Top of the Street: European telecoms, real estate, Qiagen, Ashtead
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** J.P.Morgan expects the European property sector to get no help from lower yields in 2025, but still flags average 21% upside for the stocks:
It cuts France's Gecina GFCP.PA to "neutral" from "overweight" due to its exposure to macro-political risks in France
It cuts Belgian Cofinimmo COFB.BR to "underweight" from "neutral" on balance sheet risks
** Barclays expects M&A potential in the European telecoms space to create new opportunities in 2025:
It downgrades Britain's BT BT.L to "equal weight" due to falling revenues
** Goldman Sachs raises commercial property firm British Land BLND.L to "buy" from "neutral" on its forecasts for lower rates; flags improving rental growth prospects, M&A, and pipeline opportunities as EPS/NTA growth drivers
** Jefferies raises Frankfurt-listed diagnostics firm Qiagen QIA.DE to "buy" from "hold" on strong market position in sample preparation and latent tuberculosis testing, growth strategy and attractive valuation
** Peel Hunt cuts British equipment rental firm Ashtead Group AHT.L to "hold" from "add", citing reduced guidance and revised expectations of U.S. rental revenue growth, due to shifts in the local non-residential construction market outlook
(*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 Marta Serafinko in Gdansk
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