Top of the Street: Holcim, Buzzi, AstraZeneca
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** JPM shifts Holcim's HOLN.S rating from "neutral" to "overweight", noting its attractive valuation despite its year-to-date underperformance
** ** Buzzi BZU.MI gets an upgrade from "underweight" to "neutral" by JPM, with potential U.S. infrastructure spending benefits noted, though it's still not their top pick
** Amid China risks, UBS lifts AstraZeneca's AZN.L rating from "sell" to "neutral", citing supportive government actions and a bolstering 1.03x PharmaValues EV/NPV ratio
INITIATIONS AND REINSTATEMENTS
** Berenberg begins its coverage of Avolta AVOL.S with a "buy" rating, expecting it tosurpass market growth by capturing more share from smaller players
** Stifel restarts coverage onPrysmian PRY.MI with a "buy" rating due to its diverse backlog and enhanced high-voltage capacity
** Stifel starts its coverage of Nexans NEXS.PA with a "hold"rating, acknowledging it as a beneficiary of electrification trends, albeit with a less versatile backlog and future visibility
(*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 Alessandro Parodi and Leo Marchandon
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