Top of the Street: Unilever, Nestle, SAP, Rightmove, Auto Trader Group
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** J.P. Morgan double upgrades consumer goods group Unilever ULVR.L to "overweight" from "underweight" as it expects its volume levels to recover, and sees its pricing helping top-line, reinvestments and margin outperformance
** The broker downgrades the world's biggest packaged food company Nestle NESN.S to "neutral" from "overweight", citing outlook concerns and lower organic delivery against its European peers
INITIATIONS AND REINSTATEMENTS
** Bernstein starts SAP SAPG.DE with "outperform", as it sees the German software maker's combination of sustained revenue growth and margin improvement as one of the "best" investment opportunities within its coverage
** Deutsche Bank deems Rightmove RMV.L the dominant property portal in the UK, and initiates it at "buy"
** Auto Trader Group AUTOA.L brings together the largest customer audience with the largest pool of vehicle sellers in the UK, Deutsche Bank says, initiating UK's digital automotive marketplace with "buy"
(*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.)
($1 = 0.7862 pounds)
Reporting by Philippe Leroy Beaulieu, Joao Manuel Mauricio
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