Top of the Street: BMW, Adyen, Straumann, Wolters Kluwer, banks and telcos

Tele2 AB

27/03/2024 13:47

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Jefferies downgrades German car manufacturer BMW
 BMWG.DE  to "hold" from "buy" seeing its competitive advantages
in EVs as widely understood now
    ** Morgan Stanley upgrades the Dutch payments processor
Adyen  ADYEN.AS  to "overweight" from "equal-weight", citing
confidence in its short and long-term growth
    ** Deutsche Bank raises French lender's Credit Agricole
 CAGR.PA  to "buy" from "hold", confident over 2025 targets
delivery, and citing its capital recently turned into a tailwind
    ** It also cuts Societe Generale  SOGN.PA  to "hold" from
"buy"
    ** ING raises the Belgian telecom provider Proximus
 PROX.BR  to "hold" from "sell", expecting improved wholesale
rates but tougher competition
    ** Exane BNP Paribas cuts Sweden's telecom operator Tele2
 TEL2b.ST  to "neutral", citing a deterioration in fixed-line
customer perceptions and noting the shares are trading close to
the its PT following the Iliad stake purchase
    
    INITIATIONS AND REINSTATEMENTS
    ** Goldman Sachs initiates coverage of the Swiss dental
implant manufacturer Straumann  STMN.S  with "buy", saying its
growth is underpinned by structural industry tailwinds and
enhanced by the company's share gains
    ** ING initiates Dutch IT provider Wolters Kluwer  WLSNc.AS 
with "buy", saying it's a high-quality company whose growth and
profitability have been impressively resilient
    
    
(*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 Paolo Laudani and Jakub Olesiuk)
 ((Paolo.laudani@thomsonreuters.com ;
jakub.olesiuk@thomsonreuters.com))