Deutsche Bank upgraded London-headquartered Relx Plc to “buy” from “hold” rating, lowering its target price to 3700p from 4072p, citing expectations of a modest improvement in UK macro conditions in 2026.

Analyst Gareth Davies noted that 2025 started tough for UK media stocks and deteriorated further, with most companies under Deutsche Bank’s coverage underperforming, except for Informa and Canal+. 

Relx’s upgrade reflects the brokerage’s assessment that cyclical stocks are attractively valued, though still dependent on macroeconomic stabilization.

The brokerage also flagged ongoing debate around generative AI, noting that the effects are likely to be mid-term.

Deutsche Bank outlined an AI framework for evaluating companies, focusing on content quality, technological capability, ability to fund investment, and market positioning including customer relationships.

 The analysis suggested that AI-related fears appear overblown for B2B and platform businesses, but selectivity remains important.

Deutsche Bank said the current environment offers selective entry points for high-quality media stocks, including Relx, as macro conditions are expected to improve in 2026.