Top of the Street: Novo Nordisk, airlines, Telefonica, Compass, Bureau Veritas, Securitas

A round-up of notable broker activity this morning from Europe's top-rankedanalysts:

JP Morgan expects European transport market challenges to continue in 2026 but says an oversupply in short-haul market could benefit the likes of long-haul giant Lufthansa LHAG.DE, raising it to "neutral" from "underweight"

The brokerage meanwhile cuts budget airline Easyjet EZJ.L to "underweight" from "neutral" on risks of oversupply in the European short-haul market

RBC upgrades Swedish security provider Securitas SECUb.ST to "outperform" from "underperform", anticipating "a cleaner operation" in 2026 following Stanley integration

RBC also raises UK-based food catering firm Compass Group CPG.L to "outperform" from "sector perform", saying concerns around consumer spending pressures, AI disruption and the impact of GLP-1 drugs seem overdone

The same broker also cuts French testing firm Bureau Veritas BVI.PA to "underperform" from "sector perform", citing a weaker trade outlook for its sector linked to global trade

INITIATIONS AND REINSTATEMENTS

Jefferies resumes coverage of Danish drugmaker Novo Nordisk NOVOb.CO with "underperform" citing lack of clear valuation floor, continued competitive and structural risks, long-term earnings beyond 2026

Spanish telecoms operator Telefonica TEF.MC is resumed with a "neutral" rating by Citigroup, which sees "no quick fixes" to the challenges faced by the company

(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.)