Top of the Street: Fresenius, Freenet, European tyremakers

freenet AG

04/06/2024 12:15

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** UBS upgrades mobile retailer and service provider Freenet
 FNTGn.DE  to "buy" from "hold", saying it benefits from
competitive tensions in the German mobile market that have
pushed operators to give it longer term deals
    ** HSBC raises German healthcare group Fresenius  FREG.DE 
to "buy" from "hold" and increases its TP by 23% to 38 euros

    INITIATIONS AND REINSTATEMENTS
    ** Bernstein initiates German tyremaker Continental
 CONG.DE  at "underperform" saying it is struggling with
structural issues, with margins collapsing in its Automotive
business
    ** Bernstein also starts France's Michelin  MICP.PA  at
"outperform", pointing to its innovation capabilities that drive
pricing power and margins
    
(*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 Alessandro Parodi and Antonis Pothitos)
 ((alessandro.parodi@thomsonreuters.com))