Top of the Street: European telecoms, real estate, Qiagen, Ashtead
10/12/2024 12:26
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** J.P.Morgan expects the European property sector to get no
help from lower yields in 2025, but still flags average 21%
upside for the stocks:
* It cuts France's Gecina GFCP.PA to "neutral" from
"overweight"
due to its exposure to macro-political risks in France
* It cuts Belgian Cofinimmo COFB.BR to "underweight" from
"neutral" on balance sheet risks
** Barclays expects M&A potential in the European telecoms
space to create new opportunities in 2025:
* It downgrades Britain's BT BT.L to "equal weight" due to
falling revenues
** Goldman Sachs raises commercial property firm British
Land BLND.L to "buy" from "neutral" on its forecasts for lower
rates; flags improving rental growth prospects, M&A, and
pipeline opportunities as EPS/NTA growth drivers
** Jefferies raises Frankfurt-listed diagnostics firm Qiagen
QIA.DE to "buy" from "hold" on strong market position in
sample preparation and latent tuberculosis testing, growth
strategy and attractive valuation
** Peel Hunt cuts British equipment rental firm Ashtead
Group AHT.L to "hold" from "add", citing reduced guidance and
revised expectations of U.S. rental revenue growth, due to
shifts in the local non-residential construction market outlook
(*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 Serafinko in Gdansk)
((Marta.Serafinko@thomsonreuters.com))