Top of the Street: Commercial, real estate, Austrian banks, European utilities

Bossard Holding AG

22/06/2021 13:14

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** JP Morgan ups Britain's Land Securities Group  LAND.L  to
"overweight" from "neutral", as its shares need to catch up with
peers
    ** It also cuts France's Klepierre  LOIM.PA  to
"underweight" from "neutral", seeing reopenings-fuelled
performance at its peak  urn:newsml:reuters.com:*:nL5N2O40ME
    ** At British Land Co  BLND.L , JPM sees 2022 as turning
point for its retail portfolio, and ups to "overweight" from
"neutral"  urn:newsml:reuters.com:*:nL3N2O41N9
    ** Citigroup downgrades French airport operator ADP  ADP.PA 
to "sell" from "neutral", citing longer than expected traffic
and retail recovery times and its high exposure to
international, business traffic  urn:newsml:reuters.com:*:nL5N2O415X
    ** Deutsche Bank prefers European utilities with strong
regulatory asset base growth and singles out integrated
utilities with scope for strong investment-driven growth
    ** The broker upgrades Italian power grid operator Terna
 TRN.MI  to "buy" from "hold", Italgas  IG.MI  to "hold" from
"sell" as equity returns could be in the low double-digit
percentages, attractive within a peer group content
    ** At the same time, DB cuts United Utilities  UU.L  and
Pennon  PNN.L  to "hold" from "buy", and Red Electrica  REE.MC 
to "sell" from "hold"
    ** For integrated utilities, the brokerage upgrades British
power producer SSE  SSE.L  to "buy" from "hold" and downgrades
Europe's biggest wind power generator Iberdrola  IBE.MC  to
"hold" from "buy"  urn:newsml:reuters.com:*:nL5N2O416O
    
    INITIATIONS AND REINSTATEMENTS
    
    ** Barclays sees strong growth in the Central, Eastern and
Southeastern Europe for Austrian banks RBI  RBIV.VI  and Erste
 ERST.VI , starting its coverage with "overweight" and "equal
weight" respectively  urn:newsml:reuters.com:*:nL5N2O4125
    ** Berenberg initiates Swiss fastener maker Bossard  BOS.S 
with "buy", expecting the company to benefit from "a number of
trends" coming out of the pandemic, such as industrial
digitisation, growth in the electric vehicles market
    
(*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 Aleksandra Jasiurska and Antonis Triantafyllou)
 ((aleksandra.jasiurska@thomsonreuters.com ;
antonis.triantafyllou@thomsonreuters.com))