Top of the Street: Roche, Inditex, Lanxess, Fortum
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Jefferies cuts German chemicals maker Lanxess LXSG.DE to "underperform" from "hold", citing a too-high financial risk related to its debt
** Morgan Stanley downgrades UK-based online car marketplace Auto Trader Group AUTOA.L to "underweight" from "equal-weight", saying the "Deal Builder" service is not driving meaningful growth for another 1-2 years
** Deutsche Bank upgrades Swiss biotech firm Roche ROG.S to "hold" from "sell" on improved outlook for obesity drug success
** RBC cuts Zara owner Inditex ITX.MC to "sector perform" from "outperform", saying it is less leveraged than H&M HMb.ST and Primark to favourable FX in H1 and falling raw material prices, such as cotton
** UBS cuts Finnish utility Fortum FORTUM.HE to "sell" from "neutral", seeing declining power prices putting pressure on the company's earnings that its organic growth cannot balance
INITIATIONS AND REINSTATEMENTS
** Morgan Stanley initiates French service provider Spie SPIE.PA at "overweight", saying the "new SPIE" is not fully priced in as demand for multi-technical services booms
** Bernstein starts German telecoms provider Deutsche Telekom DTEGn.DE with "outperform", saying its growth outlook and current valuation outweigh concerns about German salary inflation, the likely share placement and its US investments and offer a "compelling buy opportunity"
** Jefferies resumes coverage of logistics real estate specialist Tritax Big Box BBOXT.L with a "buy" rating saying the acquisition of UK Commercial Property UKCM.L broadens its portfolio in terms of building sizes and locations
(*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 Antonis Pothitos and Jagoda Darlak in Gdansk
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