Top of the Street: AstraZeneca, Close Brothers, Derwent London, Klepierre
25/09/2023 13:06
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Jefferies raises AstraZeneca AZN.L to "buy" from
"hold", saying the market has overlooked the company's pipeline
beyond oncology, notably rescue asthma inhaler Airsupra that's
set to launch in 2024
** J.P.Morgan raises Close Brothers CBRO.L to "neutral"
from "underweight", expecting a potential asset management
division sale to support the British lender's capital outlook
** RBC cuts Klepierre LOIM.PA to "underperform" from
"sector perform", citing share outperformance vs European retail
sector and predicting further EPS decline due to tough economic
conditions
** RBC raises Derwent London DLN.L to "sector perform"
from "underperform" after the stock's YTD underperformance vs
European real estate sector, saying tenant demand for the best
London offices appears resilient for now
INITIATIONS AND REINSTATEMENTS
** Citi initiates Snam SRG.MI and Terna TRN.MI with
"buy" and "neutral" respectively, saying both Italian grid
operators are well positioned in the uncertain macro environment
but Snam offers a better risk-reward ratio
(*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 and Elviira Luoma)
((JoaoManuel.VicenteMauricio@thomsonreuters.com))