Exane ups Rovi to 'outperform', updates mid-cap top picks

Fluidra SA

18/09/2024 09:14

** Exane BNP Paribas upgrades Spanish pharma group Rovi
 ROVI.MC  to "outperform" from "neutral" and updates its mid-cap
top picks, with Colonial  COL.MC  making the list while Merlin
Properties  MRL.MC  dropping out
    ** The broker says it is more optimistic on Rovi than the
market even after the warning on the company's dependence on
Moderna
    ** At the current share price of 74.4 euros, Exane still
sees upside potential of more than 20%, even excluding benefits
from a potential deal on its manufacturing business 
    ** In Spain's real estate, Exane prefers Colonial to Merlin
as the complexity of the latter's data center project and its
lower discount to net asset value make it less attractive
    ** Among glass makers, it believes that France's Verallia
 VRLA.PA  earnings will not likely see a turnaround in Q3, while
Spain's Vidrala  VID.MC  has higher visibility in the UK and
Brazil, although says the latter trades at a slight premium
    ** The brokerage does not see major recovery in H2 for the
pool equipment maker Fluidra  FLUI.MC  after Q2 warnings from
U.S. sector's players on lower new builds
    
  


 (Reporting by Matteo Allievi)
 ((Matteo.allievi@thomsonreuters.com))