Top of the Street: Mondi, EQT AB, Aedifica, Credit Agricole
15/03/2024 10:58
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Jefferies raises Mondi MNDI.L to "buy" from "hold", as
the broker thinks the merger between the British paper and
packaging group and its smaller rival DS Smith SMDS.L is
compelling and seems good for the industry, seeing medium-term
upside for the company as well
** Citigroup upgrades EQT AB EQTAB.ST to "neutral" from
"sell", seeing the Swedish private equity firm's risk-reward
situation as more balanced, with more limited downside to
consensus for near-term estimates and robust markets creating a
window for exits, as the market has remained focused on the
medium-long term growth opportunity for the group
** KBC Securities cuts Belgian healthcare real estate
investment company Aedifica AOO.BR to "accumulate" from "buy",
given the flat earnings growth for FY24-26, lowest operator
occupancy across the board and relatively higher multiples vs
its peers
INITIATIONS AND REINSTATEMENTS
** Credit Suisse initiates France's second-biggest listed
bank Credit Agricole CAGR.PA at "neutral", considering the
balance of opportunities from recent acquisitions and rebound in
French retail sector with questions over asset quality and cost
trends, as the French bank's capital returns seem less
attractive than the sector average
(*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 Ozan Ergenay and Boleslaw Lasocki)
((ozan.ergenay@thomsonreuters.com ;
boleslaw.lasocki@thomsonreuters.com))