Top of the Street: ABB, Equinor, Nokia, Societe Generale
09/12/2024 13:54
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** J.P.Morgan double-upgrades Equinor EQNR.OL to
"overweight", citing its "standout gearing to (EU) gas, capex
reset and growth"
** JPM raises Nokia NOKIA.HE to "overweight", saying the
stock is undervalued compared to earnings and the company can
benefit from share gains in non-telco markets for its routing
and optical businesses
** Morgan Stanley upgrades Spirax Group SPX.L to
"overweight", expecting its most profitable end-markets to
recover in 2025, with margins set to rise to 22-23% range
** MS raises ABB ABBN.S to "equal-weight", saying the
stock has the greatest optionality of the large-cap electricals
and offers a balance of M&A and buybacks
** MS ups Atlas Copco ATCOa.ST to "equal-weight" saying
the stock is fairly valued, though it is still a high quality
growth compounder deserving of its premium valuation vs sector
** Goldman Sachs raises Infrastrutture Wireless Italiane
INWT.MI to "buy" anticipating a hike in shareholder returns in
the coming months, one of many potential positive catalysts for
the stock
** Exane BNP Paribas ups Societe Generale SOGN.PA to
"outperform", flagging its "very low" valuation and forecasting
a sharp earnings improvement in 2025-2027
** Peel Hunt raises Berkeley Group BKGH.L to "add", saying
it is well positioned to create value for shareholders in the
long run, while recent share price weakness offers a more
attractive entry point
(*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 Clement Martinot and Marta Frąckowiak)
((Clement.Martinot@thomsonreuters.com;
marta.frackowiak@thomsonreuters.com))