Koondame edaspidi analüütikute hinnangute muutusi siia eraldi foorumiteema alla, et neid oleks parem radaril hoida ja vajadusel tagantjärele lihtsam üles leida. Disclaimerina olgu öeldud, et nende väljatoomine siin ei tähenda, et LHV kannustaks mainitud väärtpabereid ostma või müüma, vaid iga investor või kaupleja peab langetama iseseisva otsuse.
Soovitused Euroopas:
Rotork Raised to Neutral vs Underweight at HSBC; PT 2550 to 2900 (Close 2764)
Kazakhmys Raised to Overweight vs Neutral at HSBC; Pt 360 to 375 (Close 280,4)
CEZ Raised to Neutral vs Underweight at HSBC; PT 530 to 700 (Close 644,9)
Boliden Raised to Overweight vs Neutral at HSBC; PT SEK120 to 135 (Close 116,1)
Acerinox Raised to Hold vs Sell at Deutsche Bank; PT 8,5 to 12,0 (Close 13,0)
Outokumpu Raised to Buy vs Hold at Deutsche Bank; PT 6,5 to 8,0 (Close 6,09)
• By 2016 we expect European stainless capacity to run at 89% utilisation, up from 63% in 2013. This should be the result of a more radical closure programme than the market anticipates (in total 28% of installed capacity) and marks the end of a decade of overcapacity that has undermined any price discipline and rendered stocks uninvestable. Together with a possible easing of the Asian import pressure triggered by the Indonesian export ban and further demand recovery, we see the preconditions for a potential tightening of the market. Market tightening would benefit all European players, which have significant earnings sensitivity to an increase in prices.
Danske Bank Raised to Buy vs Hold at Deutsche Bank; PT 160 to 185 (Close 161,4)
Moncler Rated New Buy at Deutsche Bank, PT Eu14 (Close 12,1)
• Moncler, leading outerwear luxury brand, appears well positioned to become a global luxury brand in the next decade, thanks to a clear roadmap of detail rollout, geographical expansion, and development of its product range from outerwear into new categories. A focused management team with a solid track record is leading this transformation and should be able to deliver sales and EPS CAGR of 13% and 20% in 2013-17E. Moncler trades at 20.9x PE15, almost a 15% premium to the luxury sector, but a 30% discount on 2015 PEG ratio, reflecting a superior growth profile.
Eiffage Cut to Neutral vs Buy at BofAML
Danone Reinstated Underperform at BofAML, PT Eu50 (Close 54,17)
Lindt & Spruengli Reinstated Neutral at BofAML
Nestle Reinstated Underperform at BofAML, PT Chf69 (Close 70,95)
Alstom Resumed Hold at SocGen, PT Eu31 (Close 27,65)
MOL Raised to Buy vs Neutral at Goldman; PT HUF15900 to 16000 (Close 12250)
Leg Cut to Neutral vs Buy at Goldman; PT 53,5 to 57,0 (Close 57,78)
Edenred Raised to Neutral vs Reduce at Nomura; PT 18,9 to 22,0 (Close 20,96)
Sonatel Raised to Overweight vs Equalweight at Barclays
Orange Polska Cut to Underweight vs Equalweight at Barclays
UBS Cut to Equalweight vs Overweight at Barclays
Moncler Raised to Overweight vs Neutral at JPMorgan; PT 15 (Close 12,1)
Hiscox Rated New Market Perform at Sanford Bernstein; PT 690p (Close 632)
Catlin Group Rated New Outperform at Sanford Bernstein; Pt 625p (Close 502)
Amlin Rated New Market Perform at Sanford Bernstein; PT 415p (Close 429,6)
Beazley Rated New Outperform at Sanford Bernstein; PT 305p (Close 259,0)
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
Winnebago Industries, Inc (WGO)initiated with an Outperform at BMO Capital Mkts
VeriFone Systems, Inc. (PAY) initiated with a Buy at Monness Crespi & Hardt
Nokia ( NOK) upgraded to Outperform at Oppenheimer
Acuity Brands, Inc. (AYI) upgraded to Buy from Neutral at Goldman
Barrick Gold Corporation (ABX) upgraded to Neutral from Underweight at HSBC Securities
Rackspace Hosting, Inc. ( RAX) downgraded to Neutral from Overweight at JP Morgan
Tesla (TSLA) - weakness attributed to Morgan Stanley analyst comments, suggesting stock may be a bit ahead of itself
Parker Drilling Co (PKD) downgraded to Equal Weight from Overweight at a boutique firm
Douglas Dynamics, Inc (PLOW) downgraded to Neutral from Outperform at Robert W. Baird UBS -1.2% (downgraded to Equal Weight from Overweight at Barclays)
TransCanada Corp. ( TRP) downgraded to Sell from Neutral at Goldman
Clearwater Paper Corporation (CLW) downgraded to Neutral at DA Davidson
Winnebago Industries, Inc (WGO)initiated with an Outperform at BMO Capital Mkts
VeriFone Systems, Inc. (PAY) initiated with a Buy at Monness Crespi & Hardt
Nokia ( NOK) upgraded to Outperform at Oppenheimer
Acuity Brands, Inc. (AYI) upgraded to Buy from Neutral at Goldman
Barrick Gold Corporation (ABX) upgraded to Neutral from Underweight at HSBC Securities
Rackspace Hosting, Inc. ( RAX) downgraded to Neutral from Overweight at JP Morgan
Tesla (TSLA) - weakness attributed to Morgan Stanley analyst comments, suggesting stock may be a bit ahead of itself
Parker Drilling Co (PKD) downgraded to Equal Weight from Overweight at a boutique firm
Douglas Dynamics, Inc (PLOW) downgraded to Neutral from Outperform at Robert W. Baird UBS -1.2% (downgraded to Equal Weight from Overweight at Barclays)
TransCanada Corp. ( TRP) downgraded to Sell from Neutral at Goldman
Clearwater Paper Corporation (CLW) downgraded to Neutral at DA Davidson
Veel mõned reitingumuutused tänaseks:
CVS Health (CVS) upgraded to Outperform from Mkt Perform at Cowen
Marathon Petroleum (MPC) downgraded to Sector Perform at Howard Weil; tgt lowered to $99
Symantec (SYMC) downgraded to Sector Perform at RBC Capital Mkts; tgt $26
UBS AG (UBS) downgraded to Equal Weight from Overweight at Barclays
Costco (COST) initiated with a Buy at Citigroup; tgt $150
FedEx (FDX) target raised to $172 at Oppenheimer ahead of earnings due out Wednesday morning
JDS Uniphase (JDSU) target raised to $16 at Needham
Phillips 66 (PSX) target raised to $95 at Howard Weil
Target (TGT) initiated with a Neutral at Citigroup; tgt $66
Wal-Mart (WMT) initiated with a Neutral at Citigroup; tgt $83
CVS Health (CVS) upgraded to Outperform from Mkt Perform at Cowen
Marathon Petroleum (MPC) downgraded to Sector Perform at Howard Weil; tgt lowered to $99
Symantec (SYMC) downgraded to Sector Perform at RBC Capital Mkts; tgt $26
UBS AG (UBS) downgraded to Equal Weight from Overweight at Barclays
Costco (COST) initiated with a Buy at Citigroup; tgt $150
FedEx (FDX) target raised to $172 at Oppenheimer ahead of earnings due out Wednesday morning
JDS Uniphase (JDSU) target raised to $16 at Needham
Phillips 66 (PSX) target raised to $95 at Howard Weil
Target (TGT) initiated with a Neutral at Citigroup; tgt $66
Wal-Mart (WMT) initiated with a Neutral at Citigroup; tgt $83
Mõned tänased reitingute muudatused Euroopas:
Banca Popolare DI Milano Raised to Overweight vs Neutral: HSBC
Lonmin (London Listing) Assumed Outperform at Credit Suisse; PT 300p (Close 214,7)
Antofagasta Raised to Hold vs Sell at Deutsche Bank; PT 730 to 820 (Close 761,5)
Melia Hotels Raised to Buy vs Hold at Deutsche Bank; PT 8,3 to 10,3 (Close 8,18)
Anglo American Raised to Buy vs Hold at Deutsche Bank; PT 1672,18 to 2048,11 (Close 1488,5)
Sodexo Raised to Buy vs Neutral at Citi
Restaurant Group Raised to Buy vs Neutral at Citi
Spirit Pub Co Cut to Neutral vs Buy at Citi
Marston’s Raised to Buy vs Sell at Citi
Enterprise Inns Cut to Sell vs Neutral at Citi
Paddy Power Raised to Buy vs Neutral at Citi
Ladbrokes Raised to Neutral vs Sell at Citi
Bwin.Party Cut to Sell vs Neutral at Citi
Rosneft Cut to Neutral vs Buy at UBS
Aveva Cut to Neutral vs Buy at Goldman; PT 3030 to 1950 (Close 1577)
Avanti Raised to Buy vs Hold at Jefferies; PT 250p (Close 185,0)
Eutelsat Cut to Hold vs Buy at Jefferies; PT 27,2 to 28,6 (Close 26,33)
Pearson Raised to Overweight vs Equalweight at Morgan Stanley; PT 1100p 1350p (Close 1206p)
• We think the restructuring is complete, 15-20% eps growth is in prospect for 2015 and that Pearson now addresses a bigger market with a more flexible cost base.
• In US Higher Ed the worst is probably already over for declines in US student numbers. The second derivative is already seeing improvement, with student numbers down just 0.8% yoy in Spring 2014 and state funding recovery to help community college numbers. (ii) The US Schools curriculum market is already growing 3-4% in 2014 on stronger state budgets and the gradual implementation of Common Core.
• Pearson's critical Q3 trading statement is in November. If it can hold its 2014 62p-67p guidance intact then the market will focus on the jump in eps (19%) in 2015e and the potential 10% pa eps growth 2014-18e (vs -5% pa 2010-14).
Travis Perkins Rated Equalweight at Morgan Stanley; PT 1,750p (Close 1668)
Zurich Insurance Cut to Hold vs Buy at SocGen; PT 292 to 285 (Close 280,1)
Hermes Raised to Neutral vs Underperform at Credit Suisse
Banca Popolare DI Milano Raised to Overweight vs Neutral: HSBC
Lonmin (London Listing) Assumed Outperform at Credit Suisse; PT 300p (Close 214,7)
Antofagasta Raised to Hold vs Sell at Deutsche Bank; PT 730 to 820 (Close 761,5)
Melia Hotels Raised to Buy vs Hold at Deutsche Bank; PT 8,3 to 10,3 (Close 8,18)
Anglo American Raised to Buy vs Hold at Deutsche Bank; PT 1672,18 to 2048,11 (Close 1488,5)
Sodexo Raised to Buy vs Neutral at Citi
Restaurant Group Raised to Buy vs Neutral at Citi
Spirit Pub Co Cut to Neutral vs Buy at Citi
Marston’s Raised to Buy vs Sell at Citi
Enterprise Inns Cut to Sell vs Neutral at Citi
Paddy Power Raised to Buy vs Neutral at Citi
Ladbrokes Raised to Neutral vs Sell at Citi
Bwin.Party Cut to Sell vs Neutral at Citi
Rosneft Cut to Neutral vs Buy at UBS
Aveva Cut to Neutral vs Buy at Goldman; PT 3030 to 1950 (Close 1577)
Avanti Raised to Buy vs Hold at Jefferies; PT 250p (Close 185,0)
Eutelsat Cut to Hold vs Buy at Jefferies; PT 27,2 to 28,6 (Close 26,33)
Pearson Raised to Overweight vs Equalweight at Morgan Stanley; PT 1100p 1350p (Close 1206p)
• We think the restructuring is complete, 15-20% eps growth is in prospect for 2015 and that Pearson now addresses a bigger market with a more flexible cost base.
• In US Higher Ed the worst is probably already over for declines in US student numbers. The second derivative is already seeing improvement, with student numbers down just 0.8% yoy in Spring 2014 and state funding recovery to help community college numbers. (ii) The US Schools curriculum market is already growing 3-4% in 2014 on stronger state budgets and the gradual implementation of Common Core.
• Pearson's critical Q3 trading statement is in November. If it can hold its 2014 62p-67p guidance intact then the market will focus on the jump in eps (19%) in 2015e and the potential 10% pa eps growth 2014-18e (vs -5% pa 2010-14).
Travis Perkins Rated Equalweight at Morgan Stanley; PT 1,750p (Close 1668)
Zurich Insurance Cut to Hold vs Buy at SocGen; PT 292 to 285 (Close 280,1)
Hermes Raised to Neutral vs Underperform at Credit Suisse
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
500.Com (WBAI) upgraded to Buy from Hold at Deutsche Bank
Pearson Plc (PSO) upgraded to Overweight from Equal-Weight at Morgan Stanley
Hermes (HESAY) upgraded to Neutral at Credit Suisse
Duke Energy (DUK) upgraded to Outperform from Market Perform at Wells Fargo
Tesla Motors (TSLA) initiated with a Buy at ISI Group; tgt $320
Terex (TEX) upgraded to Buy at Stifel; tgt $40
500.Com (WBAI) upgraded to Buy from Hold at Deutsche Bank
Pearson Plc (PSO) upgraded to Overweight from Equal-Weight at Morgan Stanley
Hermes (HESAY) upgraded to Neutral at Credit Suisse
Duke Energy (DUK) upgraded to Outperform from Market Perform at Wells Fargo
Tesla Motors (TSLA) initiated with a Buy at ISI Group; tgt $320
Terex (TEX) upgraded to Buy at Stifel; tgt $40
Mõned tänased reitingute muudatused Euroopas:
AB InBev Raised to Hold vs Sell at SocGen; Pt 71 to 87 (Close 87,87)
Nestle Cut to Hold vs Buy at SocGen; Pt 80 to 77 (Close 70,95)
Nestle Cut to Hold From Buy at Societe Generale; PT Chf77 (Close 70,95)
Stockmann Rated New Buy at Swedbank, PT Eu11.1 (Close 8,67)
Asos Raised to Buy vs Hold at SocGen; PT 4855 to 5000 (Close 2207)
Asos Cut to Hold vs Buy at Deutsche Bank; PT 3600 to 2400 (Close 2207)
Ashmore Raised as Concerns Exaggerated; HSBC Sees Entry Point
•Ashmore’s recent share price decline is excessive and offers a buying opportunity for L/T investors as margins stabilize and retail business gains momentum, HSBC says in note today.
• Revenue margins rising in some sub-asset classes
• Retail business may surprise on upside in next 12-18 months
• Says external debt yielding 5.26% means returns can be positive even as every 25bps widening in U.S. treasury means 1.4% capital loss
• Dividend of 327p for yield of 5.2% is sustainable
• Raises PT by 7.7% to 420p, Moved to to Overweight vs Neutral
Synthomer Rated New Neutral at HSBC, PT 250p (Close 224,8)
Wdf PT Cut to Eu10.3 vs Eu10.8 at Citi; Kept at Buy (Close 8,41)
Eramet Raised to Outperform vs Neutral at Exane
Man Group Reinstated Equalweight at Barclays, PT 120p (Close 120,5)
HSBC replaces Standard Chartered on most-preferred list after capital levels and revenue reach turning points; DNB replaces Swedbank, is most attractive of the Nordic banks, UBS says in note today.
• HSBC, StanChart both getting closer to inflexion point
• StanChart still a buy, has fewer re-rating catalysts ahead
• DNB stock price development hinges on real estate market cooling, margin outlook, ramifications of Basel 1 on dividends, capital deficits
• Swedbank removed from most preferred
• Norway banks face better trends in earnings, realty prices, regulation than Swedish banks over next 12 months: UBS
• Svenska Handelsbanken added to least preferred on potential downside if NIM trends damp top-line growth, focus on SME asset quality trends increases
• Removes RBS from last preferred
• Reiterates most preferred on: Barclays, ING, SocGen
• Reiterates least preferred on Deutsche Bank
Norsk Hydro Rated New Underperform at Credit Suisse; PT Nok34 (Close 37,29)
Upm-Kymmene Raised to Neutral vs Underperform at Credit Suisse
Ebro Foods Raised to Buy vs Neutral at UBS
AB InBev Raised to Hold vs Sell at SocGen; Pt 71 to 87 (Close 87,87)
Nestle Cut to Hold vs Buy at SocGen; Pt 80 to 77 (Close 70,95)
Nestle Cut to Hold From Buy at Societe Generale; PT Chf77 (Close 70,95)
Stockmann Rated New Buy at Swedbank, PT Eu11.1 (Close 8,67)
Asos Raised to Buy vs Hold at SocGen; PT 4855 to 5000 (Close 2207)
Asos Cut to Hold vs Buy at Deutsche Bank; PT 3600 to 2400 (Close 2207)
Ashmore Raised as Concerns Exaggerated; HSBC Sees Entry Point
•Ashmore’s recent share price decline is excessive and offers a buying opportunity for L/T investors as margins stabilize and retail business gains momentum, HSBC says in note today.
• Revenue margins rising in some sub-asset classes
• Retail business may surprise on upside in next 12-18 months
• Says external debt yielding 5.26% means returns can be positive even as every 25bps widening in U.S. treasury means 1.4% capital loss
• Dividend of 327p for yield of 5.2% is sustainable
• Raises PT by 7.7% to 420p, Moved to to Overweight vs Neutral
Synthomer Rated New Neutral at HSBC, PT 250p (Close 224,8)
Wdf PT Cut to Eu10.3 vs Eu10.8 at Citi; Kept at Buy (Close 8,41)
Eramet Raised to Outperform vs Neutral at Exane
Man Group Reinstated Equalweight at Barclays, PT 120p (Close 120,5)
HSBC replaces Standard Chartered on most-preferred list after capital levels and revenue reach turning points; DNB replaces Swedbank, is most attractive of the Nordic banks, UBS says in note today.
• HSBC, StanChart both getting closer to inflexion point
• StanChart still a buy, has fewer re-rating catalysts ahead
• DNB stock price development hinges on real estate market cooling, margin outlook, ramifications of Basel 1 on dividends, capital deficits
• Swedbank removed from most preferred
• Norway banks face better trends in earnings, realty prices, regulation than Swedish banks over next 12 months: UBS
• Svenska Handelsbanken added to least preferred on potential downside if NIM trends damp top-line growth, focus on SME asset quality trends increases
• Removes RBS from last preferred
• Reiterates most preferred on: Barclays, ING, SocGen
• Reiterates least preferred on Deutsche Bank
Norsk Hydro Rated New Underperform at Credit Suisse; PT Nok34 (Close 37,29)
Upm-Kymmene Raised to Neutral vs Underperform at Credit Suisse
Ebro Foods Raised to Buy vs Neutral at UBS
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
Anheuser-Busch InBev (BUD) upgraded to Hold from Sell at Societe Generale
CIGNA (CI) upgraded to Positive from Neutral at Susquehanna; tgt raised to $115 from $77
Mondelez Int'l (MDLZ) upgraded to Buy from Hold at Societe Generale
BHP Billiton (BHP) downgraded to Underperform from Neutral at Exane BNP Paribas
Eaton (ETN) downgraded to Hold at Stifel -- Removed the co from the Stifel Income Opportunity List
General Mills (GIS) downgraded to Sell from Hold at Societe Generale
Kellogg (K) downgraded to Hold from Buy at Societe Generale
L Brands (LB) downgraded to Neutral from Overweight at Piper Jaffray; tgt $61
3M (MMM) initiated with a Hold at Stifel; tgt $158
Abercrombie & Fitch (ANF) assumed with an Overweight at Piper Jaffray
Baker Hughes (BHI) upgraded to Sector Outperform at Howard Weil
Boston Properties (BXP) initiated with a Outperform at Wells Fargo
CarMax (KMX) target raised to $60 at Oppenheimer; maintain Outperform
Gap (GPS) assumed with a Neutral at Piper Jaffray
General Electric (GE) initiated with a Buy at Stifel; tgt $30
NIKE (NKE) assumed with a Neutral at Piper Jaffray
Anheuser-Busch InBev (BUD) upgraded to Hold from Sell at Societe Generale
CIGNA (CI) upgraded to Positive from Neutral at Susquehanna; tgt raised to $115 from $77
Mondelez Int'l (MDLZ) upgraded to Buy from Hold at Societe Generale
BHP Billiton (BHP) downgraded to Underperform from Neutral at Exane BNP Paribas
Eaton (ETN) downgraded to Hold at Stifel -- Removed the co from the Stifel Income Opportunity List
General Mills (GIS) downgraded to Sell from Hold at Societe Generale
Kellogg (K) downgraded to Hold from Buy at Societe Generale
L Brands (LB) downgraded to Neutral from Overweight at Piper Jaffray; tgt $61
3M (MMM) initiated with a Hold at Stifel; tgt $158
Abercrombie & Fitch (ANF) assumed with an Overweight at Piper Jaffray
Baker Hughes (BHI) upgraded to Sector Outperform at Howard Weil
Boston Properties (BXP) initiated with a Outperform at Wells Fargo
CarMax (KMX) target raised to $60 at Oppenheimer; maintain Outperform
Gap (GPS) assumed with a Neutral at Piper Jaffray
General Electric (GE) initiated with a Buy at Stifel; tgt $30
NIKE (NKE) assumed with a Neutral at Piper Jaffray
Suurem hunnik täna Euroopast:
Veolia Reinstated Neutral at BofAML
Suez Environnement Reinstated Underperform at BofAML
ArcelorMittal Raised to Buy vs Neutral at BofAML
Banco Popolare PT Raised to EU10 at SocGen; Kept at Sell (Close 12,7)
Alfa Laval Cut to Underperform vs Neutral at BofAML
Lufthansa Cut to Neutral vs Overweight at HSBC; PT 19 to 14 (Close 13,18)
Asos Cut to Neutral vs Overweight at HSBC; PT 4415 to 2500 (Close 2180)
Bashneft Cut to Neutral vs Outperform at Credit Suisse
Inditex Cut to Hold vs Buy at Deutsche Bank; PT 25 to 24,5 (Close 22,82)
Telefonica Deutschland Cut to Neutral vs Buy at Goldman; PT 4,69 to 4,5 (Close 4,05)
3legs Resources Cut to Hold vs Buy at Jefferies; Pt 40 to 17 (Close 16,38)
Oriflame Raised to Neutral vs Sell at Goldman; PT SEK140 to 134 (Close 128,9)
Direct Line Removed From UBS Most Preferred List
Aviva Added to UBS Least Preferred List, Admiral Removed
Hellenic Petroleum Raised to Buy vs Neutral at UBS
Neste Oil Raised to Buy vs Neutral at UBS
Wienerberger Cut to Neutral vs Buy at UBS; Pt 15,3 to 12,3
HeidelbergCement Cut to Sell vs Neutral at UBS; PT Eu63 to 53
• UBS says concerned about recent trends in Europe, where cement vols. have seen declines of ~10% in 3Q in most major markets, in note today.
• Says comparison base for Europe challenging in 4Q, 1Q15, meaning any delayed recovery will not be visible until spring/summer 2015
• Doesn’t expect major correction though sees some further downside as market incorporates weaker trends over coming months
• Says investors should continue to seek U.S. exposure, given robust trends, FX tailwinds; CRH, Buzzi Unicem are buy rated U.S. plays
Allianz Rated New Buy at UBS, PT Eu153 (Close 136,17)
Leoni Rated New Neutral at Credit Suisse, PT Eu52.9 (Close 46,26)
Elringklinger Rated New Underperform, PT Eu25.1: Credit Suisse (Close 24,64)
Rheinmetall Rated New Underperform at Credit Suisse, PT Eu45.1 (Close 42,35)
Faurecia Rated New Outperform at Credit Suisse, PT Eu36 (Close 26,14)
• Our investment case is not focused on structural growth drivers, but rather on management execution and turning around loss-making business units. We believe the market is underestimating the positive effects from restructuring Faurecia's European and North American operations, which should provide more support than consensus expects. The restructuring has already had a meaningful bottom-line impact in 1H14. We see a strong 3Q14 sales performance in North America as the next near-term catalyst vs. Market expectations of 4Q14.
Valeo Rated New Outperform at Credit Suisse, PT Eu119 (Close 92,2)
• Margin expansion and leverage potential underestimated: Valeo was among the most aggressive players to reduce costs post the crisis, cutting personnel expense as a % of sales by 290bps since 2008. While our revenue forecast is only moderately ahead of consensus for 2004-2017, we are 17% ahead on EPS. Our analysis suggests that the market is factoring in only c.11% operating leverage for 2015 and 2016, which is materially below our c.16% forecast. Moreover, order quality should have improved in the past two quarters given a record intake, with book to bill of 1.7x in 1H14.
Continental Added to Europe, Global Focus List at Credit Suisse; PT €201 to 208 (Close 161,18)
• We expect structural growth drivers to accelerate for Continental's automotive business from 2015. We remain bullish on its powertrain (PT) business in particular, which we expect to show strong sales growth given OEMs' increased effort to downsize engines (ramp-up of new platforms to accelerate) in order to meet stringent 2020 emission targets. Moreover, in our view the market is still not giving enough credit for its fast-growing Advanced Driver Assistance Systems (ADAS) business.
Siemens Cut to Neutral vs Outperform at Exane
Mobile Telesystems Cut to Neutral vs Overweight at JPMorgan
Facc Rated New Overweight at JPMorgan, PT Eu10.5 (Close 8,07)
UBI Banca Rated New Overweight at Barclays, PT Eu8.1 (Close 6,57)
Popolare Milano Rated New Equalweight at Barclays, PT Eu0.7 (Close 0,63)
Banco Popolare Rated New Underweight at Barclays, PT Eu10.4 (Close 12,7)
Inditex Cut to Market Perform vs Outperform at Raymond James
Monte Paschi Rated New Underweight at Barclays, PT Eu0.9 (Close 1,08)
Pop. Emilia PT Cut to Eu6.8 vs Eu7.1 at SocGen; Kept at Hold (Close 6,51)
TUI Travel Raised From Equalweight to Overweight at Morgan Stanley, Added to Europe Best; PT 470p to 500p (Close 366,9)
• TUI Travel is recommending an all-share offer from its parent TUI AG (0.399 exchange ratio), plus 10p in cash, giving TT minority shareholders 46% of the enlarged entity. “Future TUI” will be incorporated and headquartered in Germany (so will report in €), and listed in the UK, where we expect it will join the FTSE100 index given its proforma market cap of £5.2bn
• We are positive on “Future TUI”, and see three sources of internal upside (we already rate TUI AG OW): (1) Solid organic growth: we see a 12% EBIT CAGR 2014-17e from merger savings (at least €65m), TT’s successful Modern Mainstream strategy (Germany margins to 5% target, France break-even, Online), and strong growth in TUI Cruise (0% to 6% of EBIT ‘14-17e) This excludes upside from improved hotel occupancies. (2) Scope for cash returns: 3 of its 4 convertible bonds look set to convert, meaning we see FY15e net cash of >€1bn. On top of this, we think TUI can raise ~€1bn from its H-L stake and Online Accommodation exit. We see a €0.68 dividend by 2016, an attractive 6.2% yield. (3) Valuation support: Future TUI trades on 11x FY15e P/E and <10x FY16 (TT share price -10p cash), and a blended multiple (75% tour op. at 12x, 25% hotel/cruise 15-20x) suggests 13x is fair, plus we see c.€1bn assets that generate little income (reducing the headline P/E).
Premier Farnell Cut to Sell vs Buy at Citi
Randstad Raised to Neutral vs Sell at Citi
Stada Raised to Hold at Jefferies; PT 26,0 to 29,5 (Close 32,2)
Paddy Power Raised to Outperform vs Neutral at Credit Suisse
Veolia Reinstated Neutral at BofAML
Suez Environnement Reinstated Underperform at BofAML
ArcelorMittal Raised to Buy vs Neutral at BofAML
Banco Popolare PT Raised to EU10 at SocGen; Kept at Sell (Close 12,7)
Alfa Laval Cut to Underperform vs Neutral at BofAML
Lufthansa Cut to Neutral vs Overweight at HSBC; PT 19 to 14 (Close 13,18)
Asos Cut to Neutral vs Overweight at HSBC; PT 4415 to 2500 (Close 2180)
Bashneft Cut to Neutral vs Outperform at Credit Suisse
Inditex Cut to Hold vs Buy at Deutsche Bank; PT 25 to 24,5 (Close 22,82)
Telefonica Deutschland Cut to Neutral vs Buy at Goldman; PT 4,69 to 4,5 (Close 4,05)
3legs Resources Cut to Hold vs Buy at Jefferies; Pt 40 to 17 (Close 16,38)
Oriflame Raised to Neutral vs Sell at Goldman; PT SEK140 to 134 (Close 128,9)
Direct Line Removed From UBS Most Preferred List
Aviva Added to UBS Least Preferred List, Admiral Removed
Hellenic Petroleum Raised to Buy vs Neutral at UBS
Neste Oil Raised to Buy vs Neutral at UBS
Wienerberger Cut to Neutral vs Buy at UBS; Pt 15,3 to 12,3
HeidelbergCement Cut to Sell vs Neutral at UBS; PT Eu63 to 53
• UBS says concerned about recent trends in Europe, where cement vols. have seen declines of ~10% in 3Q in most major markets, in note today.
• Says comparison base for Europe challenging in 4Q, 1Q15, meaning any delayed recovery will not be visible until spring/summer 2015
• Doesn’t expect major correction though sees some further downside as market incorporates weaker trends over coming months
• Says investors should continue to seek U.S. exposure, given robust trends, FX tailwinds; CRH, Buzzi Unicem are buy rated U.S. plays
Allianz Rated New Buy at UBS, PT Eu153 (Close 136,17)
Leoni Rated New Neutral at Credit Suisse, PT Eu52.9 (Close 46,26)
Elringklinger Rated New Underperform, PT Eu25.1: Credit Suisse (Close 24,64)
Rheinmetall Rated New Underperform at Credit Suisse, PT Eu45.1 (Close 42,35)
Faurecia Rated New Outperform at Credit Suisse, PT Eu36 (Close 26,14)
• Our investment case is not focused on structural growth drivers, but rather on management execution and turning around loss-making business units. We believe the market is underestimating the positive effects from restructuring Faurecia's European and North American operations, which should provide more support than consensus expects. The restructuring has already had a meaningful bottom-line impact in 1H14. We see a strong 3Q14 sales performance in North America as the next near-term catalyst vs. Market expectations of 4Q14.
Valeo Rated New Outperform at Credit Suisse, PT Eu119 (Close 92,2)
• Margin expansion and leverage potential underestimated: Valeo was among the most aggressive players to reduce costs post the crisis, cutting personnel expense as a % of sales by 290bps since 2008. While our revenue forecast is only moderately ahead of consensus for 2004-2017, we are 17% ahead on EPS. Our analysis suggests that the market is factoring in only c.11% operating leverage for 2015 and 2016, which is materially below our c.16% forecast. Moreover, order quality should have improved in the past two quarters given a record intake, with book to bill of 1.7x in 1H14.
Continental Added to Europe, Global Focus List at Credit Suisse; PT €201 to 208 (Close 161,18)
• We expect structural growth drivers to accelerate for Continental's automotive business from 2015. We remain bullish on its powertrain (PT) business in particular, which we expect to show strong sales growth given OEMs' increased effort to downsize engines (ramp-up of new platforms to accelerate) in order to meet stringent 2020 emission targets. Moreover, in our view the market is still not giving enough credit for its fast-growing Advanced Driver Assistance Systems (ADAS) business.
Siemens Cut to Neutral vs Outperform at Exane
Mobile Telesystems Cut to Neutral vs Overweight at JPMorgan
Facc Rated New Overweight at JPMorgan, PT Eu10.5 (Close 8,07)
UBI Banca Rated New Overweight at Barclays, PT Eu8.1 (Close 6,57)
Popolare Milano Rated New Equalweight at Barclays, PT Eu0.7 (Close 0,63)
Banco Popolare Rated New Underweight at Barclays, PT Eu10.4 (Close 12,7)
Inditex Cut to Market Perform vs Outperform at Raymond James
Monte Paschi Rated New Underweight at Barclays, PT Eu0.9 (Close 1,08)
Pop. Emilia PT Cut to Eu6.8 vs Eu7.1 at SocGen; Kept at Hold (Close 6,51)
TUI Travel Raised From Equalweight to Overweight at Morgan Stanley, Added to Europe Best; PT 470p to 500p (Close 366,9)
• TUI Travel is recommending an all-share offer from its parent TUI AG (0.399 exchange ratio), plus 10p in cash, giving TT minority shareholders 46% of the enlarged entity. “Future TUI” will be incorporated and headquartered in Germany (so will report in €), and listed in the UK, where we expect it will join the FTSE100 index given its proforma market cap of £5.2bn
• We are positive on “Future TUI”, and see three sources of internal upside (we already rate TUI AG OW): (1) Solid organic growth: we see a 12% EBIT CAGR 2014-17e from merger savings (at least €65m), TT’s successful Modern Mainstream strategy (Germany margins to 5% target, France break-even, Online), and strong growth in TUI Cruise (0% to 6% of EBIT ‘14-17e) This excludes upside from improved hotel occupancies. (2) Scope for cash returns: 3 of its 4 convertible bonds look set to convert, meaning we see FY15e net cash of >€1bn. On top of this, we think TUI can raise ~€1bn from its H-L stake and Online Accommodation exit. We see a €0.68 dividend by 2016, an attractive 6.2% yield. (3) Valuation support: Future TUI trades on 11x FY15e P/E and <10x FY16 (TT share price -10p cash), and a blended multiple (75% tour op. at 12x, 25% hotel/cruise 15-20x) suggests 13x is fair, plus we see c.€1bn assets that generate little income (reducing the headline P/E).
Premier Farnell Cut to Sell vs Buy at Citi
Randstad Raised to Neutral vs Sell at Citi
Stada Raised to Hold at Jefferies; PT 26,0 to 29,5 (Close 32,2)
Paddy Power Raised to Outperform vs Neutral at Credit Suisse
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
DuPont (DD) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $75 from $67
Kohl's (KSS) upgraded to Buy from Neutral at Citigroup
Monsanto (MON) upgraded to Buy at Stifel; tgt $135
Peabody Energy (BTU) downgraded to Sell from Neutral at Goldman; tgt lowered to $13 from $15
Boeing (BA) added to Franchise Pick list at Jefferies; maintain Buy
Estee Lauder (EL) assumed with a Neutral at Piper Jaffray
FedEx (FDX) tgt raised to $180 from $170 at Citigroup
Newell Rubbermaid (NWL) initiated with a Neutral at Piper Jaffray
V.F. Corp (VFC) target raised to $77 at Stifel
DuPont (DD) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $75 from $67
Kohl's (KSS) upgraded to Buy from Neutral at Citigroup
Monsanto (MON) upgraded to Buy at Stifel; tgt $135
Peabody Energy (BTU) downgraded to Sell from Neutral at Goldman; tgt lowered to $13 from $15
Boeing (BA) added to Franchise Pick list at Jefferies; maintain Buy
Estee Lauder (EL) assumed with a Neutral at Piper Jaffray
FedEx (FDX) tgt raised to $180 from $170 at Citigroup
Newell Rubbermaid (NWL) initiated with a Neutral at Piper Jaffray
V.F. Corp (VFC) target raised to $77 at Stifel
Tänased analüüsimajade kommentaarid Euroopas:
Pop. Emilia Rated New Buy at Citi; PT Eu7.7 (Close 6,28)
SSE Raised to Neutral vs Underweight at HSBC; PT 1490p to 1620 (Close 1521)
Seadrill Cut to Underperform vs Neutral at Exane
MOL Cut to Hold vs Buy at Deutsche Bank; PT HUF15500 to 14000 (Close 12460)
Hiscox Raised to Hold vs Sell at Deutsche Bank; PT 646p (Close 641)
HeidelbergCement Cut to Sell vs Neutral at UBS
Asos Cut to Neutral vs Buy at BofAML
Deutsche Telekom Raised to Buy vs Neutral at Citi
Nokian Renkaat Rated New Hold at Berenberg; PT Eu26.5 (Close 24,59)
Pirelli Rated New Buy at Berenberg; PT Eu14.5 (Close 11,75)
Michelin Rated New Buy at Berenberg; PT Eu95 (Close 79,62)
SABMiller Raised to Neutral vs Reduce at Nomura; PT 2850 to 3600 (Close 3537)
Severstal Reinstated Buy at Goldman; PT $13,0 (Close 9,935)
Raspadskaya Cut to Sell vs Neutral at Goldman; PT RUB 30,7 to 10,1 (Close 18,24)
Nlmk Raised to Neutral vs Sell at Goldman; PT $10,9 to 15,2 (Close 14,88)
Evraz Raised to Neutral vs Sell at Goldman; PT 133p (Close 140,4)
Alrosa Removed From Goldman Ceemea Focus List, Rates Buy; PT RUB59,0 to 47,1 (Close 38,4)
Orange Raised to Neutral vs Sell at Goldman; PT €13,0 to 13,6 (Close 11,515)
Paragon Group Raised to Outperform at Macquarie; PT 421p (Close 329p)
Buy EasyJet Into Oct. 3 Trading Update, UBS Says
• EasyJet management “very confident” of medium-term plans, says UBS (reiterate buy) after yday’s CMD.
• Expect special divs., possibly in Nov.
• 4Q load factor/traffic have been strong, cost cuts are helping, Oct. 3 trading update will be “reassuring”
• Implied guidance for flat yields is conservative; est. FY pretax profit of GBP575m vs co. forecast GBP545m-GBP570m: UBS
• NOTE: FY results due Nov. 19
• Yday: EasyJet Lifts Dividend Payout Ratio, Exercises A320 Options
Pop. Emilia Rated New Buy at Citi; PT Eu7.7 (Close 6,28)
SSE Raised to Neutral vs Underweight at HSBC; PT 1490p to 1620 (Close 1521)
Seadrill Cut to Underperform vs Neutral at Exane
MOL Cut to Hold vs Buy at Deutsche Bank; PT HUF15500 to 14000 (Close 12460)
Hiscox Raised to Hold vs Sell at Deutsche Bank; PT 646p (Close 641)
HeidelbergCement Cut to Sell vs Neutral at UBS
Asos Cut to Neutral vs Buy at BofAML
Deutsche Telekom Raised to Buy vs Neutral at Citi
Nokian Renkaat Rated New Hold at Berenberg; PT Eu26.5 (Close 24,59)
Pirelli Rated New Buy at Berenberg; PT Eu14.5 (Close 11,75)
Michelin Rated New Buy at Berenberg; PT Eu95 (Close 79,62)
SABMiller Raised to Neutral vs Reduce at Nomura; PT 2850 to 3600 (Close 3537)
Severstal Reinstated Buy at Goldman; PT $13,0 (Close 9,935)
Raspadskaya Cut to Sell vs Neutral at Goldman; PT RUB 30,7 to 10,1 (Close 18,24)
Nlmk Raised to Neutral vs Sell at Goldman; PT $10,9 to 15,2 (Close 14,88)
Evraz Raised to Neutral vs Sell at Goldman; PT 133p (Close 140,4)
Alrosa Removed From Goldman Ceemea Focus List, Rates Buy; PT RUB59,0 to 47,1 (Close 38,4)
Orange Raised to Neutral vs Sell at Goldman; PT €13,0 to 13,6 (Close 11,515)
Paragon Group Raised to Outperform at Macquarie; PT 421p (Close 329p)
Buy EasyJet Into Oct. 3 Trading Update, UBS Says
• EasyJet management “very confident” of medium-term plans, says UBS (reiterate buy) after yday’s CMD.
• Expect special divs., possibly in Nov.
• 4Q load factor/traffic have been strong, cost cuts are helping, Oct. 3 trading update will be “reassuring”
• Implied guidance for flat yields is conservative; est. FY pretax profit of GBP575m vs co. forecast GBP545m-GBP570m: UBS
• NOTE: FY results due Nov. 19
• Yday: EasyJet Lifts Dividend Payout Ratio, Exercises A320 Options
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
American Eagle (AEO) upgraded to Buy from Neutral at Goldman
V.F. Corp (VFC) upgraded to Buy from Hold at KeyBanc Capital Mkts
Zions Bancorp (ZION) upgraded to Strong Buy from Outperform at Raymond James; tgt raised to $35 from $33
Allstate (ALL) downgraded to Equal Weight from Overweight at Evercore
Alibaba.com (BABA) initiated with a Buy at Cantor Fitzgerald; tgt $90
Amazon.com (AMZN) target raised to $435 at RBC Capital Mkts
Oracle (ORCL) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $42 from $48
ConAgra (CAG) target raised to $35 at RBC Capital Mkts
Green Dot (GDOT) target raised to $27 at Compass Point
SanDisk (SNDK) target lowered to $112 at Stifel; maintain Buy
Stanley Black & Decker (SWK) initiated with a Positive at Susquehanna; tgt $111
Yahoo! (YHOO) target raised to $48 from $44 at Piper Jaffray ahead of BABA's IPO, Overweight; tgt raised to $43 from $39 at Cantor Fitzgerald, maintain Buy
American Eagle (AEO) upgraded to Buy from Neutral at Goldman
V.F. Corp (VFC) upgraded to Buy from Hold at KeyBanc Capital Mkts
Zions Bancorp (ZION) upgraded to Strong Buy from Outperform at Raymond James; tgt raised to $35 from $33
Allstate (ALL) downgraded to Equal Weight from Overweight at Evercore
Alibaba.com (BABA) initiated with a Buy at Cantor Fitzgerald; tgt $90
Amazon.com (AMZN) target raised to $435 at RBC Capital Mkts
Oracle (ORCL) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $42 from $48
ConAgra (CAG) target raised to $35 at RBC Capital Mkts
Green Dot (GDOT) target raised to $27 at Compass Point
SanDisk (SNDK) target lowered to $112 at Stifel; maintain Buy
Stanley Black & Decker (SWK) initiated with a Positive at Susquehanna; tgt $111
Yahoo! (YHOO) target raised to $48 from $44 at Piper Jaffray ahead of BABA's IPO, Overweight; tgt raised to $43 from $39 at Cantor Fitzgerald, maintain Buy
Mõned tänased soovituste muudatused
Nordea Raised to Buy at BofAML
SEB Cut to Underperform at BofAML
SBM Offshore Cut to Underperform at BofAML
ICAP Raised to Buy vs Neutral at BofAML
Leg Immobilien Cut to Neutral vs Buy at BofAML
Deutsche Wohnen Cut to Underperform vs Neutral at BofAML
Shanks Cut to Neutral at Credit Suisse; End-Market Could Worsen
Shanks Group cut to neutral from outperform, PT reduced to 105p from 115p, Credit Suisse says in note; sees little potential for more outperformance.
• Credit Suisse says stock’s performance has been good, however sees risk of more end-market deterioration
• Cuts FY 2015-2017 EPS est. ~8%-16% on reduced solid waste expectations, strong sterling vs euro
• No longer sees a “compelling” value proposition
• CMD on Sept. 29-30 will give Solid Waste markets update; not expected to show any improvement
• Credit Suisse will seek clarity on scope for growth
Swiss Re Cut to Underperform vs Neutral at Exane
Scor Raised to Outperform vs Neutral at Exane
Munich Re Raised to Neutral vs Underperform at Exane
Commerzbank Cut to Underperform vs Neutral at Exane
B&m Raised to Buy vs Hold at Deutsche Bank; PT 290p (Close 250)
Merlin Properties Rated New Hold at Deutsche Bank, PT Eu9.30 (Close 10,3)
Uralkali Added to UBS Emerging EMEA Key Call List; PT USD 19 to 23 (Close 18,98)
Burberry Added to Europe 1 List at BofAML
Meda Rated New Buy at DNB, PT Sek120 (Close 101,5)
Standard Life Raised to Neutral vs Underweight at HSBC; PT 365 to 430 (Close 421,6)
Alrosa Rated New Sector Perform at RBC; PT RUB 42 (Close 38,0)
CGG Cut to Hold vs Buy at SocGen; PT Eu14 to 7,7 (Close 7,6)
Pennon Cut to Sell vs Neutral at Goldman; PT 743p to 740p (Close 783,5)
Subsea 7 Cut to Equalweight vs Overweight at Barclays; PT Nok155 to 125 (Close 91,15)
EVN AG Raised to Buy vs Neutral at Goldman; PT Eu12,1 to 12,6 (Close 10,01)
EDP Renovaveis Cut to Neutral vs Buy at Goldman; PT Eu3,2 to 3,25 (Close 3,44)
Petrofac Raised to Overweight vs Equalweight at Barclays; PT 1500p (Close 1048)
Budimex Raised to Buy vs Sell at ING
Kuka Rated New Buy at Citi, PT Eu55 (Close 47,35)
Safestore Rated New Buy at Jefferies, PT 271p (Close 215,25)
Glaxosmithkline Raised to Buy vs Neutral at Goldman; PT 1700 to 1670 (Close 1449)
Nordea Raised to Buy at BofAML
SEB Cut to Underperform at BofAML
SBM Offshore Cut to Underperform at BofAML
ICAP Raised to Buy vs Neutral at BofAML
Leg Immobilien Cut to Neutral vs Buy at BofAML
Deutsche Wohnen Cut to Underperform vs Neutral at BofAML
Shanks Cut to Neutral at Credit Suisse; End-Market Could Worsen
Shanks Group cut to neutral from outperform, PT reduced to 105p from 115p, Credit Suisse says in note; sees little potential for more outperformance.
• Credit Suisse says stock’s performance has been good, however sees risk of more end-market deterioration
• Cuts FY 2015-2017 EPS est. ~8%-16% on reduced solid waste expectations, strong sterling vs euro
• No longer sees a “compelling” value proposition
• CMD on Sept. 29-30 will give Solid Waste markets update; not expected to show any improvement
• Credit Suisse will seek clarity on scope for growth
Swiss Re Cut to Underperform vs Neutral at Exane
Scor Raised to Outperform vs Neutral at Exane
Munich Re Raised to Neutral vs Underperform at Exane
Commerzbank Cut to Underperform vs Neutral at Exane
B&m Raised to Buy vs Hold at Deutsche Bank; PT 290p (Close 250)
Merlin Properties Rated New Hold at Deutsche Bank, PT Eu9.30 (Close 10,3)
Uralkali Added to UBS Emerging EMEA Key Call List; PT USD 19 to 23 (Close 18,98)
Burberry Added to Europe 1 List at BofAML
Meda Rated New Buy at DNB, PT Sek120 (Close 101,5)
Standard Life Raised to Neutral vs Underweight at HSBC; PT 365 to 430 (Close 421,6)
Alrosa Rated New Sector Perform at RBC; PT RUB 42 (Close 38,0)
CGG Cut to Hold vs Buy at SocGen; PT Eu14 to 7,7 (Close 7,6)
Pennon Cut to Sell vs Neutral at Goldman; PT 743p to 740p (Close 783,5)
Subsea 7 Cut to Equalweight vs Overweight at Barclays; PT Nok155 to 125 (Close 91,15)
EVN AG Raised to Buy vs Neutral at Goldman; PT Eu12,1 to 12,6 (Close 10,01)
EDP Renovaveis Cut to Neutral vs Buy at Goldman; PT Eu3,2 to 3,25 (Close 3,44)
Petrofac Raised to Overweight vs Equalweight at Barclays; PT 1500p (Close 1048)
Budimex Raised to Buy vs Sell at ING
Kuka Rated New Buy at Citi, PT Eu55 (Close 47,35)
Safestore Rated New Buy at Jefferies, PT 271p (Close 215,25)
Glaxosmithkline Raised to Buy vs Neutral at Goldman; PT 1700 to 1670 (Close 1449)
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
Hologic (HOLX) upgraded to Overweight from Neutral at Piper Jaffray
Actavis (ACT) downgraded to Equal Weight from Overweight at Barclays
Las Vegas Sands (LVS) downgraded to Market Perform from Outperform at Wells Fargo
Walgreens (WAG) downgraded to Equal Weight from Overweight at Barclays
Wynn Resorts (WYNN) downgraded to Market Perform from Outperform at Wells Fargo
Yahoo! (YHOO) downgraded to Neutral from Buy at BofA/Merrill; downgraded to Mkt Perform from Outperform at Bernstein
Finish Line (FINL) target raised to $35 at Monness Crespi & Hardt
Humana (HUM) target raised to $126 from $117 at Jefferies; Hold
Monster Beverage (MNST) target raised to $110 at Stifel
Hologic (HOLX) upgraded to Overweight from Neutral at Piper Jaffray
Actavis (ACT) downgraded to Equal Weight from Overweight at Barclays
Las Vegas Sands (LVS) downgraded to Market Perform from Outperform at Wells Fargo
Walgreens (WAG) downgraded to Equal Weight from Overweight at Barclays
Wynn Resorts (WYNN) downgraded to Market Perform from Outperform at Wells Fargo
Yahoo! (YHOO) downgraded to Neutral from Buy at BofA/Merrill; downgraded to Mkt Perform from Outperform at Bernstein
Finish Line (FINL) target raised to $35 at Monness Crespi & Hardt
Humana (HUM) target raised to $126 from $117 at Jefferies; Hold
Monster Beverage (MNST) target raised to $110 at Stifel
Mõned tänased reitingute muudatused Euroopas
Volkswagen Prefs Raised to Buy vs Neutral at UBS
BMW Cut to Neutral vs Buy at UBS
Ingenico Unthreatened by VeriFone Growth or Apple Pay: Exane
• VeriFone’s growth over last 3 qrtrs hasn’t come at Ingenico’s expense, as cos. are targeting different growth mkts, Exane says in note dated Sept. 22.
• Exane: release of Telium 3 payment terminals could push Ingenico’s margins higher
• Apple Pay doesn’t disrupt Ingenico’s business model
• Raises to outperform and increases its PT by 43% to EU100 (~27% upside)
• Separately, UBS initiates Ingenico at neutral with PT EU81
• Says Ingenico’s terminals business should see further growth in Asia, N. America
• GlobalCollect deal gives full range of payment services and cross sell opportunities; better visibility on this growth could see shrs reach EU105 (~33% upside)
Atlas Copco Raised at Barclays on Aftermarket-Led Recovery; PT SEK200 to 250 (Close 210,8)
• Atlas Copco preferred investment on aftermarket-led recovery among European mining equipment cos., Barclays says in note raising stock to overweight vs equalweight.
• Barclays: “Re-coupling” of Atlas Copco aftermarket to miners’ production looks increasingly likely, driven by higher mine capacity utilization across Atlas’ key commodities
• Stock should re-rate back to historical premium to sector, which would imply EV/sales of 3.0x
Gjensidige Cut to Neutral vs Outperform at Exane
Cermaq Cut to Hold vs Buy at DNB
Go-Ahead Raised to Buy vs Hold at Deutsche Bank; PT 2270p to 2790 (Close 2443p)
Tesco PT Cut to 185p vs 210p at JPMorgan, Rates Underweight (Close 203p)
EasyJet Has ~23% Upside, Raised to Buy, Cantor Says; PT 1500p to 1600p (Close 1304p)
• EasyJet provided helpful strategy update last week, may pay another special div. in early 2015, trades at 37% discount to historic P/E, Cantor Fitzgerald says in note.
• EasyJet, Ryanair will continue to take share from flag carriers
Fortum Reinstated Buy at BofAML, PT Eu23.5 (Close 19,32)
RWE Raised to Buy vs Neutral at BofAML
GDF Suez Reinstated Neutral at BofAML, PT Eu20.8 (Close 19,71)
EDF Reinstated Buy at BofAML, PT Eu30 (Close 25,62)
Ageas Raised to Buy vs Neutral at Goldman; PT Eu32 to 30 (Close 25,5)
Aegon Raised to Buy vs Neutral at Goldman; PT Eu6,5 to 8,0 (Close 6,64)
Helvetia Cut to Neutral vs Buy at Goldman; PT Sfr480 to 520 (Close 469,75)
Monitise Rated New Buy at UBS, PT 80p (Close 32,5)
Ingenico Rated New Neutral at UBS, PT Eu81 (Close 78,72)
Portugal Telecom Raised to Neutral at HSBC; PT Eu1,9 (Close 1,77)
Siemens Cut to Equalweight vs Overweight at Barclays; PT Eu110 to 100 (Close 95,88)
Prysmian Cut to Neutral vs Buy at Citi
Campari Cut to Neutral vs Buy at Citi
Anima Rated New Buy at Citi
Volkswagen Prefs Raised to Buy vs Neutral at UBS
BMW Cut to Neutral vs Buy at UBS
Ingenico Unthreatened by VeriFone Growth or Apple Pay: Exane
• VeriFone’s growth over last 3 qrtrs hasn’t come at Ingenico’s expense, as cos. are targeting different growth mkts, Exane says in note dated Sept. 22.
• Exane: release of Telium 3 payment terminals could push Ingenico’s margins higher
• Apple Pay doesn’t disrupt Ingenico’s business model
• Raises to outperform and increases its PT by 43% to EU100 (~27% upside)
• Separately, UBS initiates Ingenico at neutral with PT EU81
• Says Ingenico’s terminals business should see further growth in Asia, N. America
• GlobalCollect deal gives full range of payment services and cross sell opportunities; better visibility on this growth could see shrs reach EU105 (~33% upside)
Atlas Copco Raised at Barclays on Aftermarket-Led Recovery; PT SEK200 to 250 (Close 210,8)
• Atlas Copco preferred investment on aftermarket-led recovery among European mining equipment cos., Barclays says in note raising stock to overweight vs equalweight.
• Barclays: “Re-coupling” of Atlas Copco aftermarket to miners’ production looks increasingly likely, driven by higher mine capacity utilization across Atlas’ key commodities
• Stock should re-rate back to historical premium to sector, which would imply EV/sales of 3.0x
Gjensidige Cut to Neutral vs Outperform at Exane
Cermaq Cut to Hold vs Buy at DNB
Go-Ahead Raised to Buy vs Hold at Deutsche Bank; PT 2270p to 2790 (Close 2443p)
Tesco PT Cut to 185p vs 210p at JPMorgan, Rates Underweight (Close 203p)
EasyJet Has ~23% Upside, Raised to Buy, Cantor Says; PT 1500p to 1600p (Close 1304p)
• EasyJet provided helpful strategy update last week, may pay another special div. in early 2015, trades at 37% discount to historic P/E, Cantor Fitzgerald says in note.
• EasyJet, Ryanair will continue to take share from flag carriers
Fortum Reinstated Buy at BofAML, PT Eu23.5 (Close 19,32)
RWE Raised to Buy vs Neutral at BofAML
GDF Suez Reinstated Neutral at BofAML, PT Eu20.8 (Close 19,71)
EDF Reinstated Buy at BofAML, PT Eu30 (Close 25,62)
Ageas Raised to Buy vs Neutral at Goldman; PT Eu32 to 30 (Close 25,5)
Aegon Raised to Buy vs Neutral at Goldman; PT Eu6,5 to 8,0 (Close 6,64)
Helvetia Cut to Neutral vs Buy at Goldman; PT Sfr480 to 520 (Close 469,75)
Monitise Rated New Buy at UBS, PT 80p (Close 32,5)
Ingenico Rated New Neutral at UBS, PT Eu81 (Close 78,72)
Portugal Telecom Raised to Neutral at HSBC; PT Eu1,9 (Close 1,77)
Siemens Cut to Equalweight vs Overweight at Barclays; PT Eu110 to 100 (Close 95,88)
Prysmian Cut to Neutral vs Buy at Citi
Campari Cut to Neutral vs Buy at Citi
Anima Rated New Buy at Citi
Tänane UBSi kommentaar autotööstuse kohta veidi pikemalt, näeb globaalselt müüginumbrite nõrgenemist
Recent autos sales growth data weak across the world, fixed costs rising on capacity investment and
CO2 compliance, says UBS in note.
* Reiterates underweight sector view, close to peak
* Earnings momentum slowing, trims 2014-15 ests. for European cos. by 3%-7%
* BMW cut to neutral from buy, PT to EU93 from EU105, on reduced earnings momentum
* VW pfd raised to buy from neutral, PT EU210 from EU190; new restructuring actions may restore returns at VW brand
* Valeo, Renault also have attractive valuation: UBS
Recent autos sales growth data weak across the world, fixed costs rising on capacity investment and
CO2 compliance, says UBS in note.
* Reiterates underweight sector view, close to peak
* Earnings momentum slowing, trims 2014-15 ests. for European cos. by 3%-7%
* BMW cut to neutral from buy, PT to EU93 from EU105, on reduced earnings momentum
* VW pfd raised to buy from neutral, PT EU210 from EU190; new restructuring actions may restore returns at VW brand
* Valeo, Renault also have attractive valuation: UBS
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
NetApp (NTAP) upgraded to Buy from Hold at Summit Research on takeout potential; tgt raised to $55 from $34
Analog Devices (ADI) downgraded to Neutral from Overweight at JP Morgan
Bed Bath & Beyond (BBBY) downgraded to Mkt Perform from Outperform at William Blair
Clorox (CLX) downgraded to Neutral from Buy at Citigroup; downgraded to Sell from Neutral at B. Riley & Co., tgt $77
Fluor (FLR) downgraded to Market Perform from Outperform at Wells Fargo
Chevron (CVX) initiated with a Neutral at JP Morgan; tgt $133
Exxon Mobil (XOM) initiated with a Neutral at JP Morgan; tgt $104
Intuitive Surgical (ISRG) initiated with a Sector Perform at RBC Capital Mkts; tgt $523
Valero Energy (VLO) initiated with a Neutral at JP Morgan; tgt $59
NetApp (NTAP) upgraded to Buy from Hold at Summit Research on takeout potential; tgt raised to $55 from $34
Analog Devices (ADI) downgraded to Neutral from Overweight at JP Morgan
Bed Bath & Beyond (BBBY) downgraded to Mkt Perform from Outperform at William Blair
Clorox (CLX) downgraded to Neutral from Buy at Citigroup; downgraded to Sell from Neutral at B. Riley & Co., tgt $77
Fluor (FLR) downgraded to Market Perform from Outperform at Wells Fargo
Chevron (CVX) initiated with a Neutral at JP Morgan; tgt $133
Exxon Mobil (XOM) initiated with a Neutral at JP Morgan; tgt $104
Intuitive Surgical (ISRG) initiated with a Sector Perform at RBC Capital Mkts; tgt $523
Valero Energy (VLO) initiated with a Neutral at JP Morgan; tgt $59
Tänased kommentaarid Euroopas:
Elekta Risk/Reward Loses Attraction; Exane Cuts to Neutral
• Exane increasingly concerned about Elekta’s ability to improve product mix, broker says in note.
• Wait for good figures may be long; wouldn’t expect early recovery signs to win investors back overnight, Exane says; cuts to neutral from outperform
Ericsson Cut as UBS Says Uplift to Wireless Capex Largely Over
• The broad increase in wireless capex has largely finished and either industry M&A or a widespread uplift in telco sales/Ebitda growth is needed for Ericsson to generate L/T upside, UBS says in note.
• UBS: Closure of co.’s thin modems business is positive catalyst that was expected to come in 2015
• Ericsson still has potential to create value through cost cuts
• If co. can turn a profit in its network roll-out business and return hardware margins to recent highs, shrs could still have ~20% upside
• Cuts to neutral vs buy, keeps PT SEK93 (~1% upside)
Zoopla Good Co., Strong Track Record, Rated New Neutral at Citi: PT 245p (Close 245,3)
• Zoopla is “good company with strong track record”; initiated with neutral rating, PT 245p, Citi says in note.
• Citi says relative disconnect in ARPA and margins vs Rightmove provides opportunity
• Relative positioning already reflected in valuation
• Agents Mutual start should be seen not only from S/T financials perspective; should also examine what effect L/T fragmentation of usage may have on co.’s utility
• Valuation at 30.1x est. FY2015 P/E seems fair
Unilever Cut at Jefferies on Slow 2H Outlook, Margin Progression
• Unilever has re-rated, no longer a cheap stock, Jefferies says in note; downgrades stock on weak 2H outlook, possible CEO succession in next 2-3 yrs.
• Jefferies cuts to underperform vs hold; PT on Unilever NV EU26.60 vs EU29, PT on Unilever Plc 2,120p vs 2,760p
• Brokerage says “more cautious” on Unilever
• Says margin “the missing ingredient since 2009,” and with rev. under pressure, focus will be on slow margins progress, growth drag from Foods
• Says opportunity may have passed for transformational deal in HPC; co. may have been more radical in reshaping its portfolio incl. Spreads, Surface Care, Oral Care.
Cobham Resumed Neutral at Citi, PT Raised to 305p vs 290p (Close 286,9)
Johnston Press Raised to Neutral vs Sell at Citi
Rightmove Cut to Sell vs Buy at Citi
Tesco Cut to Neutral at Macquarie; PT 270 to 220 (Close 194,5)
Tate & Lyle Cut to Neutral vs Overweight at JPMorgan; Pt 825p to 690p (Close 610p)
• JPMorgan says supply-chain problems remain a risk, sucralose pricing continues to decline; SFI assets attractive though visibility too low to remain overweight, current valuation appropriate
Tate & Lyle Raised to Neutral vs Sell at UBS
• UBS says market finally valuing corn-processing operation on similar multiple to close peer Ingredion, downside limited by quality of corn operation
Tate & Lyle Cut to Hold vs Buy at SocGen; PT 745p to 640 (Close 610)
Thrombogenics Cut to Underweight vs Neutral at JPMorgan; PT Eu11 to 7,3 (Close 7,95)
Polymetal Removed From UBS Least Preferred List
Fresnillo Added to UBS Most Preferred List
Elekta Risk/Reward Loses Attraction; Exane Cuts to Neutral
• Exane increasingly concerned about Elekta’s ability to improve product mix, broker says in note.
• Wait for good figures may be long; wouldn’t expect early recovery signs to win investors back overnight, Exane says; cuts to neutral from outperform
Ericsson Cut as UBS Says Uplift to Wireless Capex Largely Over
• The broad increase in wireless capex has largely finished and either industry M&A or a widespread uplift in telco sales/Ebitda growth is needed for Ericsson to generate L/T upside, UBS says in note.
• UBS: Closure of co.’s thin modems business is positive catalyst that was expected to come in 2015
• Ericsson still has potential to create value through cost cuts
• If co. can turn a profit in its network roll-out business and return hardware margins to recent highs, shrs could still have ~20% upside
• Cuts to neutral vs buy, keeps PT SEK93 (~1% upside)
Zoopla Good Co., Strong Track Record, Rated New Neutral at Citi: PT 245p (Close 245,3)
• Zoopla is “good company with strong track record”; initiated with neutral rating, PT 245p, Citi says in note.
• Citi says relative disconnect in ARPA and margins vs Rightmove provides opportunity
• Relative positioning already reflected in valuation
• Agents Mutual start should be seen not only from S/T financials perspective; should also examine what effect L/T fragmentation of usage may have on co.’s utility
• Valuation at 30.1x est. FY2015 P/E seems fair
Unilever Cut at Jefferies on Slow 2H Outlook, Margin Progression
• Unilever has re-rated, no longer a cheap stock, Jefferies says in note; downgrades stock on weak 2H outlook, possible CEO succession in next 2-3 yrs.
• Jefferies cuts to underperform vs hold; PT on Unilever NV EU26.60 vs EU29, PT on Unilever Plc 2,120p vs 2,760p
• Brokerage says “more cautious” on Unilever
• Says margin “the missing ingredient since 2009,” and with rev. under pressure, focus will be on slow margins progress, growth drag from Foods
• Says opportunity may have passed for transformational deal in HPC; co. may have been more radical in reshaping its portfolio incl. Spreads, Surface Care, Oral Care.
Cobham Resumed Neutral at Citi, PT Raised to 305p vs 290p (Close 286,9)
Johnston Press Raised to Neutral vs Sell at Citi
Rightmove Cut to Sell vs Buy at Citi
Tesco Cut to Neutral at Macquarie; PT 270 to 220 (Close 194,5)
Tate & Lyle Cut to Neutral vs Overweight at JPMorgan; Pt 825p to 690p (Close 610p)
• JPMorgan says supply-chain problems remain a risk, sucralose pricing continues to decline; SFI assets attractive though visibility too low to remain overweight, current valuation appropriate
Tate & Lyle Raised to Neutral vs Sell at UBS
• UBS says market finally valuing corn-processing operation on similar multiple to close peer Ingredion, downside limited by quality of corn operation
Tate & Lyle Cut to Hold vs Buy at SocGen; PT 745p to 640 (Close 610)
Thrombogenics Cut to Underweight vs Neutral at JPMorgan; PT Eu11 to 7,3 (Close 7,95)
Polymetal Removed From UBS Least Preferred List
Fresnillo Added to UBS Most Preferred List
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
Sarepta Therapeutics, Inc (SRPT) initiated with a Outperform at Credit Suisse
Rio Tinto plc (RIO) upgraded to Overweight from Equal-Weight at Morgan Stanley
WaferGen Bio-systems, Inc.( WGBS) initiated with a Buy at Brean Capital
Galmed Pharmaceuticals (GLMD) target raised to $24 at MLV & Co
Occidental Petroleum Corporation (OXY) added to US 1 List at BofA/Merrill
HomeAway, Inc (AWAY) initiated with a Buy at Sun Trust Rbsn Humphrey
Hi-Crush Partners LP (HCLP) upgraded to Buy from Hold at Wunderlich
Autoliv, Inc.( ALV) initiated with a Outperform at Exane BNP Paribas
Morgan Stanley (MS) downgraded to Neutral from Overweight at JP Morgan
SeaDrill Limited (SDRL) resumed with a Underperform at Wells Fargo
Sarepta Therapeutics, Inc (SRPT) initiated with a Outperform at Credit Suisse
Rio Tinto plc (RIO) upgraded to Overweight from Equal-Weight at Morgan Stanley
WaferGen Bio-systems, Inc.( WGBS) initiated with a Buy at Brean Capital
Galmed Pharmaceuticals (GLMD) target raised to $24 at MLV & Co
Occidental Petroleum Corporation (OXY) added to US 1 List at BofA/Merrill
HomeAway, Inc (AWAY) initiated with a Buy at Sun Trust Rbsn Humphrey
Hi-Crush Partners LP (HCLP) upgraded to Buy from Hold at Wunderlich
Autoliv, Inc.( ALV) initiated with a Outperform at Exane BNP Paribas
Morgan Stanley (MS) downgraded to Neutral from Overweight at JP Morgan
SeaDrill Limited (SDRL) resumed with a Underperform at Wells Fargo
Mõned tänased analüüsimajade kommentaarid Euroopas:
Ultra Electronics Cut to Underperform vs Neutral at BofAML
Spectris Cut to Neutral vs Outperform at Exane
Rotork Cut to Underperform vs Neutral at Exane
Enel Raised to Buy vs Hold at SocGen
Endesa Raised to Buy vs Hold at SocGen; PT Eu4,4 to 4,8 (Close 4,14)
PostNL Raised to Neutral vs Sell at Citi
TDC Raised to Buy vs Neutral at Citi
TeliaSonera Raised to Buy vs Neutral at Citi
Bank St Petersburg Raised to Overweight vs Neutral at JPMorgan
Energa Cut to Neutral vs Overweight at JPMorgan; PT PLN23,4 (Close 23,7)
Nokian Tyres Raised to Buy vs Neutral at BofAML
Novatek Raised to Overweight vs Neutral at JPMorgan; PT $134 to 138 (Close 105,75)
Telecom Italia Reinstated Overweight at JPMorgan; PT Eu 1,0 (Close 0,91)
AMEC Raised to Buy vs Neutral at UBS
Danone Cut to Underweight vs Neutral at JPMorgan; PT Eu 53 to 48 (Close 53,52)
• Danone 2H recovery “under pressure,” JPMorgan says in note; downgrades to underweight from neutral, reduces PT to EU48 from EU53.
• JPMorgan says downgrade due to possible U.S., Russia slowdown, questions over shr recovery in China, still-high milk prices prompt caution on pace of 2H recovery
• Says co. likely to “struggle” to meet its FY 2014 targets; cuts FY 2014, FY 2015 EPS ests by 5%
• New 2020 strategy suggests stronger focus on profitability, however top line decline, lack of visibility will hit stock performance in S/T
REC Silicon Cut to Neutral vs Overweight at HSBC
Meyer Burger Raised to Neutral vs Underweight at HSBC
Pkp Cargo Rated New Buy at SocGen; PT PLN97 (Close 79,8)
Dairy Crest Raised to Hold vs Sell at SocGen; PT 440p to 410 (Close 380,5)
GEA Group Raised to Overweight vs Equalweight at Barclays; PT Eu36 to 40 (Close 33,2)
Hargreaves Lansdown Cut to Sector Perform at RBC Capital; PT 1650p to 1075 (Close 964)
Hargreaves Lansdown Rated New Underperform at Sanford Bernstein; PT 745p (Close 964)
Solar Market Still Strong, Installations to Rise in 2H: HSBC
•HSBC says solar installations to accelerate in 2H led by China, Japan, U.S. and “slightly”
raises its demand estimates, according to note, upgrades Meyer Burger, downgrades REC Silicon.
• HSBC says 2H poly prices to remain broadly stable as supply under control, sees 2H installations up ~50% vs 1H
• Expects solar installations to reach 44 GW in 2014 vs 43.5GW previously, 51.5GW in 2015 vs 50.5GW previously
• Market environment in Europe challenging, U.K. “the only bright spot”
• Wacker Chemie kept at overweight, PT to EU110 vs EU105
• Sees clean Ebitda growth of 38% this year on stable pricing, cost improvements
• Cuts REC Silicon to neutral vs overweight, PT NOK3.25 vs NOK4.5
• Sees increasing vol. risks due to solar trade dispuute between China, U.S. (China largest end-market for REC)
• Says worried about high cost structures, significant cash burn rates at SMA Solar, Meyer Burger
• SMA Solar kept at underweight
• Meyer Burger raised to neutral vs underweight (PT CHF9.5 vs CHF10): upgraded after recent share price drop, notes concern on S/T liquidity eased after convertible bond placement
Infineon Estimates Cut at BofAML on Weaker Macro, Autos Data
• Infineon FY15 sales, segment result ests. cut by 1.4% and 7% respectively at BofAML due to weakening macro data and negative data points from auto manufacturers.
• BofAML: FY15 sales and EPS ests. are now 5%/10% below co. compiled consensus
• Intl. Rectifier deal looks expensive; assuming Infineon can lift IRF’s margins by ~7% the acquisition price still values co. at a near peak multiple
• Reiterates underperform rating
Ultra Electronics Cut to Underperform vs Neutral at BofAML
Spectris Cut to Neutral vs Outperform at Exane
Rotork Cut to Underperform vs Neutral at Exane
Enel Raised to Buy vs Hold at SocGen
Endesa Raised to Buy vs Hold at SocGen; PT Eu4,4 to 4,8 (Close 4,14)
PostNL Raised to Neutral vs Sell at Citi
TDC Raised to Buy vs Neutral at Citi
TeliaSonera Raised to Buy vs Neutral at Citi
Bank St Petersburg Raised to Overweight vs Neutral at JPMorgan
Energa Cut to Neutral vs Overweight at JPMorgan; PT PLN23,4 (Close 23,7)
Nokian Tyres Raised to Buy vs Neutral at BofAML
Novatek Raised to Overweight vs Neutral at JPMorgan; PT $134 to 138 (Close 105,75)
Telecom Italia Reinstated Overweight at JPMorgan; PT Eu 1,0 (Close 0,91)
AMEC Raised to Buy vs Neutral at UBS
Danone Cut to Underweight vs Neutral at JPMorgan; PT Eu 53 to 48 (Close 53,52)
• Danone 2H recovery “under pressure,” JPMorgan says in note; downgrades to underweight from neutral, reduces PT to EU48 from EU53.
• JPMorgan says downgrade due to possible U.S., Russia slowdown, questions over shr recovery in China, still-high milk prices prompt caution on pace of 2H recovery
• Says co. likely to “struggle” to meet its FY 2014 targets; cuts FY 2014, FY 2015 EPS ests by 5%
• New 2020 strategy suggests stronger focus on profitability, however top line decline, lack of visibility will hit stock performance in S/T
REC Silicon Cut to Neutral vs Overweight at HSBC
Meyer Burger Raised to Neutral vs Underweight at HSBC
Pkp Cargo Rated New Buy at SocGen; PT PLN97 (Close 79,8)
Dairy Crest Raised to Hold vs Sell at SocGen; PT 440p to 410 (Close 380,5)
GEA Group Raised to Overweight vs Equalweight at Barclays; PT Eu36 to 40 (Close 33,2)
Hargreaves Lansdown Cut to Sector Perform at RBC Capital; PT 1650p to 1075 (Close 964)
Hargreaves Lansdown Rated New Underperform at Sanford Bernstein; PT 745p (Close 964)
Solar Market Still Strong, Installations to Rise in 2H: HSBC
•HSBC says solar installations to accelerate in 2H led by China, Japan, U.S. and “slightly”
raises its demand estimates, according to note, upgrades Meyer Burger, downgrades REC Silicon.
• HSBC says 2H poly prices to remain broadly stable as supply under control, sees 2H installations up ~50% vs 1H
• Expects solar installations to reach 44 GW in 2014 vs 43.5GW previously, 51.5GW in 2015 vs 50.5GW previously
• Market environment in Europe challenging, U.K. “the only bright spot”
• Wacker Chemie kept at overweight, PT to EU110 vs EU105
• Sees clean Ebitda growth of 38% this year on stable pricing, cost improvements
• Cuts REC Silicon to neutral vs overweight, PT NOK3.25 vs NOK4.5
• Sees increasing vol. risks due to solar trade dispuute between China, U.S. (China largest end-market for REC)
• Says worried about high cost structures, significant cash burn rates at SMA Solar, Meyer Burger
• SMA Solar kept at underweight
• Meyer Burger raised to neutral vs underweight (PT CHF9.5 vs CHF10): upgraded after recent share price drop, notes concern on S/T liquidity eased after convertible bond placement
Infineon Estimates Cut at BofAML on Weaker Macro, Autos Data
• Infineon FY15 sales, segment result ests. cut by 1.4% and 7% respectively at BofAML due to weakening macro data and negative data points from auto manufacturers.
• BofAML: FY15 sales and EPS ests. are now 5%/10% below co. compiled consensus
• Intl. Rectifier deal looks expensive; assuming Infineon can lift IRF’s margins by ~7% the acquisition price still values co. at a near peak multiple
• Reiterates underperform rating
BofAML. Mida tähendavad tähed ML?