Top of the Street: IMI, Porsche Holding, Barratt Redrow, Lotus Bakeries
BUZZ-Top of the Street: IMI, Porsche Holding, Barratt Redrow, Lotus Bakeries A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Exane BNP Paribas cuts IMI IMI.L to "neutral" from "outperform", citing relatively weaker net income growth than UK industrial peers and saying the specialist engineering firm appears fully valued for its growth prospects
** Kepler Cheuvreux cuts Volkswagen's top shareholder Porsche Holding PSHG_p.DE to "reduce" from "hold", saying its ability to deleverage, diversify its portfolio and maintain attractive shareholder returns will likely be more constrained following a slower-than-expected recovery and Volkswagen's recent profit warning
** Peel Hunt cuts Barratt Redrow BTRW.L to "hold" from "add", saying that market conditions for UK housebuilders remain challenging and that, without better news on interest rates or unexpected support in October's budget, the sector faces a long and slow recovery
INITIATIONS AND REINSTATEMENTS
** Jefferies starts Belgian snack maker Lotus Bakeries LOTB.BR with "buy", citing the management's ambition to turn Biscoff into the world's third-largest cookie brand
(*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 Ozan Ergenay and Marta Frackowiak)