Top of the Street: Smith & Nephew, DSM, Beiersdorf, Generali
BUZZ-Top of the Street: Smith & Nephew, DSM, Beiersdorf, Generali A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** J.P. Morgan cuts UK's Smith & Nephew PLC SN.L to "neutral" from "overweight", saying it does not see an outperformance in H2 after a weak Q2 that suggests recovery will take some time
** Equita downgrades DSM-Firmenich DSFIR.AS to "hold" from "buy", citing the stock's strong performance YTD, which has balanced the company's valuation compared to peers
** Barclays cuts Beiersdorf BEIG.DE to "underweight" from "equal-weight" as it doubts the company can reach the targeted margin stability in 2027, adding that Nivea's reset looks longer, more margin-dilutive and harder to execute than the market is pricing
INITIATIONS AND REINSTATEMENTS
** Citi resumes coverage of Italy's Generali GASI.MI with a "buy" rating, reflecting greater confidence in the retail property & casualty margin outlook and improving flows in the life & health business
(*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 Rafał Wojciech Nowak and Gianluca Lo Nostro)
((RafalWojciech.Nowak@thomsonreuters.com; gianluca.lonostro@thomsonreuters.com))
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Top of the Street: Smith & Nephew, DSM, Beiersdorf, Generali