• Macro: Global equities traded sideways in the both the US and Europe yesterday as traders remained cautious as they awaited the outcome of Trump / Zelensky meeting in Washington. The S&P500 closed the day down -0.01% whilst the Nasdaq finished off +0.03% higher. In Europe stocks traded up +0.08% over the course of the day. In the US five of eleven sectors were positive with 45.9% of stocks finishing higher. Industrials (+0.40%) and Consumer Discretionary (+0.38%) were the strongest sectors. Real Estate (-0.95%) and Communication Services (-0.70%) were the weakest. In Europe three of eleven sectors were positive with 43.5% of stocks up on the day. Healthcare (+1.36%) and Communication Services (+0.64%) were the strongest sectors. Materials (-0.70%) and Utilities (-0.44%) were the weakest. Novo Nordisk had a strong day, shares climbing +6.6% after the drug maker announced it was cutting the price of its Ozempic drug to $499 a month for cash paying patients. In macro news yesterday, a lack of economic releases resulted in a quiet trading day as eyes turned to the White House where President Trump welcomed President Zelensky for the second time in 6 months. The meeting this time was positive, with Zelensky commenting that he was encouraged that the US would participate in security guarantees as part of a peace deal. Trump called President Putin following the talks to organise more detailed talks between the Russian and Ukrainian Presidents. From a macro perspective today, releases are light with the main updates coming from the US. July housing starts will be released at 13:30 with a slightly revised estimated figure of 1296k starts. Preliminary July Building Permits will also be released. Permits are also expected to drop to 1385k. The Fed’s Bowman is speaking at the Wyoming Blockchain Symposium this evening at 19:10.
• Stocks: Ryanair (Overweight TP €29.50) Yesterday Ryanair confirmed that none of its flights to and from Spain had been affected “in any way” by the “poorly supported” handler strikes at some of the Spanish airports. Additionally on Ryanair, the company confirmed yesterday that it would extend its €750m share buyback program, which it announced in May, to December 31st, 2026, from May 19th, 2026. The decision was made to “increase flexibility under the program” after the shares have seen an impressive 82% rise over the last 12 months. Given recent financial results, meetings with IR teams and the expansion of new routes in Albania and Sweeden, we maintain an OVERWEIGHT position on Ryanair with a target price of €29.50 (10.7% upside).
• Kingspan (Overweight TP €84.70) At the end of last week it was announced that Kingspan would use the Circuitry.ai offering AIdivsor to support the products it sells within its American Light + Air division. These AI solutions will help sales and architectural support teams' access and apply product knowledge in an accurate and timely manner. The Kingspan Light + Air division was set up in 2016 and has since seen exceptionally strong growth both organically and inorganically. In 2016, the division generated revenue of €75m reflecting only 2.4% of total revenue. In 2024 the division recorded revenue of €961.1m representing 11.1% of the overall revenue mix. We still maintain an OVERWEIGHT view on Kingspan with a Target Price of €84.70 which still offers a 20.7% upside from yesterdays close. The valuation is derived from a peer implied blended average of PE and EV/EBITDA multiples.
• Uniphar (Overweight TP €4.25) This morning news broke that Santhera Pharmaceuticals signed an exclusive agreement with Uniphar to manage the distribution of Agamree (Vamorolone) in Middle Eastern countries such as the UAE, Saudi Arabia, Kuwait, Oman and Bahrain. Sales are expected to begin in Q1 2026 and through the agreement Santhera will receive a percentage of net sales as payment for the distribution agreement. We see this agreement as another positive step for Uniphar as it continues to expand its global presence. Given the positive trading statement released at the end of July, we reiterate our OVERWEIGHT position with a price target of €4.25.
• Debt: Despite an early rally Bund yields finished flat on the day, with the market dragged lower by weakness in Gilts and US Treasuries

Opportunities this week:

• Last Thursday Barclays reported a solid set of earnings for the FY and Q4, following which we updated our target price to 350p from 273p, and upgraded the stock to a Buy from a Hold recommendation.
• Ahead of Glanbia’s FY24 results on the 26th of February, we believe it is opportune to highlight our buy rating and the 36% upside to our €19.40 price target on the stock.
• Following Smurfit Westrock's first set of full year results on Wednesday last week, which were slightly soft but reassuring nonetheless, we are reiterating our BUY rating on the stock, our price target of $59 provides 10% upside.