Top of the Street: BMW, Volkswagen, OMV, IMCD, Barratt, Novartis
03/09/2024 11:53
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Exane BNP Paribas cuts BMW BMWG.DE to "neutral" from
"outperform" and raises Volkswagen VOWG_p.DE to "outperform"
from "neutral" citing the need for strong product flow and cost
action as the automotive industry faces a new deflationary era,
with premium mix peaking and growth increasingly reliant on
emerging markets
** UBS raises Austrian energy group OMV OMVV.VI to "buy"
from "neutral," citing high distribution yield, and the end of
the downgrade cycle
** Jefferies upgrades Dutch specialty chemicals maker IMCD
IMCD.AS to "buy" from "hold," saying it observes better market
conditions for specialty chemicals distributors, leading to a
recovery in organic revenue growth and enhanced operational
leverage from the second half of the year
** Jefferies cuts Swiss drugmaker Novartis NOVN.S to
"hold" from "buy", citing lack of mid-term catalysts after the
recent upgrade cycle
INITIATIONS AND REINSTATEMENTS
** Barclays initiates Britain's homebuilder Barratt
Developments BDEV.L at "overweight" and a target price of £641
pounds ($841.06), citing a compelling value opportunity after a
de-rating and potential revenue synergies
(*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.)
($1 = 0.7621 pounds)
(Reporting by Anna Peverieri and Anastasiia Kozlova)
((Anna.peverieri@thomsonreuters.com;
anastasiia.kozlova@thomsonreuters.com))