Top of the Street: Randstad, Credit Agricole, Shell, Eurofins, Veolia

Randstad NV

18/07/2024 12:09

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Morgan Stanley cuts Dutch recruitment agency Randstad
 RAND.AS  to "equal-weight" from "overweight" as it sees a
deteriorating staffing environment and a muted outlook over at
least the next two quarters
    ** UBS raises Credit Agricole  CAGR.PA  to "buy" from
"neutral" seeing the French bank as a good mix of fee earning
businesses a NII substantially protected against lower rates
    
    INITIATIONS AND REINSTATEMENTS
    ** Wolfe Research initiates Shell  SHEL.L  with "peer
perform" as any meaningful change in British company's current
FcF growth CAGR of about 6% through 2030 may take time
    ** Bernstein initiates Eurofins  EUFI.PA  with
"market-perform", citing ongoing saga with Muddy Waters after
the short-seller questioned the French lab testing firm's
financial statements
    ** UBS starts Veolia  VIE.PA  with "buy" on attractive
valuation and superior earnings growth versus the sector
            
(*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 Tiago Brandao and Olivier Cherfan)
 ((Tiago.Brandao@thomsonreuters.com;
olivier.cherfan@thomsonreuters.com))