Top of the Street: Cembra Money Bank, Grand City Properties, Hiscox
26/08/2021 11:44
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Credit Suisse cuts Switzerland-based consumer finance
bank Cembra Money Bank CMBN.S to "neutral" from "outperform"
as the company's main growth driver has disappeared and
visibility remains muted in the next 18 months after the
termination of the credit card partnership with Cembra's most
important partner Migros
** Deutsche Bank cuts Luxembourg-based real estate company
Grand City Properties GYC.DE to "hold" from "buy", saying that
the shares have moved up close to 20% YTD, following the sector
trend of strong performance among the residential real estate
companies
INITIATIONS AND REINSTATEMENTS
** Goldman Sachs initiates coverage of insurance company
Hiscox HSX.L with "buy", saying that London Market insurers
have delivered attractive returns over the insurance cycle and
are well-placed to benefit from the current tailwind to
insurance pricing
(*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 Adrianna Ebert and Antonis Pothitos)
((Adrianna.Ebert@thomsonreuters.com;
antonis.pothitos@thomsonreuters.com))