Top of the Street: Iberdrola, Anglo American, Rio Tinto, Rubis

Rubis SCA

18/03/2025 12:25

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:

** Morgan Stanley cuts Spanish utility Iberdrola IBE.MC to "equal weight" from "overweight" due to the stock's strong outperformance and premium valuation, seeing better risk/reward opportunities elsewhere in the sector

** RBC Capital Markets upgrades UK-based miner Anglo American AAL.L to "sector perform" from "underperform", citing successful restructuring, strong management performance and positive developments such as the nickel disposal and a JV with Chilean state-run copper miner Codelco

** Kepler Cheuvreux downgrades French liquid products distributor Rubis RUBF.PA to "hold" from "buy" citing a subdued 2025 outlook that raises concerns over earnings and dividend sustainability

INITIATIONS AND REINSTATEMENTS

** J.P.Morgan resumes coverage of UK-based mining and metals company Rio Tinto RIO.L at "overweight" on expected EBITDA growth driven by significant increases in copper production through 2028, successful restructuring efforts and attractive valuation

(*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 Rafal W. Nowak and Athina Karolidou)

 ((RafalWojciech.Nowak@thomsonreuters.com; +48 58 769 66 63;))