Top of the Street: European real estate and Nordic banks
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Morgan Stanley raises its view of European property firms to "attractive", expecting better times soon against a compelling backdrop of further rate cuts, lower long-term rates, and stabilising asset values
** It ups Spain's Colonial COL.MC to "equal-weight" from "underweight", seeing its shares as fairly valued, but cuts Switzerland's PSP PSPN.S to "underweight" from "equal-weight", not seeing it as a "great stock" due to its defensive characteristics
INITIATIONS AND REINSTATEMENTS
** Deutsche Bank initiates coverage of Nordic banks Nordea NDAFI.HE, Swedbank SWEDa.ST and Danske DANSKE.CO with "buy" on mix of better interest income dynamics, fee income potential, higher capital return respectively, and removal of regulatory overhangs
** It starts Handelsbanken SHBa.ST, SEB SEBa.ST and DNB DNB.OL with "hold"
(*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 Leo Marchandon and Olivier Cherfan
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