Top of the Street: Castellum, Melrose, Rexel
06/09/2024 14:03
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
INITIATIONS AND REINSTATEMENTS
** Jefferies starts Castellum CAST.ST with "underperform",
estimating an EPRA EPS CAGR of -0.7% over 2023-26, as it sees
better protection in European real estate sector outside of
Swedish offices, where the local market pattern adds headwinds
to earnings growth
** Morgan Stanley initiates coverage of Melrose Industries
MRON.L with "equal weight" rating, as it sees its cash flow
materially rising, but says visibility on the timing is limited
** Barclays initiates French electrical supplies distributor
Rexel RXL.PA with "overweight" as it sees 2024 as a year of
transition towards medium-term growth
(*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 Alban Kacher, Agata Rybska)