Kepler Cheuvreux cuts Euronext amid broader European equities caution

** Kepler Cheuvreux cuts Euronext ENX to "hold" from "buy", mirroring a similar move on European equities

** "A potential market correction will not enable Euronext to further rerate versus peers in the short term," it says, pointing to Euronext's largest share of equity trading

** The broker, who overall adopts more cautious view of European equities, says Euronext's shares have outperformed U.S. peers, as well as Deutsche Boerse and LSEG so far this year

** It still expects a positive underlying performance from Euronext and raises its 2025-27 revenue estimates by 1%, driven by all segments except Equity Markets

** It says pressure on competitors' data businesses doesn't affect Euronext, which remains cautious about expanding its own and is focused on proprietary data and client needs

** Out of 17 analysts that cover the stock, nine rate it "strong buy" or "buy,"​ six rate "hold" and two​ "strong sell" or "sell" - LSEG data

($1 = 0.8665 euros)