Top of the Street: Wacker Chemie, Air Liquide, RS Group
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Morgan Stanley raises Wacker Chemie WCHG.DE to "overweight" from "equal-weight" saying the German chemical company's earnings quality is improving thanks to its shift towards more stable, premium products in polysilicon and silicones
** MS cuts French industrial gases supplier Air Liquide AIRP.PA to "underweight" from "equal-weight" seeing a cyclical slowdown in the traditional customer base of refining, chemicals and metals/steel, and says the higher pricing power in the industrial merchant markets seems to have been played out
** Citigroup raises London-based industrial product distributor and service provider RS Group RS1R.L to "buy" from "neutral" citing the new management's growth investment and repositioning efforts
(*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 Rafal Wojciech Nowak and Paolo Laudani
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