Top of the Street: NN Group, M&G, Siemens Energy, BESI, European life sciences

BACHEM HOLDING AG

26/06/2023 12:22

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** J.P.Morgan raises Dutch insurer NN Group  NN.AS  to
"overweight" from "neutral" saying the Dutch insurer offers
highest capital return prospects in the sector with little risk,
helped by relatively low asset risks, putting it in a position
to comfortably grow dividends
    ** HSBC downgrades British insurer and asset manager M&G
 MNG.L  to "hold" from "buy", seeing no share buybacks in the
medium term and saying institutional headwinds may continue for
longer, with current markets likely to hit flows and assets
under management
    ** Jefferies downgrades German energy group Siemens Energy
 ENR1n.DE  to "hold" from "buy" as it assumes two years of
losses at Siemens Gamesa and says the wind turbine unit's issues
dampen the "otherwise sound" investment case
    ** Deutsche Bank cuts BE Semiconductor  BESI.AS  to "hold"
from "buy", saying the Dutch semiconductor equipment maker's
re-rating has likely run its course even if it has performed
well during the ongoing downcycle
    
    INITIATIONS AND REINSTATEMENTS
    ** Citi starts Sartorius  SATG.DE  with "buy", saying the
lab equipment maker is well positioned to benefit from the
secular long-term growth outlook in the biologics end-market and
new modalities like cell and gene
    ** Citi initiates biotech supplier Bachem  BANB.S  with
"sell", seeing growth and margin headwinds from slow ramp-up of
oligonucleotides products and potential dilutive impact from
large contracts
    ** Citi starts Siegfried  SFZN.S  with "neutral", noting the
pharmaceutical company competes in a mature market and could
face headwinds from the U.S. Inflation Reduction Act
    
(*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 Jagoda Darlak)
 ((ozan.ergenay@thomsonreuters.com))
((jagoda.darlak@thomsonreuters.com))