Top of the Street: Ubisoft, Swiss insurers
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** HSBC downgrades French video game maker Ubisoft UBIP.PA to "hold" from "buy" and cuts PT by 66% to EUR 10.8, citing Wednesday's profit warning and execution risks, and says there remain risks to earnings in the near term
INITIATIONS AND REINSTATEMENTS
** Deutsche Bank initiates Baloise BALN.S with "buy", Helvetia HSPF.S with "hold" and Swiss Life SLHN.S with "hold", saying there are enough merits to support their valuations, as the Swiss insurers are defensive with strong balance sheets, and well positioned in the transition to capital-light business
** It names Baloise as its top pick
(*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 Jagoda Darlak and Olivier Cherfan in Gdansk
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