Top of the Street: Cembra, Oil sector, Tele2, European hotels, St. James's Place
17/09/2019 10:56
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Credit Suisse upgrades Swiss consumer finance bank Cembra
CMBN.S to "outperform" from "neutral" seeing the acquisition
of Cashgate "as a unique opportunity to substantially strengthen
the company’s core businesses and market position"
** JP Morgan turns bullish on oil equities raising
Paris-listed company Total TOTF.PA to "overweight" from
"neutral" and Norwegian Equinor EQNR.OL to "neutral", as the
brokerage sees oil demand peaking in 2035-40 urn:newsml:reuters.com:*:nL5N2680IQ
** Berenberg raises Swedish telecom operator Tele2
TEL2b.ST to "buy" from "hold" saying the company is well
placed to take advantage of the improving Swedish market
conditions given its lower tariffs than its peers urn:newsml:reuters.com:*:nL5N2680VX
INITIATIONS AND REINSTATEMENTS
** Jefferies initiates the coverage of the European hotels
sector, starting InterContinental Hotels Group IHG.L and Accor
ACCP.PA with a "buy" rating, saying its overall positive
stance is related to stock specific drivers rather than the
RevPAR (revenue per available room) cycle urn:newsml:reuters.com:*:nL5N2680YO
** It also starts Whitbread WTB.L with a "hold", seeing
lack of short term catalysts and pointing to the current
negative UK RevPAR trend
** Berenberg re-initiates coverage of British wealth manager
St. James's Place SJP.L with a "buy" saying the company offers
a growth opportunity at an attractive valuation
(*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.)
(marta.frackowiak@tr.com ; antonis.pothitos@thomsonreuters.com)