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Investing.com - Kepler Cheuvreux downgraded Euronext NV (EPA:ENX) from Buy to Hold and reduced its price target to EUR155.00 from EUR170.00, citing concerns about a potential market correction.
The downgrade follows Kepler Cheuvreux’s Economics & Cross-Asset Strategy Research team’s decision to lower European equities from overweight to neutral. The firm noted that Euronext, as the European exchange with the largest share of equity trading and related revenue streams, could face challenges in outperforming peers in the short term during a market correction.
Despite the downgrade, Kepler Cheuvreux raised its estimates for Euronext by 1% across revenue, EBITDA, net profit, and adjusted EPS for 2025-27, indicating expectations for positive underlying performance.
The firm also highlighted that July trading volumes for both equities and fixed income at Euronext remained strong, suggesting current operational strength despite the cautious outlook.
Year-to-date, Euronext shares have significantly outperformed U.S. peers as well as Deutsche Börse (ETR:DB1) and London Stock Exchange Group (LON:LSEG), according to Kepler Cheuvreux’s analysis.
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