Top of the Street: Accor, Umicore, GEA, Rockwool
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Barclays raises French hotel group Accor ACCP.PA to "overweight" from "equal weight", saying the stock's underperformance vs peers over the past year is "unjustified"
** J.P.Morgan double-upgrades Belgian materials technology and recycling group Umicore UMI.BR to "overweight" from "underweight", saying challenges for the battery materials business are understood by the market, while upcoming strategic actions for the unit are likely to include much slower capacity expansion and a geographic pivot to Europe
** Jefferies upgrades German food-processing equipment maker GEA Group G1AG.DE to "buy" from "hold", expecting a rebound in orders and higher mid-term earnings potential
INITIATIONS AND REINSTATEMENTS
** Citigroup initiates Rockwool ROCKb.CO with "neutral", saying that while the Danish stone-wool maker's growth - which relies mainly on organic growth rather than M&A - is in line with more M&A reliant peers, this growth is largely priced in by the market
(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.)
Reporting by Antonis Pothitos and Dagmarah Mackos
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