Top of the Street: Mondi, Kojamo, Natwest, Entain, Evolution
21/06/2023 12:26
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Credit Suisse upgrades British paper and packaging firm
Mondi MNDI.L to "neutral" from "underperform", saying that
despite continued earnings pressure, it sees stabilizing
containerboard prices, slowly improving volumes and easing wood
costs in Central and Eastern Europe
** Barclays forecasts falling property valuations across
European residential real estate, with portfolio valuations of
some Nordic landlords expected to decline by 20%; it cuts Kojamo
KOJAMO.HE to "underweight" from "overweight"
** Exane BNP Paribas downgrades British bank Natwest NWG.L
to "underperform" from "neutral", as it expects negative net
interest margin trajectory, weak volumes and elevated risks to
weigh on UK domestic banks
** Exane BNP Paribas raises British gambling firm Entain
ENT.L to "outperform" from "neutral" citing series of positive
catalysts, including the potential for an MGM bid from August,
adding last week's STS deal "was not so value destructive as to
justify the recent price weakness"
INITIATIONS AND REINSTATEMENTS
** J.P.Morgan initiates Sweden's Evolution EVOG.ST with
"neutral" as risks attached to the equity story cast a shadow
over the online gaming group's business development so far
(*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 Marta Frackowiak and Anastasiia Kozlova)
((Marta.Frackowiak@thomsonreuters.com;
Anastasiia.Kozlova@thomsonreuters.com))