Top of the Street: Anglo American, Boliden, SSAB, Reply

Boliden AB

30/03/2023 11:14

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Morgan Stanley upgrades London-listed miner Anglo
American PLC  AAL.L  to "equal-weight" following a sharp
de-rating, and says the recent sector pullback boosted by
China's improving industrial activity enhances miners'
risk-reward overall
    ** However, the broker cuts Swedish mine and smelter
operator Boliden  BOL.ST  to "underweight" from "equal-weight"
on fading mark-to-market upgrades, lack of 2023 FCF on spot,
subdued cash return prospects and potential for a soft Q1 print 
    ** J.P.Morgan raises Swedish steelmaker SSAB  SSABa.ST  to
"neutral" from "underweight", saying the group has the highest
sensitivity to plate price in its coverage, for which
supply-demand dynamics should be favourable
    ** Meanwhile, Morgan Stanley upgrades SSAB to "overweight"
from "equal-weight" on recovering volumes and falling energy
prices
    
    INITIATIONS AND REINSTATEMENTS
    ** Berenberg initiates Italian IT consulting company Reply
 REY.MI  with "buy", saying the company's services will be
"fundamental" in shaping the digital future and pointing to its
M&A firepower
    
    
(*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 Antonis Triantafyllou)
 ((ozan.ergenay@thomsonreuters.com))
((antonis.triantafyllou@thomsonreuters.com))