Berenberg picks media, e-commerce and gaming stocks for hybrid 2021

New Work SE

12/01/2021 08:19

** Berenberg sees a hybrid 2021 ahead of a more normalised
2022, with a delayed return to out-of-home activities after
COVID-19 lockdowns boosted streaming, e-commerce and related
advertising
    ** Advertising spending cuts were less severe than expected,
the broker says, but cuts JCDecaux  JCDX.PA  to "sell" from
"hold", saying it was hit harder and longer, with recovery in H2
2021 at earliest
    ** Lockdowns greatly benefited e-commerce and accelerated
online food ordering, with Delivery Hero  DHER.DE  and
HelloFresh  HFGG.DE  Berenberg's top picks for food delivery 
    ** Video gaming engagement also boomed in 2020 and Berenberg
expects further revenue and margin progress, although it expects
growth to moderate over 2021
    ** The brokerage cuts CD Projekt  CDR.WA  to "sell" from
"hold", saying valuation still looks too high after a very messy
Cyberpunk 2077 launch  urn:newsml:reuters.com:*:nL1N2J30GX
    ** In B2B, trade shows were Berenberg's most affected media
sub-segment, with slow new sales likely to hurt growth this
year; on this basis it cuts New Work  NWOn.DE  to "sell" from
"hold"
    ** Berenberg's top picks for 2021 are: Activision Blizzard
 ATVI.O , Criteo  CRTO.O , Delivery Hero, DMGT  DMGOa.L  , EA
 EA.O , Eutelsat  ETL.PA , HelloFresh, Publicis  PUBP.PA ,
Ubisoft  UBIP.PA  and NENT  NENTb.ST 

 ((sarah.morland@thomsonreuters.com; +48 58 769 65 92;))