Top of the Street: Insurers, Flughafen Zuerich, FMC, Spirax, Schindler

Schindler Holding AG

04/12/2024 13:50

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** USB raises Flughafen Zuerich  FHZN.S  to "buy" from
"neutral", seeing valuation upside with several catalysts,
including a potential dividend increase, and an acceleration in
airline capacity allocated to Zurich from 2026
    ** Britain's valve maker Spirax Group  SPX.L  offers
attractive risk-reward profile, Barclays says, pointing to FY24
trough earnings and scope for upside potential in 2025; raises
to "overweight" from "equal weight"
    ** Barclays also raises the Swiss lift and escalator maker
Schindler  SCHP.S  to "overweight" from "equal weight", as
limited China exposure provides a foundation for western
construction end markets
    ** Scor's  SCOR.PA  efforts to rebuild reserves and address
underwriting create some stability, J.P.Morgan says as it raises
the French insurer to "neutral" from "underweight"
    ** JPM cuts Dutch insurance group NN  NN.AS  to "neutral"
from "overweight", seeing less scope for a positive earnings
surprise despite attractive valuation
    ** Deutsche Bank raises France's Pernod Ricard  PERP.PA  to
"hold" from "sell" as it remains cautious on spirits but
continues liking soft drinks
    ** HSBC raises Fresenius Medical Care  FMEG.DE  to "buy"
from "hold", expecting continued EPS growth coupled with
multiples appreciation, given the room for large improvement in
margins
    ** HSBC cuts Swiss Life  SLHN.S  to "reduce" from "hold",
citing concerns on the group's ability to meet fee result
guidance for the asset managers segment
    
(*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 Anastasiia Kozlova and Michela Stasio)
 ((Michela.stasio@thomsonreuters.com))