Top of the Street: Enel, UMG, Campari, VAT Group

VAT AG

12/07/2024 13:55

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Jefferies raises Italian energy group Enel  ENEI.MI  to
"buy" from "hold", citing earnings optimism and an "unjustified"
discount to peers
    
    INITIATIONS AND REINSTATEMENTS
    ** Wolfe Research initiates coverage of Universal Music
Group  UMG.AS  with a "peer perform" rating, saying the music
label's dominant share and growth sustainability are well
reflected in its 19x CY25E EV/EBITDA and 31x P/FCF multiples
    
    ** Goldman Sachs reinstates coverage of Campari  CPRI.MI 
with "neutral", saying the Italian drinks group should benefit
from the buoyant EMEA spirits market, while it continues to
outperform peers in the U.S. and has limited exposure to China
    
    ** Exane BNP Paribas initiates VAT group  VACN.S  with a
"neutral" rating, predicting limited upside to consensus
estimates for the Swiss industrial valves maker
    
(*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 Elviira Luoma and Michal Aleksandrowicz)
 ((Elviira.luoma@thomsonreuters.com))