Top of the Street: Vestas, SKF, Boliden, Knorr-Bremse, Pennon

Boliden AB

03/03/2023 13:03

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** HSBC says Vestas'  VWS.CO  confidence on demand improving
post 2023 has "led to over-optimistic consensus expectations",
downgrading it to "reduce" from "hold"; it had last hiked the
rating last July
    ** HSBC also cuts Swedish bearings maker SKF  SKFb.ST  to
"hold" from "buy" citing its dependency on volume recovery for
margin improvement and an expected absence of currency benefits
    ** J.P.Morgan downgrades Swedish mine and smelter operator
Boliden  BOL.ST  to "underweight" from "neutral" on near-term
risks from zinc market oversupply and persistently high cost
inflation
    ** Deutsche Bank cuts Knorr-Bremse  KBX.DE  to "hold" from
"buy" as it expects a weak Q1 for the German brakes maker and
notes the stock has already risen 28% YTD, leaving it with
limited upside
    ** Deutsche Bank upgrades Pennon Group  PNN.L  to "hold"
from "sell" saying environmental risks are now reflected in the
British utility's share price
    
(*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 Anna Mackenzie and Adrianna Ebert)
 ((Anna.mackenzie@thomsonreuters.com
Adrianna.ebert@thomsonreuters.com))