Top of the Street: Allianz, Eni, Aviva, Phoenix and Kion
22/09/2023 14:17
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** J.P. Morgan raises Allianz ALVG.DE to "overweight" from
"neutral," saying the German insurer continues to deliver
towards top end of its guidance range despite difficulties in
personal lines P&C and from volatile fixed income yields
** JPM cuts Phoenix Group PHNX.L to "underweight" from
"neutral" on concerns about the British life insurer's level of
debt leverage in comparison with peers
** The same broker upgrades Italian energy group Eni
ENI.MI to "overweight" on premium oil gearing supported by
positively trending strategic execution and inexpensive
valuation
INITIATIONS AND REINSTATEMENTS
** Barclays initiates coverage of German forklift truck
maker Kion KGX.DE with "equal-weight" as its above-peer
leverage implies the stock is fairly valued rather than
undervalued, and expects it may take time to improve
profitability
** JPM starts coverage of UK-based Aviva AV.L at
"overweight," highlighting the company's strong capital return
and potential for stronger than consensus growth
(*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 Marta Frackowiak)
((Tiago.Brandao@thomsonreuters.com;
marta.frackowiak@thomsonreuters.com))