinds in credit, fundraising and exits impacting the company's outlook

** Despite upside risks to traffic and operating expenditures, UBS cuts Swiss airport group Flughafen Zurich FHZN.S to "neutral" from "buy", seeing a downside risk to tariffs

INITIATIONS AND REINSTATEMENTS

** As discussions on a potential bid from Blackstone terminated, Goldman Sachs resumes storage provider Big Yellow BYG.L at "neutral", expecting operational metrics to remain muted into the near term

** Deutsche Bank initiates global ice cream maker The Magnum Ice Cream Company MICCT.AS at "hold", citing 3%-4% medium-term CAGR offset by volatility and high seasonality

** Deutsche Bank reinstates Germany's RWE RWEG.DE at "buy", saying the energy company has "further to go" on its strong track record and menu of global investment opportunities

(*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 Bernadette Hogg and Agnieszka Oleńska)

((bernadette.hogg@thomsonreuters.com))

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