European equity research this week leans cautiously bearish, but the pessimism comes with big asterisks.
Researchers argue the DAX could catch a modest tactical lift as US markets reopen and trading impulses return after a quiet stretch. That's a straightforward near-term call, not a bold directional bet.
The bearish views are more dramatic but far more conditional. A separate strand of published research holds that European indexes broadly — and Dutch names in particular, across housebuilders, healthcare, and real estate — face serious downside. The catch: those calls are explicitly tied to tail scenarios like EU or eurozone fragmentation, or a COVID-scale economic hit. They're not base cases; they're what-ifs.
So the apparent bull/bear split isn't really a disagreement. Different horizons, different conditions.
On single names, the standout is Hornbach Holdings. One camp of analysts expects clear gains at the open on the back of strong preliminary Q2 results, solid demand, and confirmed full-year guidance — the rare high-conviction European call in an otherwise thin week.