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Investing.com - Goldman Sachs has added ING Groep (AS:INGA) NV, LVMH (EPA:LVMH) Moet-Hennessy Louis Vuitton and Atlas Copco to its European Conviction List while removing five other companies, according to the bank’s monthly update.
The additions come as Goldman’s regional directors select equities they believe have strong potential, though the firm notes these selections are not formal ratings and don’t represent the analysts’ investment ratings.
For ING, Goldman analyst Chris Hallam cites the bank’s "sizeable exposure to German fiscal spend and improving NII" as factors that should help reverse recent underperformance. Hallam estimates ING’s ROTE will increase by 2 percentage points to 15% by 2027, supporting approximately 12% distribution yield.
Goldman’s Louise Singlehurst recommends investors "look through Q2 softness and Buy into LVMH" as a clear winner in the next luxury upcycle, noting asymmetric risk reward with potential upside of 69% versus 5% downside. Emerging catalysts include a new Dior Creative Director and the LV beauty launch expected to support footfall.
For Atlas Copco, analyst Daniela Costa anticipates a recovery in orders supported by US reshoring and semiconductors toward the end of 2025, viewing it as "one of the few names" with upside risk to estimates and expecting a special dividend at year-end to provide additional support.
In other recent news, Rio Tinto (NYSE:RIO) announced a significant investment of US$1.2 billion to modernize its Isle-Maligne hydroelectric power plant in Alma, Quebec. This project aims to secure the long-term future of low-carbon aluminum production and is expected to be completed by 2032. Additionally, Rio Tinto is forming a joint venture with Chile’s Codelco to develop the Salar de Maricunga lithium project, with Rio Tinto acquiring a 49.99% stake by contributing $350 million. The collaboration is part of a broader strategy to secure resources critical for the electric vehicle and renewable energy sectors. In another development, Rio Tinto is investing CA$7.6 million in ore sorting technology at its Lac Tio mine in Quebec, aiming to optimize ore processing and reduce emissions. Furthermore, JPMorgan has maintained its Overweight rating on Rio Tinto, with a price target of GBP59.20, highlighting the company’s potential growth in the global market. Despite these developments, Rio Tinto reported that extreme weather impacted its Pilbara iron ore shipments, which are expected to be at the lower end of guidance. However, the company reported strong performance in other segments, including record production at the Oyu Tolgoi copper mine and bauxite operations.
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