Top of the Street: SBM, Bunzl, Leonardo, Siemens, reinsurers

SBM Offshore NV

24/03/2025 11:16

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

** Barclays downgrades SBM Offshore SBMO.AS to "equal-weight" from "overweight" saying it remains a key player for offshore developments, but lacks near-term catalysts after the shares' about 50% outperformance since the start of 2024

** Deutsche Bank raises Bunzl BNZL.L to "buy" from "hold", saying it is one of the most consistent deliverers of profit growth in the business services sector and predicting a return to organic growth in 2025

** DB cuts Siemens SIEGn.DE to "hold" from "buy", citing significant share outperformance vs peers (up 21% YTD) and saying most of the benefits from a potential deconsolidation of Siemens Healthineers SHLG.DE have already been priced in

** UBS downgrades Leonardo LDOF.MI to "neutral" from "buy" based on recent share rally (up more than 75% YTD) and says it prefers other stocks in the defence supercycle due to the Italian group's geographical profile and lower margin profile

INITIATIONS AND REINSTATEMENTS

** Goldman Sachs initiates reinsurer Hannover Rueck HNRGn.DE with "buy" on its above-peers P&C growth, greater confidence in earnings delivery and outperformance in P&C margins post-peak cycles

** It also starts Scor SCOR.PA with "buy" based on its "very attractive" valuation and re-rating potential if it can deliver consistently without major surprises

(*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 Michal Aleksandrowicz and Agata Rybska)

 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))