Top of the Street: European chemicals, DHL and DS Smith
13/11/2024 14:05
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** In note on European chemicals sector, Jefferies expects a
more constructive outlook for diversified chemicals, but still
challenging demand in agriculture
** It double upgrades Air Liquide AIRP.PA to "buy" from
"underperform" supported by sustained real pricing increases and
margins momentum
** The broker cuts K+S SDFGn.DE to "underperform" from
"hold" while lowering full year 2025 EBITDA estimates around 20%
from an initial 26% with volumes hopes high and risk of
oversupply outshining strong demand
** It also cuts Symrise AG SY1G.DE to "hold" from "buy" as
Jefferies expects FY 2025 with narrowed margin differentials and
increased execution risks
** It also cuts Evonik Industries EVKn.DE to
"underperform" from "hold" on headwinds into 2025 relative to
the broader chemical space
** Barclays cuts DHL Group DHLn.DE to "equal weight" from
"overweight" citing further downside to the full year 2026
guidance showing "uncompelling valuation and risks to consensus
profit growth"
** Exane cuts DS Smith SMDS.L to "underperform" from
"neutral" while also cutting its EBITDA estimates by 15% as a
result of pricing pressures
(*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 Maria Luiza Amaral)
((Gdansk.newsroom@thomsonreuters.com ; +48 58 7696600))