Top of the Street: UK real estate, European utilities, Covestro, SEB
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Deutsche Bank raises three UK real estate companies to "buy" from "hold" citing cautious optimism as Britain moves into a rate cutting cycle
** It upgrades LondonMetric Property LMPL.L as its "roll up & recycle" model continues to plough on, and ups British Land BLND.L and Landsec LAND.L on improving office and retail fundamentals
** However, it downgrades Segro SGRO.L to "hold" from "buy" due to softer near-term ERV (estimated rental value) growth expectations and continued yield expansion in continental Europe
** Jefferies and Kepler Cheuvreux cut Covestro 1COV.DE to "hold" from "buy" after ADNOC's offer to buy the German chemicals maker for 62 euro per share; Jefferies says it sees limited regulatory risk to the deal and Kepler flags "limited chances" of a better offer
** Exane BNP Paribas downgrades SEB SEBa.ST to "neutral" from "outperform" citing uncertainties ahead in some of the Swedish bank's markets
INITIATIONS AND REINSTATEMENTS
** Deutsche Bank says a recovery in European utility stocks has narrowed their 15% underperformance vs wider market to just 2%, leaving the broker neutral on the sector as it resumes coverage of 13 stocks
** DB sets a "hold" rating on Fortum FORTUM.HE, Enel ENEI.MI, Terna TRN.MI, Enagas ENAG.MC, Iberdrola IBE.MC, Redeia REDE.MC, Pennon Group PNN.L, SSE SSE.L and Severn Trent SVT.L, and "buy" on Engie ENGIE.PA, Italgas IG.MI, Snam SRG.MI and National Grid PLC NG.L with "buy"
** DB initiates Denmark's Zealand Pharma ZELA.CO with "hold" and says the valuation already reflects optimism about its early pipeline obesity drug, a long-acting amylin analog
** The broker also initiates Italy's Buzzi BZU.MI with "buy" saying it expects the cement maker's balance sheet to remain strong, with significant scope for expansion
** Berenberg starts coverage of Computacenter CCC.L with "hold" warning the implied expectations to meet FY24 operation profit consensus are too optimistic, considering the slowdown in corporate hardware, tough comps and FX headwind
** Berenberg also starts coverage of Softcat SCTS.L with "hold" saying that while there is significant room for growth in the UK and Ireland and potential for a fully-fledged expansion to the U.S. in the medium term, these qualities are already reflected in the valuation
** KBC Securities initiates Italian Agnelli family's holding company Exor EXOR.AS with "buy" after a recent decline in Stellantis' shares dragged down its valuation; it notes Exor's portfolio consists of sector-leading names and those operating in sectors entering a new growth phase
(*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 Jakub Olesiuk and Agata Rybska
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
