Top of the Street: European luxury, beverages; Nestle, Kion, Subsea 7
09/09/2024 13:07
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Barclays downgrades Burberry BRBY.L and Gucci owner Kering
PRTP.PA to "underweight" from "equal weight" as it expects the
weakness in the China market to affect the luxury groups in a
long term
** Barclays cuts Nestle NESN.S to "equal weight" from
"overweight" saying a near-term recovery is unlikely for the
Swiss chocolate maker
** Citi cuts Kion KGX.DE to "neutral" from "buy", warning of
challenges for the German truck maker in its troubled home
market
** Deutsche Bank downgrades French spirits maker Pernod Ricard
PERP.PA to "sell" from "hold" and Remy Cointreau RCOP.PA to
"hold" from "buy" due to headwinds in China and the U.S.
** BNP cuts Subsea 7 SUBC.OL to "neutral" from
"outperform", citing the Norwegian energy service firm's fair
valuation after its Q2 results
(*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 Joao Manuel Mauricio, Boleslaw Lasocki)
((mailto:boleslaw.lasocki@thomsonreuters.com))