Top of the Street: Equinor, Boliden, Galapagos, Fuchs Petrolub

Fuchs Se

13/12/2018 10:25

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Pareto Securities double downgrades Equinor  EQNR.OL  to
"sell" from "buy", which should be seen in light of downgrade of
oil price forecast for next year  urn:newsml:reuters.com:*:nL8N1YI1TH
    ** Polymetal  POLYP.L : JP Morgan cuts to "underweight" from
"neutral" on valuation grounds and 2019 capex creep
    ** JP Morgan also raises Boliden  BOL.ST  to "neutral" from
"underweight"
    ** Credit Suisse upgrades Galapagos  GLPG.AS  to
"outperform" from "neutral", saying that it sees multiple
possible pathways to further upside
    ** European Insurance: Barclays raises to "positive" from
"neutral", as fundamentals are incrementally improving across
all subsectors
    
    INITIATIONS AND REINSTATEMENTS
    ** Credit Suisse starts Fuchs Petrolub  FPEG_p.DE  with
"underperform", saying co is priced as a defensive stock, which
the brokerage views as unwarranted given its more cyclical
historical performance and lower 2019E EBITDA margins, FCF yield
and dividend yield

    
(*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.)


 (magdalena.pilarczyk@tr.com; anita.kobylinska@tr.com)