Citi cuts Veolia to 'sell' on risk of global recession due to Trump's tariffs

** Citi downgrades Veolia VIE to "sell" from "neutral" citing the risk of a global recession due to U.S. President Donald Trump's tariffs and a potential trade war

** It says the French waste and water management company's shares are among the most exposed to macro factors in the sector and inherently linked to the health of the economy

** "An expected macro slowdown would mean weaker industrial activity, which Veolia's earnings and rating have historically been closely correlated to," the broker says

** Citi sees limited organic growth opportunities and a FY27 EBITDA 4% short of the company's 8 billion euro ($8.8 billion) target without inorganic growth

** The company's discount to peers is likely to remain, it adds

** From 21 analysts that cover Veolia, 18 rate it "strong buy" or "buy" and ​three "hold"

($1 = 0.9086 euros)