Top of the Street: European real estate and Nordic banks

PSP Swiss Property AG

02/09/2024 13:27

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Morgan Stanley raises its view of European property firms
to "attractive", expecting better times soon against a
compelling backdrop of further rate cuts, lower long-term rates,
and stabilising asset values
    ** It ups Spain's Colonial  COL.MC  to "equal-weight" from
"underweight", seeing its shares as fairly valued, but cuts
Switzerland's PSP  PSPN.S  to "underweight" from "equal-weight",
not seeing it as a "great stock" due to its defensive
characteristics
    
    INITIATIONS AND REINSTATEMENTS
    ** Deutsche Bank initiates coverage of Nordic banks Nordea
 NDAFI.HE , Swedbank  SWEDa.ST  and Danske  DANSKE.CO  with
"buy" on mix of better interest income dynamics, fee income
potential, higher capital return respectively, and removal of
regulatory overhangs
    ** It starts Handelsbanken  SHBa.ST , SEB  SEBa.ST  and DNB
 DNB.OL  with "hold"
    
(*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 Leo Marchandon and Olivier Cherfan)
 ((Leo.marchandon@thomsonreuters.com ;
olivier.cherfan@thomsonreuters.com))