Hold: BUZZ-Top of the Street: Heineken, AB InBev, Lanxess, Kingspan, Rockwool, Travis Perkins, Persimmon, Siegfried
28/11/2022 10:23
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** J.P.Morgan cuts Heineken HEIN.AS to "neutral" from
"overweight" as it forecasts the Dutch brewer will face +14%
cost of goods solds (COGS) inflation next year
** It upgrades, however, peer Anheuser Busch InBev ABI.BR
to "overweight" from "underweight" given the company's lower
European energy/glass exposure and strong revenue momentum
** Goldman Sachs raises German speciality chemicals maker
Lanxess LXSG.DE to "buy" from "neutral," saying raw material
deflation outlook drives working capital relief
** Exane BNP Paribas cuts Irish building insulation
specialist Kingspan KSP.I to "neutral" from "outperform" as "a
short, sharp correction is coming"
** The brokerage also downgrades Rockwool ROCKb.CO to
"underperform" from "neutral" but flags the Danish stone-wool
manufacturer's efforts on circularity
** Finally, Exane cuts Britain's biggest seller of building
material Travis Perkins TPK.L to "neutral" from "outperform"
as it assumes a weaker demand
** Homebuilding peer Persimmon PSN.L also faced rating
cuts -- to "sell" from "neutral" by UBS on Monday and to
"neutral" from "buy" by BofA Global Research on Friday
INITIATIONS AND REINSTATEMENTS
** Stifel resumes coverage of Swiss pharmaceutical company
Siegfried Holding SFZN.S with "hold" as it likes the story but
hails a "tough" transition year 2023 ahead
(*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 Juliette Portala and Flora Gomez)
((juliette.portala@tr.com ; flora.gomez@tr.com))