Top of the Street: TotalEnergies, Henkel, Arkema, SPS, Segro
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Exane BNP Paribas says TotalEnergies TTEF.PA modest valuation premium comes into question after a year where quarterly results "tended towards disappointment" - cuts the stock to "neutral" from "outperform"
** J.P.Morgan raises Henkel HNKG.DE to "overweight" from "neutral", seeing upside risk to top and bottom lines as Henkel's premiumization-driven strategy unfolds post portfolio rationalization; it also flags cash return and M&A opportunities
** Citi upgrades chemicals group Arkema AKE.PA to "buy" from "neutral", seeing it best positioned for 2025, backed by its low macro-dependency vs peers
** UBS cuts Swiss Prime Site SPSN.S to "neutral" from "buy" as momentum slows down due to tailwinds from indexation and lower interest rates both fading
INITIATIONS AND REINSTATEMENTS
** Barclays resumes SEGRO's SGRO.L coverage with "equal weight", citing LFL rental growth, but still flagging that market rental growth and development returns are expected to slow down
(*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 Romolo Tosiani and Rafal W. Nowak
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