Opportunities this week:

Following news at the end of last week regarding the French air traffic controllers strike and a change in our analyst coverage for Ryanair, we reiterate our Overweight rating and change our price target from €25.30 to €28.00.
On Friday, China announced it will impose anti-dumping duties of up to 34.9% on brandy imported from the European Union, effective from 5 July 2025. We continue to take a positive view on LVMH with a target price of €589.
This morning, Shell released its regular quarterly Update Note ahead of Q2 results. We reiterate the target price of £31.00 (c. 18% upside).