Top of the Street: European TV, Ubisoft, Arkema, Huhtamaki

Frosta AG

17/01/2019 11:10

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Bank of America Merrill Lynch cuts TF1  TFFP.PA  to
"neutral" as it turns bearish on European TV due to quicker
linear TV & ad share decline, and increased online and
diversification investments  urn:newsml:reuters.com:*:nL8N1ZH1HH
    ** BAML adds that UK and Germany are forefront of the
disruption, downgrades ProSiebenSat 1  PSMGn.DE  and RTL
 RRTL.DE  to "underperform"
    ** Jefferies believes out-performance after the launch of
"Division 2" is already baked into Ubisoft  UBIP.PA  stock; cuts
the video game maker to "hold"
    ** Credit Suisse ups Arkema  AKE.PA  to "outperform" on
downstream margin expansion and resilient upstream spreads
offsetting the current uncertain macro outlook
    ** Inderes downgrades Finnish packaging maker Huhtamaki
 HUH1V.HE  to "reduce" from "increase"; sees challenging market
expectations given difficulties on developing markets, currency
risk and cost levels
    ** Berenberg believes gambling co William Hill  WMH.L  has
started to make a recovery after a few years when it lost ground
in digital due to company-specific issues, and raises to "buy"
    ** Jefferies cuts Stora Enso  STERV.HE  to "hold" as it
believes the stock lacks near-term catalysts to perform, given
macro/pulp price concerns and downside risk to consensus
    ** Morgan Stanley says RWE  RWEG.DE  remains its favoured
German utility, but near-term is clouded by coal exit, Hambach
closure and UK capacity payments; moves to "equal-weight"

    INITIATIONS AND REINSTATEMENTS
    ** Deutsche Bank starts frozen food maker Frosta  HNDG.F 
with "buy" (PT EUR 77.5), expects the co to "thrive as one of
Europe's key players in the sector", thanks to its growth
potential and strong balance sheet
   
(*Analyst rankings from Thomson Reuters StarMine. Scale is from
1-star to 5-star with 5 being best. Analysts ranked on earnings
accuracy as well as relative performance of recommendations over
trailing 12-month & 24-month periods.)


 ((kostas.boras@tr.com; zuzanna.szymanska@tr.com))