Top of the Street: Compass, Nokia, Cobham, Siemens Gamesa, Vestas, Argenx, EU vacuum sector
15/04/2019 11:03
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** After 10 years with "overweight", Barclays cuts world's
biggest catering co Compass CPG.L to "equal weight", on high
valuation and margin risk
** Goldman Sachs cuts Nokia NOKIA.HE rating to "sell" and
PT to EUR 4.70, pointing to a 2 pct outperformance in the last 6
months
** HSBC turns cautious on the 2019 outlook for the European
vacuum sector, as the capital expenditure outlook of the tech
sector, vacuum cos' major customer, worsens
** "It is too early to call a recovery", the broker says,
adding it sees further downside risks and earning cuts
** Cuts by one notch Atlas ATCOa.ST and Inficon IFCN.S
to "hold", Pfeiffer PV.DE to "reduce", lowers VAT VACN.S to
"reduce" from "buy"
INITIATIONS AND REINSTATEMENTS
** Stifel starts Cobham COB.L with "hold" and a 107 pound
PT, says co is "well-positioned to leverage defence budget
strength on both sides of the Atlantic"
** Deutsche Bank starts Siemens Gamesa SGREN.MC with "buy"
(PT EUR 16.80) and peer Vestas VWS.CO with "hold" (PT DKK
640), preferring Siemens Gamesa's greater exposure to offshore
and emerging markets and greater scope for upside
** Barclays starts Argenx ARGX.BR with "equal weight"(PT
EUR 120); says it has in-line expectations for investigational
therapy Efgartigimod, but sees outperformance of co's shares to
"hit the pause button" over the next year
(*Analyst rankings from Thomson Reuters StarMine. The 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.)
((linda.pasquini@tr.com))