Top of the Street: Mondi, Boliden, Akzo Nobel, BAE Systems, Yara
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** 5-star ranked BofA's analyst Benjamin Heelan downgrades British defence company BAE Systems BAES.L to "neutral" from "buy," seeing limited near-term valuation upside after a "very strong run"
** UBS cuts Boliden BOL.ST to "sell" from "neutral," as the broker flags challenges to metal prices and elevated capex risk for the Swedish smelting and mining group
** Akzo Nobel AKZO.AS: "In our opinion this discount is too wide", says UBS as it raises the Dutch paints and coatings maker to "buy" from "neutral" noting that shares trade at about 20% discount to average EV/EBITDA of the last five years (11.7x)
** J.P.Morgan cuts Norwegian fertilizer maker Yara YAR.OL to "underweight" from "neutral," citing near-term cyclical and structural mid-term headwinds
INITIATIONS AND REINSTATEMENTS
** Citi resumes coverage of British paper and packaging group Mondi MNDI.L with "neutral," seeing recovery prospects as largely understood by the market and expecting the rising old corrugated containers (OCC) and wood costs to dampen margin expansion for the recycled and virgin packaging offering
(*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 Clement Martinot & Elsa Ohlen
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
