Top of the Street: Man Group, Siemens Energy, RWE, Verbund

VERBUND AG

03/04/2023 13:41

A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Exane BNP Paribas cuts Man Group  EMG.L  to
"underperform" from "neutral" saying it expects significant
consensus downgrades to come through and drive underperformance
in the shares as the hedge fund's earnings look vulnerable 

    INITIATIONS AND REINSTATEMENTS
    ** Morgan Stanley resumes German energy group Siemens Energy
 ENR1n.DE  with "overweight" saying it sees clear evidence of an
upcycle that is not priced in  
    ** Morgan Stanley starts Verbund  VERB.VI  with
"equal-weight" saying the Austrian utility is a key beneficiary
of higher power prices over the coming years, but sees this as
already priced in the current valuation    
    ** Goldman Sachs reinstates RWE  RWEG.DE  with "buy" as it
still sees major tailwinds from renewables and expects Germany's
largest utility to meaningfully raise its long-term earnings
targets
    
(*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 Jagoda Darlak and Carlo Giovanni Boffa in Gdansk)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600))