Top of the Street: European reinsurers, Schindler, Moncler, E.ON, Ipsen

Ipsen SA

06/12/2024 11:46

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Morgan Stanley sees solid fundamentals for European
reinsurers next year, with reinsurers having some of the best
balance sheets within the wider sector
    ** It ups Germany's Hannover Rueck  HNRGn.DE  to
"overweight" from "equal-weight" as it is best positioned for
uncertainty over the longer term
    ** It cuts Munich Re  MUVGn.DE  to "equal-weight" from
"overweight," seeing limited room for positive surprises
    ** RBC cuts Boliden  BOL.ST  to "underperform" from "sector
perform," saying that falling copper and zinc prices might cause
the stock to dive in 2025
    ** J.P.Morgan downgrades lift and escalator company
Schindler  SCHP.S  to "underweight" from "neutral" on likely
slowdown in margin progression
    ** Goldman Sachs upgrades Italian luxury group Moncler
 MONC.MI  to "buy" from "neutral" as it prefers "brands which
have outperformed across the Chinese cluster in 2023-24, and
which we see are well-positioned for the recovery"
    ** Morgan Stanley upgrades Germany's E.ON  EONGn.DE  to
"overweight" from "equal-weight" after the recent sell-off
largely related to upcoming German elections
    ** BofA Global Research cuts Ipsen  IPN.PA  to
"underperform" from "neutral", seeing limited valuation growth
for French biopharma group due to a mid-term patent cliff and
limited internal R&D
    
    INITIATIONS AND REINSTATEMENTS
    ** Barclays starts coverage of FLSmidth  FLS.CO  with an
"underweight" rating, citing subdued mining equipment markets,
operating leverage headwinds, and weak FCF generation

        
(*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 Tiago Brandao and Jagoda Darlak)
 ((Tiago.Brandao@thomsonreuters.com;
Jagoda.Darlak@thomsonreuters.com))