Top of the Street: TotalEnergies, Henkel, Arkema, SPS, Segro
27/11/2024 13:01
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Exane BNP Paribas says TotalEnergies TTEF.PA modest
valuation premium comes into question after a year where
quarterly results "tended towards disappointment" - cuts the
stock to "neutral" from "outperform"
** J.P.Morgan raises Henkel HNKG.DE to "overweight" from
"neutral", seeing upside risk to top and bottom lines as
Henkel's premiumization-driven strategy unfolds post portfolio
rationalization; it also flags cash return and M&A opportunities
** Citi upgrades chemicals group Arkema AKE.PA to "buy"
from "neutral", seeing it best positioned for 2025, backed by
its low macro-dependency vs peers
** UBS cuts Swiss Prime Site SPSN.S to "neutral" from
"buy" as momentum slows down due to tailwinds from indexation
and lower interest rates both fading
INITIATIONS AND REINSTATEMENTS
** Barclays resumes SEGRO's SGRO.L coverage with "equal
weight", citing LFL rental growth, but still flagging that
market rental growth and development returns are expected to
slow down
(*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 Romolo Tosiani and Rafal W. Nowak)
((Romolo.Tosiani@tr.com))