Top of the Street: Amadeus, Antofagasta, Deutsche Telekom, Tele2, Serco, Vinci

Tele2 AB

10/01/2025 12:04

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** UBS raises Spanish travel booking group Amadeus  AMA.MC 
to "buy" from "neutral" citing normalising disintermediation
rates and re-rating potential
    ** Morgan Stanley raises London-listed miner Antofagasta
 ANTO.L  to "equal weight" from "underweight" noting a balanced
risk-reward profile
    ** UBS raises Deutsche Telekom  DTEGn.DE  to "buy" from
"neutral" seeing the German telecom as a good entry point to
U.S. exposure through T-Mobile US  TMUS.O 
    ** UBS also downgrades Swedish telecom Tele2  TEL2b.ST  to
"sell" from "neutral" noting dividend risks amid a bleak outlook
    ** Jefferies downgrades British outsourcer Serco  SRP.L  to
"hold" from "buy" citing muted near-term earnings and FCF
momentum
    ** Exane BNP Paribas raises Paris-listed infrastructure
group Vinci  SGEF.PA  to "outperform" from "neutral" saying it
expects a favourable risk-reward profile
    
(*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 Philippe Leroy Beaulieu)
 ((Philippe.leroybeaulieu@thomsonreuters.com))