Deutsche Bank Refreshes European 'Top Picks' List, Swapping Six Stocks

Deutsche Bank on Thursday revised its list of top European stock picks for the next 12 months, rotating six companies out and adding six new names to its selection. All stocks included on the updated list carry a "Buy" rating from the bank's analysts.

Roster Changes

In its latest quarterly update, Deutsche Bank added several new companies across various sectors while removing a handful of previous picks. The bank did not provide specific reasons for the changes, according to the published note.

• New Additions: ING, SPIE, ICG, UCB, Groupe ADP, and RWE.
• Removals: Barclays, Bunzl, Euronext, Novartis, International Airlines Group (IAG), and E.ON.

Notably, the bank did not name a top pick in the consumer staples categories covering household, personal care, or food, where Henkel was its previous choice. Sixteen stocks remained on the list, including Safran, Volkswagen, Siemens Energy, and SAP.

Analyst Commentary and Key Catalysts

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Deutsche Bank provided specific rationales for several of its selections, highlighting potential near-term catalysts and valuation upside.

For new addition Groupe ADP, the bank sees a proposed regulatory agreement with the French government providing greater business visibility through 2034. It anticipates regulatory approval around November, setting a price target of €130 for the airport operator.

Among retained picks, the bank noted that Siemens Energy could potentially increase its share buyback program from €6 billion to as much as €12 billion in November. It holds a €210 price target on the stock.

For automaker Volkswagen, analysts pointed out that while reported 2026 margin guidance is low, the underlying margin is around 4% when excluding approximately €10 billion in special items. The bank's price target is €105.

Aerospace firm Safran was highlighted for its strong performance in the first half of 2026, where spare-parts sales rose 28% and services revenue increased 40%, both well ahead of expectations. Deutsche Bank has a €398 price target on the stock.