** BNP Paribas expects Spanish Mid-Cap stocks to quiet down on 2026 after they outperformed European peers by around 30% in 2025 and growth rates have slowed down
** Following a strong 2025 driven by financial, defense and utility stocks, the broker sees the outlook likely linked to earnings revisions, focus on consumption trends, currency and macro economic volatility
** It upgrades pool equipment maker Fluidra FLUI.MC to "Outperform" on new build mid-term opportunity, the investment in robotic cleaner maker Aiper and its 20% discount to peers, which UBS sees as too harsh
** It cuts to "Neutral" on valuation both pharmaceutical group Almirall ALM.MC and food producer Ebro EBRO.MC, while downgrading hotel chain Melia MEL.MC on lower revenue per available room (RevPar) estimates
** BNP also downgrades real estate firm Colonial COL.MC to "Underperform" from "Neutral" citing weaker performance in its Paris portfolio and lower pipeline contribution
COMPANY | RATING | OLD RATING | PT (EUR) | % TO OLD PT |
|---|---|---|---|---|
Almirall ALM.MC | Neutral | Outperform | 14.0 | - |
CIE Automotive CIEA.MC | Neutral | - | 27.5 | - |
Colonial COL.MC | Underperform | Neutral | 5.0 | -14% |
Ebro Foods EBRO.MC | Neutral | Outperform | 19.5 | -7% |
Fluidra FLUI.MC | Outperform | Neutral | 28.5 | +24% |
Grenergy Renovables GREG.MC | Outperform | - | 95.0 | +19% |
Indra IDR.MC | Neutral | - | 51.0 | +11% |
Logista LOG.MC | Neutral | - | 29.0 | - |
Melia Hotels MEL.MC | Neutral | Outperform | 8.5 | -12% |
Merlin Properties MRL.MC | Outperform | - | 15.0 | +6% |
Rovi ROVI.MC | Outperform | - | 83.0 | +6% |
Sacyr SCYR.MC | Neutral | - | 3.9 | - |
Tecnicas Reunidas TRE.MC | Underperform | - | 23.0 | - |
Vidrala VID.MC | Outperform | - | 110.0 | -5% |
Viscofan VIS.MC | Outperform | - | 70.0 | - |
(Reporting by Gemma Guasch)
((Gemma.guasch@thomsonreuters.com; +48 58 746 90 08))
