Top of the Street: Galenica, VAT, Mercedes, Sampo, Nibe Industrier
21/07/2023 12:57
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Credit Suisse upgrades Swiss healthcare services and
products provider Galenica GALE.S to "neutral" from
"underperform" following the approval of its JV with Redcare
Pharmacy RDC.DE , seen as a potential first step towards an
international expansion strategy
** Berenberg cuts semiconductor valves manufacturer VAT
VACN.S to "hold" from "buy" as it sees no catalyst to sustain
the +40% YTD move
** Exane cuts Mercedes MBGn.DE to "neutral" from
"outperform" as it fears the automotive's premiumization push
could be "mistimed" with wealthier households set to see their
budgets squeezed on interest rates rise
INITIATIONS AND REINSTATEMENTS
** Goldman Sachs initiates Finnish insurer Sampo SAMPO.HE
with "buy" as its non-life operations have performed in line
with best in class Nordic peers and ahead of European names
** Morgan Stanley starts the Swedish heating technology
specialist Nibe Industrier NIBEb.ST with "underweight" as it
believes the EU heat pump market demand is set to grow steadily
but will be outpaced by supply from 2024, with original
equipment manufacturers margins at risk
(*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 Greta Rosen Fondahn and Matteo Allievi)
((Matteo.allievi@thomsonreuters.com))