Top of the Street: Accor, Umicore, GEA, Rockwool

Rockwool A/S

19/06/2024 12:54

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Barclays raises French hotel group Accor  ACCP.PA  to
"overweight" from "equal weight", saying the stock's
underperformance vs peers over the past year is "unjustified"
    ** J.P.Morgan double-upgrades Belgian materials technology
and recycling group Umicore  UMI.BR  to "overweight" from
"underweight", saying challenges for the battery materials
business are understood by the market, while upcoming strategic
actions for the unit are likely to include much slower capacity
expansion and a geographic pivot to Europe
    ** Jefferies upgrades German food-processing equipment maker
GEA Group  G1AG.DE  to "buy" from "hold", expecting a rebound in
orders and higher mid-term earnings potential
    
    INITIATIONS AND REINSTATEMENTS
    ** Citigroup initiates Rockwool  ROCKb.CO  with "neutral",
saying that while the Danish stone-wool maker's growth - which
relies mainly on organic growth rather than M&A - is in line
with more M&A reliant peers, this growth is largely priced in by
the market
    
    
(*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 Antonis Pothitos and Dagmarah Mackos)
 ((antonis.pothitos@thomsonreuters.com))