Last call for Puig, Amadeus, Telefónica and other stocks off the Ibex 35

The year is moving towards that point where the markets begin to feel the weight of each session. Accounts are recalculated almost daily and expectations are adjusted relentlessly. The Ibex 35 has spent a good part of this year celebrating highs, beating forecasts and leaving the impression that nothing could go wrong. However, there is always room for exceptions and the calendar reminds them that there is less room for last-minute comebacks.

Puig, Cellnex, Amadeus, Rovi, Redeia and Telefónica They form this small group that has lived with a different reality. They have not suffered scandalous collapses or internal crises that explain a collapse, but they have moved with a caution that contrasts with the energy of the rest of the selective. The result is a heterogeneous portrait where new stories, reorganization plans, strategic adjustments and the classic sensitivity of the market to any macroeconomic signal coexist.

When expectations outweigh the price

Puig is perhaps the most unique case. The company landed on the stock market in 2024 with notable expectation and a price that in its first weeks exceeded 27 euros. Over time the price has been losing height and today it moves close to 15 euros. A drop that exceeds 16% in the year and that contrasts with the positive tone of the analysts who follow the company.

Reuters maintains an average price target above 19.5 euros and some firms such as Bernstein foresee much greater advances. The difference between the models and the market is reminiscent of what Renta 4 points out so many times when a company makes a strong debut. The screen needs time to digest expectations and sort prices. The feeling is that any change in sentiment could have a quick impact because the value is still building its own history on the stock market.

Between the reorganization of the “telecos” and the patience of the investor

Cellnex moves on a different plane. The telecommunications infrastructure group has accumulated a decline of more than 15% so far this year. This punishment coincides with a process of asset reorganization and with a corporate plan that includes share redemptions and a shareholder remuneration that will reach 1,000 million euros in 2026, according to estimates presented at its Capital Market Day.

In this case, Morgan Stanley points out that the company is in the initial phase of a consolidation cycle in Europe that could intensify in the United Kingdom, France, Spain and Italy. Bloomberg estimates a potential of 57% and Santander places the value close to 46 euros, from 25.85 currently.

The impact of the dollar

The history of Amadeus takes place between global variables. The technology company declines more than 6% in 2025 in a year marked by a Weaker business confidence in the United States and an evolution of the dollar that has stopped favoring its results.

96% of its turnover depends on international markets and every fluctuation in the economic environment is reflected in its forecasts. Despite this, the estimates remain constructive and Reuters places its average target price above 78 euros.

Relative calm within the noise of the Ibex 35

Rovi appears on this list with a much softer recoil. The pharmaceutical company leaves just over 4% and maintains a different profile from the rest of the companies. The company is part of the group of Ibex securities that do not have sell recommendations among the analysis houses that follow them.

In the case of Jefferies, the firm has recently improved its valuation and the market consensus foresees a path that is close to 40%. Interest in its third-party manufacturing business and the latest international agreements have reinforced analysts’ reading. Its performance on the stock market, more stable than that of other values ​​included in this group, has not prevented it from still being below its highs for the year.

A defense in low hours

Redeia maintains a more sober profile. Its decline is around 3% and maintains the attention of investors due to its role in the management of electrical networks. Your business operates in a regulated environment and rate revisions influence revenue expectations.

The market also observes the impact that investments in transportation networks can have. within the national energy plan. Reuters It includes a stable average target price around current levels close to 15 euros and a smaller potential than in other cases. Even so, the company is among the defensive values ​​in portfolios that seek stability in a context of high macroeconomic volatility.

Cycle change in dividend

Telefónica completes the group with a drop of close to 1.5% and an evolution marked by the evolution of its dividend. The operator has maintained a relatively stable year until the announcement of a 50% cut in the remuneration planned for 2026, which has degenerated into a period of adjustments in market forecasts.

Reuters explains that this movement is part of a strategy to reduce debt and reinforce the balance with a view to a more selective investment stage. The decision affects cash flow expectations and conditions the way in which investors interpret its evolution in the medium term.

In these final weeks the market sharpens its gaze. Updates to the portfolios will set the tone for the coming weeks. Investors will continue to pay attention to the movements in volumes and technical levels that they can anticipate if this group of laggards finds room to improve their figures before being marked as the exceptions that could not join the Ibex 35 party in 2025.