Top of the Street: ING, Lonza, Repsol
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Deutsche Bank cuts ING INGA.AS to "hold" from "buy" saying it expects less support from the Dutch lender's large but relatively short replicating portfolio going forward; it sees falling revenues next year while cost inflation will likely remain elevated, resulting in efficiency deterioration in 2025
** Exane BNP Paribas downgrades Repsol REP.MC to "neutral" from "outperform" on weaker macro outlook, saying substantial excess OPEC+ capacity hangs over the oil & gas sector and a new phase for oil markets seems to be inevitable
INITIATIONS AND REINSTATEMENTS
** Goldman Sachs initiates Lonza LONN.S with "buy", saying the Swiss contract drug manufacturer is well placed to benefit from secular tailwinds, such as increasing penetration of biologic drugs, growing interest in complex emerging novel modalities, and higher outsourcing rate of biologic drug manufacturing
(*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 Mateusz Dobrzyniewski and Mathias de Rozario
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