Top of the Street: European chemicals, DHL and DS Smith
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** In note on European chemicals sector, Jefferies expects a more constructive outlook for diversified chemicals, but still challenging demand in agriculture
** It double upgrades Air Liquide AIRP.PA to "buy" from "underperform" supported by sustained real pricing increases and margins momentum
** The broker cuts K+S SDFGn.DE to "underperform" from "hold" while lowering full year 2025 EBITDA estimates around 20% from an initial 26% with volumes hopes high and risk of oversupply outshining strong demand
** It also cuts Symrise AG SY1G.DE to "hold" from "buy" as Jefferies expects FY 2025 with narrowed margin differentials and increased execution risks
** It also cuts Evonik Industries EVKn.DE to "underperform" from "hold" on headwinds into 2025 relative to the broader chemical space
** Barclays cuts DHL Group DHLn.DE to "equal weight" from "overweight" citing further downside to the full year 2026 guidance showing "uncompelling valuation and risks to consensus profit growth"
** Exane cuts DS Smith SMDS.L to "underperform" from "neutral" while also cutting its EBITDA estimates by 15% as a result of pricing pressures
(*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 Maria Luiza Amaral
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