Top of the Street: Schindler, Campari, Sodexo

Compass

23/01/2024 12:50

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Jefferies raises Schindler  SCHP.S  to "buy" from "hold",
saying the margin story is under-appreciated, and expects 150
basis points margin improvement over 2024/25  
    ** Citi upgrades Italian spirits maker Campari  CPRI.MI  to
"buy" from "neutral" due to its limited exposure to the
uncertain China trading backdrop 
    ** UBS raises Saint Gobain  SGOB.PA  to "buy" from
"neutral", citing a likely inflection in residential end
markets, which it says will catalyse volume recovery from 2025
onwards
    ** HSBC upgrades Sodexo  EXHO.PA  to "buy" from "hold" 
citing the French food caterer's strong long-term growth
prospects
    ** It downgrades Compass  COMP.N  to "hold" from "buy" as
near-term catalysts for a re-rating now look more limited
    
    INITIATIONS AND REINSTATEMENTS
    ** Bernstein starts coverage of Alcon  ALCC.S  with
"outperform", saying the Swiss eye-care company is the dominant
player in the $13 billion surgical market, set to benefit from
strong innovation in markets with high unmet need and low
penetration

    
(*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 Jagoda Darlak and Amir Orusov in Gdansk)
 ((jagoda.darlak@tr.com; amir.orusov@tr.com))