Top of the Street: Kering, LEG Immobilien, Gecina, Klepierre, Safran, Admiral, Rio Tinto, Anglo American, PSP Swiss Property
27/06/2024 11:35
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** BofA Global Research Shares double upgrades the luxury
group Kering PRTP.PA to "buy" from "underperform", citing
early signs of brand heat improvement at its crown jewel Gucci
** DB ups LEG Immobilien LEGn.DE to "buy" from "hold",
adding European real estate sector has "clearly improved from
rather depressed levels a year ago"
** Deutsche Bank cuts Gecina GFCP.PA and Klepierre
LOIM.PA to "hold" from "buy"
** Citigroup raises French jet engine maker Safran SAF.PA
to "buy" from "neutral", saying mid-term outlook remains
"exceptionally strong" thanks to unchanged basic profit drivers
and still high air traffic demand
** BofA Securities upgrades Admiral ADML.L to "buy" from
"neutral", saying the UK-based insurer's current low share price
performance stands in contrast to a strong outlook for earnings
growth
** Berenberg cuts Rio Tinto RIO.L to "hold" from "buy",
citing more cautious outlook on China coupled with a softer iron
ore price environment and missed opportunities for growth in
lithium
** Berenberg cuts Anglo American AAL.L to "sell" from
"hold", citing a need for Anglo to execute its new strategy
"flawlessly" after it rejected BHP's three bids for the company,
with concerns in the market that they will be unable to deliver
INITIATIONS AND REINSTATEMENTS
** Deutsche Bank initiates coverage of PSP Swiss Property
PSPN.S with "hold" rating
(*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 Bernadette Hogg and Amir Orusov)
((Bernadette.hogg@thomsonreuters.com;
Amir.orusov@thomsonreuters.com))