Top of the Street: UCB, Moncler, Sonova, Moncler, Voestalpine
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** JP Morgan raises UCB UCB.BR to "overweight" from "neutral" as it sees the Belgian biotech firm's "superior growth profile" as "significantly" undervalued by the market; cites expected acceleration in Bimzelx growth
** Morgan Stanley downgrades Sonova SOON.S to "underweight" from "equal-weight", flagging the hearing aid maker's EV/EBITA valuation has hit an all time high vs Demant DEMANT.CO and other peers
** Morgan Stanley upgrades Austrian specialty steelmaker Voestalpine VOES.VI to "overweight" from "equal-weight", citing its resilient business model through the down-cycle
** Bernstein upgrades Moncler MONC.MI to "outperform" from "market-perform", citing the Italian luxury group's strong sales growth potential for winter 2024
** Jefferies raises specialty chemicals maker Victrex VCTX.L to "hold" from "underperform", saying the stock is trading at noticeable discounts to UK peers vs historic premiums
(*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 Augustin Turpin and Mateusz Dobrzyniewski
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