Top of the Street: Axa, Unilever, Galenica, L&G

Galenica AG

27/07/2022 11:05

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Credit Suisse cuts Galenica  GALE.S  to "underperform"
from "neutral" saying the Swiss healthcare services provider's
relative valuation metrics are at historical highs, and seeing
more attractive investment cases in European healthcare and
Switzerland
    ** JPMorgan raises French insurer AXA  AXAF.PA  to
"overweight" from "neutral" as it believes commercial pricing,
reductions in catastrophe risk and underwriting actions will
lead to above consensus margins
    ** Berenberg upgrades British insurer Legal & General (L&G)
 LGEN.L  to "buy" from "hold", pointing to very attractive
valuation and saying it believes the company is well placed to
benefit from the structural growth in the UK life market
    ** Deutsche Bank raises Unilever  ULVR.L  to "buy" from
"hold" saying the management seems more committed to spend on
advertising and R&D; adds the market is prepared to pay a higher
multiple for a company more fully invested and with better
growth prospects than one trying to protect profitability
    

    
(*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 Joao Manuel Mauricio, Antonis Pothitos)
 ((JoaoManuel.VicenteMauricio@thomsonreuters.com ;
antonis.pothitos@thomsonreuters.com))