Top of the Street: Roche, Fresenius, BASF, AstraZeneca, Rational, PSP Swiss Property, Swiss Prime Site
13/09/2024 12:41
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Deutsche Bank cuts Roche ROG.S to "sell" from "buy",
citing limited catalyst due to a risk of Roche creating a lot of
sunk cost for little ultimate return
** J.P.Morgan upgrades Fresenius FREG.DE to "overweight"
from "neutral" as it sees earnings compression at the German
healthcare group coming to an end
** Jefferies upgrades German chemicals giant BASF BASFn.DE
to "hold" from "underperform", citing more limited earnings risk
** Deutsche Bank cuts AstraZeneca AZN.L to "sell" from
"hold", saying it remains materially below mid-term consensus
due to concerns on company's future growth
INITIATIONS AND REINSTATEMENTS
** UBS starts Rational RAAG.DE with "neutral" rating and
PT of EUR 890, expecting the industrial kitchen retailer's
growth to continue in the future
** Barclays starts Swiss real estate companies PSP Swiss
Property PSPN.S with "overweight" and Swiss Prime Site
SPSN.S with "equal weight", saying cheap debt in Switzerland
should help earnings
(*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 Amir Orusov and Clement Martinot)
((Amir.Orusov@thomsonreuters.com;
Clement.Martinot@thomsonreuters.com))