Top of the Street: UK housebuilders, Aena, CTS Eventim
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Stifel says British housing market continues to improve, which should underpin rising house prices, unit completions and margins for the UK housebuilders
** It upgrades Barratt Redrow BTRW.L to "buy" from "hold" after recent underperformance, expecting news around Redrow acquisition to turn positive as the company would beat synergy targets
** The broker downgrades Bellway BWY.L to "hold" from "buy" after recent outperformance, citing limited upside potential as Bellway "lost its usual confidence in its own business model"
** It also reduces Vistry VTYV.L to "hold" from "buy", as the company became aware that costs in their South Division have been underestimated by around 10%
** JP Morgan downgrades Aena AENA.MC to "neutral" from "overweight", saying the Spanish airport operator's strong performance YTD leaves it with 5% upside to its PT
INITIATIONS AND REINSTATEMENTS
** Deutsche Bank starts coverage of German ticketing group CTS Eventim EVDG.DE with "buy" rating as strong cash generation should allow for further acquisitions or investments in new technologies, supporting more organic business growth
(*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 Tiago Brandao and Maria Luiza Amaral
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