Top of the Street: Swedbank, Adecco, SKF, Trellborg
10/10/2023 11:20
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Deutsche Bank raises Swedbank SWEDa.ST to "buy" from
"hold", expecting a settlement in the Estonian anti money
laundering investigation "sooner than later", which would offer
an upside to the Swedish lender's capital returns
** UBS double downgrades Swiss staffing and training group
Adecco ADEN.S to "sell" from "buy", citing earnings pressures
ahead amid a further market slowdown
INITIATIONS AND REINSTATEMENTS
** Barclays initiates Swedish industrial and machinery group
SKF SKFb.ST with "underweight" citing the lack of visible
turnaround catalysts, with persistent economic headwinds set to
hit 2024 sales and margins despite lower raw material costs
** Barclays starts Swedish engineering firm Trelleborg
TRELb.ST with "overweight" as M&A and focus on growth segments
drive long-term growth and enhanced sustainability, backed by
its superior balance sheet, cash flow generation and
profitability
(*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 Andrey Sychev and Michal Aleksandrowicz)
((andrey.sychev@thomsonreuters.com))