Top of the Street: Maersk, Britvic, Heidelberg Materials, Hargreaves Lansdown
08/11/2023 13:00
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** J.P.Morgan raises Maersk MAERSKb.CO to "overweight"
from "neutral," on a combination of having a less pessimistic
view on earnings than guidance, and valuation
** Morgan Stanley raises Heidelberg Materials HEIG.DE to
"overweight" from "equal-weight" and says recent
underperformance presents an "attractive entry point"
INITIATIONS AND REINSTATEMENTS
** Jefferies initiates European real estate sector,
expecting the firms to face headwinds from fears of a recession
and high interest rates, but says that "a lot of the bad news is
already priced in"
** The broker starts Merlin Properties MRL.MC , LEG
Immobilien SE LEGn.DE and Cofinimmo COFB.BR with "buy";
Klepierre LOIM.PA and Gecina GFCP.PA with "hold" and Vonovia
VNAn.DE with "underperform"
** UBS initiates Hargreaves Lansdown HRGV.L with "sell",
citing regulatory risks and "increasingly unjustified" premium
pricing compared to peers
** Stifel starts Britvic BVIC.L with "hold", pointing to
its hybrid model of producing and distributing own soft drinks,
exposure to PepsiCo carbonated brands and "relatively well
managed" cost headwinds
(*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 Amir Orusov and Joao Manuel Mauricio)
((Amir.orusov@thomsonreuters.com;
JoaoManuel.VicenteMauricio@thomsonreuters.com))