European equities are drawing mostly bullish calls in newly published research, with one prominent dissenter urging underweight positioning — a genuine split worth watching.
The bull case, laid out by several research desks this week, hinges on the reopening of the Strait of Hormuz and the resulting drop in energy prices. Cheaper oil eases inflation, softens rate-hike expectations, and lifts corporate margins — helping push the Stoxx 600 and EuroStoxx 50 to fresh highs. One camp of analysts expects that momentum to persist over the next 6–12 months as long as energy stays subdued.
On single names, published notes flag ASML as the standout: an earnings beat and a sharply raised 2026 revenue target (€43–45bn, up from €36–40bn) reinforce the AI chip supply-chain thesis. Other calls include Delivery Hero on reported takeover talks near €40/share, Schaeffler ahead of August earnings after positive margin pre-guidance, a technical breakout in Salzgitter, and longer-term data-centre plays in BESI and Wärtsilä.
The contrarian view: Europe still lacks tech leadership and keeps missing expectations — a structural drag no oil relief can fix.