Top of the Street: Norsk Hydro, National Grid, Telefonica, Tritax Big Box

BAWAG AG

13/06/2024 12:58

A round-up of notable broker activity this morning from Europe's top-ranked*
analysts:
    
    ** Deutsche Bank cuts Spanish telecom group Telefonica  TEF.MC  to "sell"
from "neutral", citing weak domestic fundamentals and high stock valuation
    ** Goldman Sachs raises British utility National Grid  NG.L  to "buy" from
"neutral", saying that growing power demand could drive an upside as investments
into power networks continue to build
    
    INITIATIONS AND REINSTATEMENTS
    ** J.P.Morgan reinstates coverage of UK-based real estate investment trust
Tritax Big Box  BBOXT.L  with "overweight", noting its takeover of UK Commercial
Property  UKCM.L  has expanded its portfolio, while upcoming sales of
non-strategic assets will help finance further development of logistics real
estate
    ** GS initiates Norsk Hydro  NHY.OL  with "buy", citing the Norwegian
group's unique position as a full-cycle aluminium maker and its focus on
expanding its end-user market reach
    ** Exane BNP Paribas  BNPP.PA  initiates BAWAG  BAWG.VI  at "outperform",
praising the Austrian bank's "best-in-sector" cost efficiency and returns on
capital
    ** Jefferies initiates British investment and fund manager abrdn  ABDN.L 
with "hold", pointing to varied performance of its businesses, vulnerable
revenues, and lesser benefits from rising markets
    
(*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 Rabiega and Olivier Cherfan)
 ((Mateusz.rabiega@thomsonreuters.com; +48 58 769 67 57))