<div id="readability-page-1"><div>A round-up of notable broker activity this morning from Europe's top-ranked* analysts:** J.P. Morgan cuts French infrastructure stocks Vinci and Aeroports de Paris to &#34;neutral&#34; from &#34;overweight&#34; after a strong share rebound year-to-date and as 2026 French budget negotiations make infrastructure tax increases a possibility** Citi prefers European utilities with a strong free cash flow and the potential to monetize data centre growth, upgrading EDP Renovaveis to &#34;buy&#34; and cutting Enagas to &#34;sell&#34;** Morgan Stanley adjusts its views on European utilities, seeing an upside for some amid growing AI power demand; it upgrades E.ON , Drax and Veolia to &#34;overweight&#34; and Solaria to &#34;equal-weight&#34;** MS is more pessimistic about the prospects of Italian power companies, cutting Enel to &#34;underweight&#34; on an outdated strategy and Italgas to &#34;equal-weight&#34; on a less defined catalyst pipeline** JPM downgrades Italian construction group Buzzi to &#34;neutral&#34; from &#34;overweight&#34; after a strong share rally in 2025, pointing to rising capex due to its decarbonization strategy in Europe** Jefferies raises Berkeley Group to &#34;buy&#34; from &#34;hold&#34;, as it sees the UK-based homebuilder benefiting in the medium term from impending changes in London housing policy** UBS cuts French automaker Renault to &#34;sell&#34; from &#34;neutral&#34;, saying margins are likely to normalize towards their historical levels(*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 &amp; 24-month periods.)</div></div>

VCISY

J.P. Morgan downgrades Vinci and Aeroports de Paris to "neutral" due to potential infrastructure tax hikes. Citi upgrades EDP Renovaveis to "buy" and downgrades Enagas to "sell". Morgan Stanley sees AI power demand boosting some utilities, upgradingN, Drax, and Veolia. It downgrades Enel and Italgas. JPM downgrades Buzzi due to rising capex. Jefferies upgrades Berkeley Group, citing benefits from London housing policy changes. UBS downgrades Renault, expecting margin normalization.

Top of the Street: European infrastructure and utilities, Buzzi, Berkeley, Renault