Top of the Street: Endesa, Givaudan, Lufthansa, Maersk
17/10/2024 12:04
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** UBS cuts A.P. Moeller-Maersk MAERSKb.CO to "neutral"
from "buy," saying the Danish shipping group's lower valuation
reflects concerns about mid-term overcapacity and the logistics
transformation costs
** Citigroup cuts Swiss fragrance and flavour maker Givaudan
GIVN.S to "neutral" from "buy" on peak performance in 2024
that leaves little growth for next year
** Deutsche Bank cuts London-based industrial product
distributor and service provider RS Group RS1R.L to "hold"
from "buy" on consistent subdued demand, adding it previously
hoped RS could potentially beat FY25 guidance through increased
stability and improving markets into year-end, but weak PMIs and
poor peer trading increase downside risk
** Stifel raises Deutsche Lufthansa LHAG.DE to "hold" from
"sell", anticipating reassuring trading outlooks and
appreciating the airline's response to recent yield weakness by
slowing down winter capacity growth to 1.4%, bringing
supply/demand back into balance
INITIATIONS AND REINSTATEMENTS
** Jefferies initiates coverage of Spanish utility Endesa
ELE.MC with "hold" rating as most of the better regulatory
framework for the group is already included in consensus numbers
(*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)
((Marta.Serafinko@thomsonreuters.com))