Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
Boston Scientific (BSX) upgraded to Neutral from Sell at Goldman; tgt raised to $13 from $11; removed from America's Sell list
Dow Chemical (DOW) upgraded to Buy from Hold at Deutsche Bank; tgt $58
Fifth Third (FITB) upgraded to Buy from Neutral at Goldman; tgt $22
Yelp (YELP) upgraded to Buy from Neutral at B. Riley & Co.
3D Systems (DDD) downgraded to Hold at Brean Capital
BB&T Corp (BBT) downgraded to Neutral from Buy at Goldman; tgt lowered to $39 from $41
Boeing (BA) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $133 from $162
Citrix Systems (CTXS) downgraded to Neutral from Buy at BofA/Merrill; tgt lowered to $70 from $78
Yelp (YELP) downgraded to Hold from Buy at Stifel
AbbVie (ABBV) resumed with a Overweight at JP Morgan; tgt $67
EMC (EMC) target raised to $33 at Needham
Southwestern Energy (SWN) initiated with a Positive at Susquehanna; tgt $42
Urban Outfitters (URBN) initiated with a Hold at BB&T Capital Mkts
Mõned analüütikute kommentaarid Euroopast:
BT Sport Benefits Fading, Large Outlay Possible: Morgan Stanley
• BT’s broadband competitors are now more desirable for customers to switch to, implying positive impacts of BT Sport are tailing off, Morgan Stanley says in note, citing a proprietarty survey.
• Morgan Stanley: if BT bids more aggressively at the next Premier League rights auction to acquire more popular viewing slot, risks to its investment case would rise
• Prefers Vodafone over BT, as VOD’s service revenues are reaching inflection point, while BT’s pension costs are rising and will hamper cash generation
• Cuts BT to underweight and lowers its PT by 15% to 350p (~7% discount)
• NOTE: BT has 15 buys, 8 holds, 7 sells with avg. PT430p (~14% upside)
• NOTE: BT scheduled to report 1H results on Oct. 30
Telenet Cut to Outperform vs Strong Buy at Raymond James
Cyfrowy Polsat, Tvn Cut to Hold vs Buy at Deutsche Bank
Telekom Austria Raised to Hold vs Sell at Deutsche Bank
Patrizia AG Rated New Hold at Deutsche Bank, PT Eu11.4
New Wave Group Raised to Buy From Hold at Nordea
Gemalto Raised to Buy vs Hold at SocGen
Luxottica Raised to Neutral vs Underperform at Exane
Hermes Cut to Underperform vs Neutral at Exane
Advanced Medical Solutions Rated New Buy at Oriel, PT 135p
Umicore Raised to Neutral vs Underperform at Credit Suisse
Daimler Raised to Hold vs Reduce at Equinet
Shell Raised to Buy vs Neutral at UBS
Debenhams Cut to Hold vs Buy at SocGen
Liberbank Cut to Hold vs Buy at SocGen
Chr Hansen Raised to Buy vs Hold at SocGen
Ipsos Raised to Buy vs Hold at SocGen
Logitech Raised to Buy vs Neutral at
Anglo American Cut to Sell vs Hold at SocGen
Talktalk Cut to Neutral vs Buy at Nomura
BT Sport Benefits Fading, Large Outlay Possible: Morgan Stanley
• BT’s broadband competitors are now more desirable for customers to switch to, implying positive impacts of BT Sport are tailing off, Morgan Stanley says in note, citing a proprietarty survey.
• Morgan Stanley: if BT bids more aggressively at the next Premier League rights auction to acquire more popular viewing slot, risks to its investment case would rise
• Prefers Vodafone over BT, as VOD’s service revenues are reaching inflection point, while BT’s pension costs are rising and will hamper cash generation
• Cuts BT to underweight and lowers its PT by 15% to 350p (~7% discount)
• NOTE: BT has 15 buys, 8 holds, 7 sells with avg. PT430p (~14% upside)
• NOTE: BT scheduled to report 1H results on Oct. 30
Telenet Cut to Outperform vs Strong Buy at Raymond James
Cyfrowy Polsat, Tvn Cut to Hold vs Buy at Deutsche Bank
Telekom Austria Raised to Hold vs Sell at Deutsche Bank
Patrizia AG Rated New Hold at Deutsche Bank, PT Eu11.4
New Wave Group Raised to Buy From Hold at Nordea
Gemalto Raised to Buy vs Hold at SocGen
Luxottica Raised to Neutral vs Underperform at Exane
Hermes Cut to Underperform vs Neutral at Exane
Advanced Medical Solutions Rated New Buy at Oriel, PT 135p
Umicore Raised to Neutral vs Underperform at Credit Suisse
Daimler Raised to Hold vs Reduce at Equinet
Shell Raised to Buy vs Neutral at UBS
Debenhams Cut to Hold vs Buy at SocGen
Liberbank Cut to Hold vs Buy at SocGen
Chr Hansen Raised to Buy vs Hold at SocGen
Ipsos Raised to Buy vs Hold at SocGen
Logitech Raised to Buy vs Neutral at
Anglo American Cut to Sell vs Hold at SocGen
Talktalk Cut to Neutral vs Buy at Nomura
Mõned tänased kommentaarid Euroopas:
Erste Bank Raised to Overweight vs Neutral at JPMorgan; PT Eu21 to 25 (Close 18,89)
Heineken Raised to Neutral vs Underweight at JPMorgan; PT Eu47 to 56 (Close 56,9)
Nord Gold Raised to Neutral vs Sell at Citi
A2A Raised to Buy vs Sell at Citi
Olsen Energy Raised to Hold at DNB
Statoil Raised to Hold at DNB; PT Nok 165 (Close 155)
Imerys Raised to Buy vs Hold at SocGen
Investment AB Kinnevik Raised to Hold at Nordea; PT Sek240 (Close 216,8)
Investment AB Kinnevik Raised to Buy from Neutral at Swedbank; PT Sek280 to 265 (Close 216,8)
Pgnig Raised to Buy vs Neutral at Goldman; PT Pln5,9 to 6,14 (Close 4,9)
Surgutneftegas Prefs. Raised to Buy vs Neutral at Goldman; PT Rub31,7 to 33,4 (Close 26,22)
Tatneft Raised to Neutral vs Sell at Goldman; PT Rub192 to 243 (Close 221)
Neste Oil Raised to Neutral vs Sell at Goldman; PT Eu18 to 18,2 (Close 16,99)
Suez Environnement Raised to Buy vs Neutral at Goldman; PT Eu17,1 to 16,5 (Close 13,14)
Eurobank Raised to Neutral vs Sell at UBS
Alpha Bank Raised to Buy vs Neutral at UBS
Banco Popolare Raised to Buy vs Neutral at UBS
Lloyds Cut to Underperform at Jefferies After EBA Stress Test; PT 69p (Close 76,72)
• Lloyds risk-reward now lopsided as will need higher capital ratio than initially thought, no dividend expected until 2016, Jefferies says in note today.
• Sees 2016 ROTE at 11.5%
• Lloyds did worse than expected in stress test with CET1 ratio of 6.2% in adverse scenario vs 5.5% pass level
• Says Lloyds at risk in PRA’s Dec. 16 stress test
• PRA test to also include scenario of 35% drop in house prices, 30% drop in commercial real estate, 4.5% pass level, doesn’t bode well for Lloyds
• Sees Lloyds just passing U.K. test “under quite generous assumptions”
BASF Estimates, PTs Reduced at JPMorgan, Citi, Credit Suisse
• BASF may face challenging year in 2015, JPMorgan says in note; new forecasted Ebitda range may be demanding, final result will probably be around lower end.
• JPMorgan (underweight): EPS ests. for 2015 cut by 8%, PT down to EU61 vs EU67
• Cites among negatives: deflationary pressure in oil (estimates $1/bbl decline in oil price leads to ~$15m annual Ebit headwind), lower U.S. petrochemical earnings (expects Port Arthur cracker to contribute EU150m less Ebit in 2015 y/y)
• Citi (neutral): PT cut to EU75 vs EU82
• Reduces 2015 ests., says oil price is key factor; also cuts ests. in Agriculture given weak grain prices
• Notes “undemanding” valuation, div. yield, quality of business limit downside risk of holding the stock
• Credit Suisse (underperform): notes increasing pressures
• Trims PT to EU65 vs EU68.5; cuts earnings ests. by avg of 6%
• Says concerned about co.’s ability to offset declining margins across its core chemicals business into 2015
• Barclays (overweight): cuts PT to EU92 vs EU95
• Says 3Q showed deterioration in economic background, with no vol. growth in industrial segments
• Stable earnings in downstream, higher margins in upstream Chemicals segments show that profits at industrial core still holding up
Erste Bank Raised to Overweight vs Neutral at JPMorgan; PT Eu21 to 25 (Close 18,89)
Heineken Raised to Neutral vs Underweight at JPMorgan; PT Eu47 to 56 (Close 56,9)
Nord Gold Raised to Neutral vs Sell at Citi
A2A Raised to Buy vs Sell at Citi
Olsen Energy Raised to Hold at DNB
Statoil Raised to Hold at DNB; PT Nok 165 (Close 155)
Imerys Raised to Buy vs Hold at SocGen
Investment AB Kinnevik Raised to Hold at Nordea; PT Sek240 (Close 216,8)
Investment AB Kinnevik Raised to Buy from Neutral at Swedbank; PT Sek280 to 265 (Close 216,8)
Pgnig Raised to Buy vs Neutral at Goldman; PT Pln5,9 to 6,14 (Close 4,9)
Surgutneftegas Prefs. Raised to Buy vs Neutral at Goldman; PT Rub31,7 to 33,4 (Close 26,22)
Tatneft Raised to Neutral vs Sell at Goldman; PT Rub192 to 243 (Close 221)
Neste Oil Raised to Neutral vs Sell at Goldman; PT Eu18 to 18,2 (Close 16,99)
Suez Environnement Raised to Buy vs Neutral at Goldman; PT Eu17,1 to 16,5 (Close 13,14)
Eurobank Raised to Neutral vs Sell at UBS
Alpha Bank Raised to Buy vs Neutral at UBS
Banco Popolare Raised to Buy vs Neutral at UBS
Lloyds Cut to Underperform at Jefferies After EBA Stress Test; PT 69p (Close 76,72)
• Lloyds risk-reward now lopsided as will need higher capital ratio than initially thought, no dividend expected until 2016, Jefferies says in note today.
• Sees 2016 ROTE at 11.5%
• Lloyds did worse than expected in stress test with CET1 ratio of 6.2% in adverse scenario vs 5.5% pass level
• Says Lloyds at risk in PRA’s Dec. 16 stress test
• PRA test to also include scenario of 35% drop in house prices, 30% drop in commercial real estate, 4.5% pass level, doesn’t bode well for Lloyds
• Sees Lloyds just passing U.K. test “under quite generous assumptions”
BASF Estimates, PTs Reduced at JPMorgan, Citi, Credit Suisse
• BASF may face challenging year in 2015, JPMorgan says in note; new forecasted Ebitda range may be demanding, final result will probably be around lower end.
• JPMorgan (underweight): EPS ests. for 2015 cut by 8%, PT down to EU61 vs EU67
• Cites among negatives: deflationary pressure in oil (estimates $1/bbl decline in oil price leads to ~$15m annual Ebit headwind), lower U.S. petrochemical earnings (expects Port Arthur cracker to contribute EU150m less Ebit in 2015 y/y)
• Citi (neutral): PT cut to EU75 vs EU82
• Reduces 2015 ests., says oil price is key factor; also cuts ests. in Agriculture given weak grain prices
• Notes “undemanding” valuation, div. yield, quality of business limit downside risk of holding the stock
• Credit Suisse (underperform): notes increasing pressures
• Trims PT to EU65 vs EU68.5; cuts earnings ests. by avg of 6%
• Says concerned about co.’s ability to offset declining margins across its core chemicals business into 2015
• Barclays (overweight): cuts PT to EU92 vs EU95
• Says 3Q showed deterioration in economic background, with no vol. growth in industrial segments
• Stable earnings in downstream, higher margins in upstream Chemicals segments show that profits at industrial core still holding up
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
Alibaba Group Holding Limited (BABA) initiated with a Buy at Jefferies; tgt $118
Alcoa Inc. (AA) upgraded to Buy from Hold at Deutsche Bank
Shire plc (SHPG) upgraded to Outperform from Mkt Perform at William Blair
Precision Castparts Corp. (PCP) downgraded to Neutral from Overweight at JP Morgan; downgraded to Outperform at RBC Capital Mkts
The Coca-Cola Company( KO) downgraded to Neutral from Buy at Buckingham Research; tgt lowered to $41 from $44
Alibaba Group Holding Limited (BABA) initiated with a Buy at Jefferies; tgt $118
Alcoa Inc. (AA) upgraded to Buy from Hold at Deutsche Bank
Shire plc (SHPG) upgraded to Outperform from Mkt Perform at William Blair
Precision Castparts Corp. (PCP) downgraded to Neutral from Overweight at JP Morgan; downgraded to Outperform at RBC Capital Mkts
The Coca-Cola Company( KO) downgraded to Neutral from Buy at Buckingham Research; tgt lowered to $41 from $44
Tänased analüüsimajade kommentaarid Euroopas:
Elisa Reinstated Neutral at BofAML, PT Eu22 (Close 20,8)
TDC Reinstated Neutral at BofAML, PT Dk49 (Close 44,6)
Tele2 Reinstated Underperform at BofAML, PT Sk80 (Close 90,0)
TeliaSonera Reinstated Buy at BofAML, PT Sk56 (Close 48,34)
Telenor Reinstated Buy at BofAML, PT Nk168 (Close 142,4)
Dunelm Group Rated New Buy at Canaccord Genuity; PT 925p (Close 811)
HeidelbergCement Upgraded to Buy at Cantor on Upside to PT
• Cantor Fitzgerald sees number of positives for building materials sector post 3Q reporting season, heading into 2015 including increasing demand globally and muted cost increases, in sector note.
• Says a successful Lafarge-Holcim merger could speed profit recovery in Europe
• Upgrades HeidelbergCement to buy from hold with EU61 PT (down from EU62), reiterates buy recommendations on Holcim, Lafarge; rates CRH hold
Reckitt Benckiser Reinstated Buy at Deutsche Bank; PT 6000p (Close 5035)
European Chemicals May Face Muted Demand, Weak Pricing: Goldman
• Goldman Sachs cuts 2015/2016 EPS ests. for European chemicals cos. by avg of ~4%, reduces PTs by similar amount, according to note.
• Brokerage cites weaker pricing on lower raw material costs, more muted volume growth in 2015
• Reduces ests. for demand growth in several areas incl. oil and gas chemicals, agriculture, construction
• Notes some of the negatives to be mitigated by favorable FX
• Upgrades Akzo Nobel to neutral vs sell on lower pricing pressure vs peers in 2015, benefit from lower raw material costs; PT Eu60 to 59 (Close 50,94)
• Raises K+S to neutral vs sell after recent underperformance, expected FX tailwind to boost earnings in 2015; PT Eu22 to 24 (Close 20,9)
• Johnson Matthey, Symrise kept as conviction list buy
• Sees “some scope” for M&A as cos. seek to improve positioning; Symrise, Croda, Victrex, Clariant, Elementis may be attractive targets
STMicroelectronics Raised to Neutral vs Sell at Citi
Technip Raised to Hold vs Sell at DNB; PT Eu62 to 60 (Close 54,78)
Hurtigruten Rated New Buy at DNB, PT Nk7.5 (Close 4,04)
Oriflame Raised to Neutral vs Reduce at Swedbank; PT Sek 130 (Close 118)
Standard Chartered Cut to Neutral vs Overweight at JPMorgan; PT 1450p to 1250 (Close 1095)
Cembra Money Bank Rated New Neutral at Credit Suisse, PT Chf51 (Close 54,45)
Terna Cut to Neutral vs Overweight at JPMorgan; PT Eu4,0 to 4,09 (Close 3,87)
Eurasia Drilling Cut to Neutral vs Overweight at JPMorgan; PT $36 to 27,49 (Close 24,16)
Nobel Biocare Raised to Neutral vs Underweight at JPMorgan; PT Sfr12,0 to 17,1 (Close 16,9)
Gemalto Cut to Underperform vs Neutral at Credit Suisse
Morgan Advanced Materials Cut to Neutral vs Buy at UBS
Rotork Raised to Buy vs Neutral at UBS
Enel Green Power Rated New Buy at UBS
Old Mutual Cut to Equalweight vs Overweight at Barclays; PT 215p to 205p (Close 184,1)
DIA Raised to Overweight vs Equalweight at Barclays
Hiscox Raised to Outperform From Sector Perform at RBC Capital
Elisa Reinstated Neutral at BofAML, PT Eu22 (Close 20,8)
TDC Reinstated Neutral at BofAML, PT Dk49 (Close 44,6)
Tele2 Reinstated Underperform at BofAML, PT Sk80 (Close 90,0)
TeliaSonera Reinstated Buy at BofAML, PT Sk56 (Close 48,34)
Telenor Reinstated Buy at BofAML, PT Nk168 (Close 142,4)
Dunelm Group Rated New Buy at Canaccord Genuity; PT 925p (Close 811)
HeidelbergCement Upgraded to Buy at Cantor on Upside to PT
• Cantor Fitzgerald sees number of positives for building materials sector post 3Q reporting season, heading into 2015 including increasing demand globally and muted cost increases, in sector note.
• Says a successful Lafarge-Holcim merger could speed profit recovery in Europe
• Upgrades HeidelbergCement to buy from hold with EU61 PT (down from EU62), reiterates buy recommendations on Holcim, Lafarge; rates CRH hold
Reckitt Benckiser Reinstated Buy at Deutsche Bank; PT 6000p (Close 5035)
European Chemicals May Face Muted Demand, Weak Pricing: Goldman
• Goldman Sachs cuts 2015/2016 EPS ests. for European chemicals cos. by avg of ~4%, reduces PTs by similar amount, according to note.
• Brokerage cites weaker pricing on lower raw material costs, more muted volume growth in 2015
• Reduces ests. for demand growth in several areas incl. oil and gas chemicals, agriculture, construction
• Notes some of the negatives to be mitigated by favorable FX
• Upgrades Akzo Nobel to neutral vs sell on lower pricing pressure vs peers in 2015, benefit from lower raw material costs; PT Eu60 to 59 (Close 50,94)
• Raises K+S to neutral vs sell after recent underperformance, expected FX tailwind to boost earnings in 2015; PT Eu22 to 24 (Close 20,9)
• Johnson Matthey, Symrise kept as conviction list buy
• Sees “some scope” for M&A as cos. seek to improve positioning; Symrise, Croda, Victrex, Clariant, Elementis may be attractive targets
STMicroelectronics Raised to Neutral vs Sell at Citi
Technip Raised to Hold vs Sell at DNB; PT Eu62 to 60 (Close 54,78)
Hurtigruten Rated New Buy at DNB, PT Nk7.5 (Close 4,04)
Oriflame Raised to Neutral vs Reduce at Swedbank; PT Sek 130 (Close 118)
Standard Chartered Cut to Neutral vs Overweight at JPMorgan; PT 1450p to 1250 (Close 1095)
Cembra Money Bank Rated New Neutral at Credit Suisse, PT Chf51 (Close 54,45)
Terna Cut to Neutral vs Overweight at JPMorgan; PT Eu4,0 to 4,09 (Close 3,87)
Eurasia Drilling Cut to Neutral vs Overweight at JPMorgan; PT $36 to 27,49 (Close 24,16)
Nobel Biocare Raised to Neutral vs Underweight at JPMorgan; PT Sfr12,0 to 17,1 (Close 16,9)
Gemalto Cut to Underperform vs Neutral at Credit Suisse
Morgan Advanced Materials Cut to Neutral vs Buy at UBS
Rotork Raised to Buy vs Neutral at UBS
Enel Green Power Rated New Buy at UBS
Old Mutual Cut to Equalweight vs Overweight at Barclays; PT 215p to 205p (Close 184,1)
DIA Raised to Overweight vs Equalweight at Barclays
Hiscox Raised to Outperform From Sector Perform at RBC Capital
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
Buffalo Wild Wings (BWLD) upgraded to Outperform at Robert W. Baird; tgt raised to $180
Madison Square Garden (MSG) upgraded to Buy at Maxim Group; tgt $85
XL Group plc (XL) upgraded to Hold from Sell at Deutsche Bank; tgt raised to $35 from $31
Zimmer Hldgs (ZMH) upgraded to Buy from Hold at Jefferies; tgt raised to $119 from $105
Helmerich & Payne (HP) downgraded to Market Perform from Outperform at Wells Fargo
Nabors Industries (NBR) downgraded to Market Perform from Outperform at Wells Fargo
Twitter (TWTR) downgraded to Sector Perform at RBC Capital Mkts following earnings, tgt lowered to $47; downgraded to Neutral from Buy at Nomura, tgt lowered to $45 from $55; downgraded to Sell from Hold at Stifel
Amgen (AMGN) target raised to $165 at RBC Capital Mkts
Celgene (CELG) added to US 1 list at BofA/Merrill
GoPro (GPRO) initiated with a Outperform at Wedbush ; tgt $81
Micron (MU) target raised to $42 from $41 at RBC Capital Mkts
Salesforce.com (CRM) added to Best Ideas list at Morgan Stanley
Buffalo Wild Wings (BWLD) upgraded to Outperform at Robert W. Baird; tgt raised to $180
Madison Square Garden (MSG) upgraded to Buy at Maxim Group; tgt $85
XL Group plc (XL) upgraded to Hold from Sell at Deutsche Bank; tgt raised to $35 from $31
Zimmer Hldgs (ZMH) upgraded to Buy from Hold at Jefferies; tgt raised to $119 from $105
Helmerich & Payne (HP) downgraded to Market Perform from Outperform at Wells Fargo
Nabors Industries (NBR) downgraded to Market Perform from Outperform at Wells Fargo
Twitter (TWTR) downgraded to Sector Perform at RBC Capital Mkts following earnings, tgt lowered to $47; downgraded to Neutral from Buy at Nomura, tgt lowered to $45 from $55; downgraded to Sell from Hold at Stifel
Amgen (AMGN) target raised to $165 at RBC Capital Mkts
Celgene (CELG) added to US 1 list at BofA/Merrill
GoPro (GPRO) initiated with a Outperform at Wedbush ; tgt $81
Micron (MU) target raised to $42 from $41 at RBC Capital Mkts
Salesforce.com (CRM) added to Best Ideas list at Morgan Stanley
Analüüsimajade kommentaarid Euroopas:
Shire Resumed Overweight at Morgan Stanley
Nordex Rated New Buy at BofAML
SEB Cut to Hold vs Buy at DNB; PT Sek95 (Close 92,25)
Handelsbanken Cut to Hold at DNB; PT Sek358 to 366 (Close 346,5)
Bayer’s Valuation Attractive, Growth Better vs Peers: Bernstein
• Bayer expected to have higher, better growth in next 5 yrs vs most European pharma peers, faces fewer risks, Bernstein says in note.
• Bernstein raises to outperform vs market perform, PT EU123 vs EU110; says co. trading at discount to fair value on view there may be limited upside in N/T
• Brokerage cites as catalysts for 2015 multiple expansion:
• Sale or IPO of MaterialScience
• Consumer unit rev. synergies with Merck OTC business
• End of phase II for Vilaprisan, Finererone, Vericiguat, Molidustat
• Says Xarelto now fully valued; Xofigo “a fantastic product with potential for longevity” even as will be slow to grow; well ahead of guidance, consensus on Eylea at EU2.6b in 2020
• CropScience faces cyclical headwinds, better positioned vs peers
• NOTE: co. due to report 3Q tomorrow
Rolls-Royce Raised to Marketperform vs Underperform: Bernstein; PT 890p to 795 (Close 786)
• Rolls-Royce risk to Civil margins and short-cylce business now largely reflected in shares, says Bernstein in note.
• Don’t see much upside, no upcoming catalyst
• Questions remain about bridge to 2018; 2014/15 ests. cut 3%/6%
• Rating raised to market-perform from underperform, PT lowered to 795p from 890p: Bernstein
Saipem Cut to Sell vs Neutral at Citi
Crest Nicholson Rated New Overweight at JPMorgan, PT 400p (Close 325,9)
Det Norske Rated New Neutral at JPMorgan, PT Nk55 (Close 43,0)
RWE Raised to Neutral vs Underweight at JPMorgan; PT Eu26 (Close 27,7)
Shire Reinstated Overweight at JPMorgan, PT 4,600p (Close 4085)
Kuoni Raised to Outperform vs Neutral at Credit Suisse
Sanofi Cut to Hold vs Buy at Deutsche Bank; PT Eu93 to 78 (Close 74,5)
Standard Chartered Cut to Neutral vs Buy at Nomura
Saipem Cut to Sell vs Hold at SocGen; PT Eu19 to 12,3 (Close 13,48)
Aalberts Added to Conviction Buy List at Goldman; PT Eu29 to 34 (Close 20,13)
Mobistar Raised to Neutral vs Sell at Goldman; PT Eu14,5 to 19,0 (Close 16,79)
Tauron Cut to Sell vs Hold at ING
Energa Rated New Hold at ING, PT 23.5 Zloty (Close 24,7)
Telenet Cut to Equalweight vs Overweight at Barclays; PT Eu45 to 47 (Close 46,0)
Sanofi Cut to Equalweight vs Overweight at Barclays; PT Eu103 to 84 (Close 74,5)
Sanofi Cut to Hold at Jefferies; PT Eu 97 to 75 (Close 74,5)
Shire Resumed Overweight at Morgan Stanley
Nordex Rated New Buy at BofAML
SEB Cut to Hold vs Buy at DNB; PT Sek95 (Close 92,25)
Handelsbanken Cut to Hold at DNB; PT Sek358 to 366 (Close 346,5)
Bayer’s Valuation Attractive, Growth Better vs Peers: Bernstein
• Bayer expected to have higher, better growth in next 5 yrs vs most European pharma peers, faces fewer risks, Bernstein says in note.
• Bernstein raises to outperform vs market perform, PT EU123 vs EU110; says co. trading at discount to fair value on view there may be limited upside in N/T
• Brokerage cites as catalysts for 2015 multiple expansion:
• Sale or IPO of MaterialScience
• Consumer unit rev. synergies with Merck OTC business
• End of phase II for Vilaprisan, Finererone, Vericiguat, Molidustat
• Says Xarelto now fully valued; Xofigo “a fantastic product with potential for longevity” even as will be slow to grow; well ahead of guidance, consensus on Eylea at EU2.6b in 2020
• CropScience faces cyclical headwinds, better positioned vs peers
• NOTE: co. due to report 3Q tomorrow
Rolls-Royce Raised to Marketperform vs Underperform: Bernstein; PT 890p to 795 (Close 786)
• Rolls-Royce risk to Civil margins and short-cylce business now largely reflected in shares, says Bernstein in note.
• Don’t see much upside, no upcoming catalyst
• Questions remain about bridge to 2018; 2014/15 ests. cut 3%/6%
• Rating raised to market-perform from underperform, PT lowered to 795p from 890p: Bernstein
Saipem Cut to Sell vs Neutral at Citi
Crest Nicholson Rated New Overweight at JPMorgan, PT 400p (Close 325,9)
Det Norske Rated New Neutral at JPMorgan, PT Nk55 (Close 43,0)
RWE Raised to Neutral vs Underweight at JPMorgan; PT Eu26 (Close 27,7)
Shire Reinstated Overweight at JPMorgan, PT 4,600p (Close 4085)
Kuoni Raised to Outperform vs Neutral at Credit Suisse
Sanofi Cut to Hold vs Buy at Deutsche Bank; PT Eu93 to 78 (Close 74,5)
Standard Chartered Cut to Neutral vs Buy at Nomura
Saipem Cut to Sell vs Hold at SocGen; PT Eu19 to 12,3 (Close 13,48)
Aalberts Added to Conviction Buy List at Goldman; PT Eu29 to 34 (Close 20,13)
Mobistar Raised to Neutral vs Sell at Goldman; PT Eu14,5 to 19,0 (Close 16,79)
Tauron Cut to Sell vs Hold at ING
Energa Rated New Hold at ING, PT 23.5 Zloty (Close 24,7)
Telenet Cut to Equalweight vs Overweight at Barclays; PT Eu45 to 47 (Close 46,0)
Sanofi Cut to Equalweight vs Overweight at Barclays; PT Eu103 to 84 (Close 74,5)
Sanofi Cut to Hold at Jefferies; PT Eu 97 to 75 (Close 74,5)
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
Amgen (AMGN) upgraded to Buy from Neutral at Nomura; tgt raised to $193 from $144
Cliffs Natural Resources (CLF) downgraded to Sell at Brean Capital on valuation; tgt $8
DTE Energy (DTE) downgraded to Hold from Buy at ISI Group; tgt raised to $81.50 from $79
Parker-Hannifin (PH) downgraded to Mkt Perform from Outperform at BMO Capital Mkts
Whirlpool (WHR) downgraded to Neutral from Buy at Sterne Agee
Alibaba (BABA) initiated with a Outperform at RBC Capital Mkts; tgt $120
Amazon.com (AMZN) initiated with a Overweight at Morgan Stanley; tgt $420
CBS (CBS) added to Franchise Pick list at Jefferies; target lowered to $69 at RBC Capital Mkts
eBay (EBAY) initiated with a Underweight at Morgan Stanley; tgt $45
T-Mobile US (TMUS) tgt raised to $50 from $45 at Cowen; Outperform
Yahoo! (YHOO) resumed with a Buy at Citigroup, tgt $63; resumed with a Hold at Evercore; tgt $50
Amgen (AMGN) upgraded to Buy from Neutral at Nomura; tgt raised to $193 from $144
Cliffs Natural Resources (CLF) downgraded to Sell at Brean Capital on valuation; tgt $8
DTE Energy (DTE) downgraded to Hold from Buy at ISI Group; tgt raised to $81.50 from $79
Parker-Hannifin (PH) downgraded to Mkt Perform from Outperform at BMO Capital Mkts
Whirlpool (WHR) downgraded to Neutral from Buy at Sterne Agee
Alibaba (BABA) initiated with a Outperform at RBC Capital Mkts; tgt $120
Amazon.com (AMZN) initiated with a Overweight at Morgan Stanley; tgt $420
CBS (CBS) added to Franchise Pick list at Jefferies; target lowered to $69 at RBC Capital Mkts
eBay (EBAY) initiated with a Underweight at Morgan Stanley; tgt $45
T-Mobile US (TMUS) tgt raised to $50 from $45 at Cowen; Outperform
Yahoo! (YHOO) resumed with a Buy at Citigroup, tgt $63; resumed with a Hold at Evercore; tgt $50
Tänased anlüüsimajade kommentaarid:
Standard Chartered Cut to Hold vs Buy at SocGen; PT 1450p to 1085p (Close 992,1p)
Verbund Raised to Neutral vs Sell at Citi
Software AG Raised to Neutral vs Underwieght at JPMorgan; PT Eu21 to 22 (Close 20,14)
Euler Hermes Raised to Neutral vs Underperform at Credit Suisse
Red Electrica Cut to Hold vs Buy at SocGen; PT Eu 67,3 to 69 (Close 67,7)
Panalpina Rated New Hold at Jefferies, PT Chf125 (Close 122,9)
Homeserve Rated New Buy at Goldman, PT 455p (Close 334,1)
Kuehne & Nagel Rated New Hold at Jefferies, PT Chf110 (Close 122,2)
DSV Rated New Buy at Jefferies, PT Dkk200 (Close 171,7)
Euler Hermes Raised to Neutral vs Sell at Goldman; PT Eu80 (Close 76,4)
Tomtom Raised to Buy vs Hold at ING
STMicro Raised to Neutral vs Sell at UBS
Bureau Veritas Raised to Equalweight vs Underweight at Barclays
PGS, CGG initiated at underweight by JPMorgan in note dated Oct. 29, TGS Nopec neutral.
• JPmorgan: See 2015 upstream capex signals from majors to reinforce likely y/y decline, with relatively large cuts to higher cost, risk offshore exploration
• Marine seismic sub-sector set to see “very challenging environment”
• Pricing set to deteriorate further, adding pressure to margins, earnings; not yet at bottom of pricing cycle
• PGS (PT NOK24) has S-T earnings risk on weak mkt, low expected funding from Triton survey; risks of impairments of multi-cllient library
• CGG (PT EU3.5): high leverage ratio, tight debt covenants leave co. “fragile”; at highest risk if mkt deteriorates more
• TGS (PT NOK127): Relatively less-exposed to 2015 weak seismic mkt on asset-light model, but still exposed to higher amortization, impairments of multi-client library
Standard Chartered Cut to Hold vs Buy at SocGen; PT 1450p to 1085p (Close 992,1p)
Verbund Raised to Neutral vs Sell at Citi
Software AG Raised to Neutral vs Underwieght at JPMorgan; PT Eu21 to 22 (Close 20,14)
Euler Hermes Raised to Neutral vs Underperform at Credit Suisse
Red Electrica Cut to Hold vs Buy at SocGen; PT Eu 67,3 to 69 (Close 67,7)
Panalpina Rated New Hold at Jefferies, PT Chf125 (Close 122,9)
Homeserve Rated New Buy at Goldman, PT 455p (Close 334,1)
Kuehne & Nagel Rated New Hold at Jefferies, PT Chf110 (Close 122,2)
DSV Rated New Buy at Jefferies, PT Dkk200 (Close 171,7)
Euler Hermes Raised to Neutral vs Sell at Goldman; PT Eu80 (Close 76,4)
Tomtom Raised to Buy vs Hold at ING
STMicro Raised to Neutral vs Sell at UBS
Bureau Veritas Raised to Equalweight vs Underweight at Barclays
PGS, CGG initiated at underweight by JPMorgan in note dated Oct. 29, TGS Nopec neutral.
• JPmorgan: See 2015 upstream capex signals from majors to reinforce likely y/y decline, with relatively large cuts to higher cost, risk offshore exploration
• Marine seismic sub-sector set to see “very challenging environment”
• Pricing set to deteriorate further, adding pressure to margins, earnings; not yet at bottom of pricing cycle
• PGS (PT NOK24) has S-T earnings risk on weak mkt, low expected funding from Triton survey; risks of impairments of multi-cllient library
• CGG (PT EU3.5): high leverage ratio, tight debt covenants leave co. “fragile”; at highest risk if mkt deteriorates more
• TGS (PT NOK127): Relatively less-exposed to 2015 weak seismic mkt on asset-light model, but still exposed to higher amortization, impairments of multi-client library
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
Newfield Expl (NFX) upgraded to Buy from Hold at Societe Generale
PG&E (PCG) upgraded to Neutral from Sell at Goldman; tgt $48
Sealed Air (SEE) upgraded to Market Perform from Underperform at Wells Fargo
Southern (SO) downgraded to Underperform from Neutral at BofA/Merrill
Southwest Air (LUV) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $42 from $29.50
Sprint (S) upgraded to Neutral from Underperform at Credit Suisse
C.H. Robinson (CHRW) downgraded to Underperform from Neutral at Credit Suisse; tgt lowered to $65 from $68
CNOOC Ltd (CEO) downgraded to Hold from Buy at Jefferies
Kraft Foods (KRFT) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $58 from $63
Deckers Outdoor (DECK) initiated with a Overweight at Morgan Stanley
Newfield Expl (NFX) upgraded to Buy from Hold at Societe Generale
PG&E (PCG) upgraded to Neutral from Sell at Goldman; tgt $48
Sealed Air (SEE) upgraded to Market Perform from Underperform at Wells Fargo
Southern (SO) downgraded to Underperform from Neutral at BofA/Merrill
Southwest Air (LUV) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $42 from $29.50
Sprint (S) upgraded to Neutral from Underperform at Credit Suisse
C.H. Robinson (CHRW) downgraded to Underperform from Neutral at Credit Suisse; tgt lowered to $65 from $68
CNOOC Ltd (CEO) downgraded to Hold from Buy at Jefferies
Kraft Foods (KRFT) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $58 from $63
Deckers Outdoor (DECK) initiated with a Overweight at Morgan Stanley
Tänased analüütikute kommentaarid Euroopas:
Indra Cut to Neutral at BofAML
Draegerwerk Raised to Buy vs Hold at Deutsche Bank; PT Eu67 to 86 (Close 75)
MOTA-Engil Rated New Outperform at Credit Suisse, PT Eu5.30 (Close 3,94)
Danske Bank Cut to Hold at DNB
Novo Nordisk Cut to Neutral vs Buy at Swedbank; PT Dkk 300 to 285 (Close 271,4)
Solvay Cut at Goldman as Lower Oil Prices to Weigh on Business; PT Eu134 to 104 (CLose 108,9)
• Solvay downgraded to sell vs neutral after lowering ests. due to more “cautious” view on oil prices in coming years, Goldman Sachs says in note.
• Expects stock to underperform as weaker oil & gas
earnings are priced in
• Estimates Solvay’s oil & gas exposure (through Novecare, Specialty Polymers) represents ~10% of rev., ~1/3 of Ebitda growth this year
• Sees 15% decline in Novecare oil & gas sales in 2015 on lower vols., pricing
• Says its ests. for 3Q “broadly in line” with consensus; sees no real risk to co.’s “high single-digit” Ebitda forecast for this year.
Henderson Group Raised to Buy vs Neutral at Citi
Nexity Raised to Overweight vs Neutral at HSBC; PT Eu35 to 34 (Close 27,95)
Lonmin Raised to Overweight vs Neutral at HSBC; PT 267p to 252p (Close 172,9)
Bashneft Raised to Overweight vs Neutral at HSBC; PT Rub2400 to 1800 (Close 1243)
World Duty Free Cut to Underweight vs Neutral at JPMorgan; PT Eu11,6 to 6,5 (Close 6,55)
Bank Pekao Cut to Sell vs Hold at SocGen; PT Pln176 to 160 (Close 177,9)
Rockhopper Exploration Cut to Sell vs Hold at SocGen; PT 120p to 49p (Close 72)
Alcatel-Lucent Raised to Buy vs Hold at SocGen; PT Eu3,0 (Close 2,37)
Indra Cut to Neutral at BofAML
Draegerwerk Raised to Buy vs Hold at Deutsche Bank; PT Eu67 to 86 (Close 75)
MOTA-Engil Rated New Outperform at Credit Suisse, PT Eu5.30 (Close 3,94)
Danske Bank Cut to Hold at DNB
Novo Nordisk Cut to Neutral vs Buy at Swedbank; PT Dkk 300 to 285 (Close 271,4)
Solvay Cut at Goldman as Lower Oil Prices to Weigh on Business; PT Eu134 to 104 (CLose 108,9)
• Solvay downgraded to sell vs neutral after lowering ests. due to more “cautious” view on oil prices in coming years, Goldman Sachs says in note.
• Expects stock to underperform as weaker oil & gas
earnings are priced in
• Estimates Solvay’s oil & gas exposure (through Novecare, Specialty Polymers) represents ~10% of rev., ~1/3 of Ebitda growth this year
• Sees 15% decline in Novecare oil & gas sales in 2015 on lower vols., pricing
• Says its ests. for 3Q “broadly in line” with consensus; sees no real risk to co.’s “high single-digit” Ebitda forecast for this year.
Henderson Group Raised to Buy vs Neutral at Citi
Nexity Raised to Overweight vs Neutral at HSBC; PT Eu35 to 34 (Close 27,95)
Lonmin Raised to Overweight vs Neutral at HSBC; PT 267p to 252p (Close 172,9)
Bashneft Raised to Overweight vs Neutral at HSBC; PT Rub2400 to 1800 (Close 1243)
World Duty Free Cut to Underweight vs Neutral at JPMorgan; PT Eu11,6 to 6,5 (Close 6,55)
Bank Pekao Cut to Sell vs Hold at SocGen; PT Pln176 to 160 (Close 177,9)
Rockhopper Exploration Cut to Sell vs Hold at SocGen; PT 120p to 49p (Close 72)
Alcatel-Lucent Raised to Buy vs Hold at SocGen; PT Eu3,0 (Close 2,37)
Mõned tänased reitingute muudatused Euroopas:
Nokian Tyres Raised to Hold vs Sell at DNB; PT Eu21 to 23 (Close 22,49)
Glencore Cut to Reduce vs Neutral at Nomura
Tag Immobilien Cut to Neutral vs Overweight at HSBC; PT Eu11,4 to 10,1 (Close 9,31)
Zurich Insurance Upped to Outperform vs Neutral: Credit Suisse; PT Sfr 294 to 320 (Close 290,8)
We see the main catalysts for the stock as being the ongoing delivery against management's plans to extract capital from underperforming operations and the ultimate announcement of additional capital return measures. Key risks lie with developments in the P&C pricing cycle, particularly within the group's North American Corporate business.
Credit Suisse Cut to Sell vs Hold at SocGen; PT Sfr 29 to 19 (Clsoe 25,58)
Saipem Rated New Underperform at Raymond James, PT Eu11.5o (Close 12,5)
Aveva Cut to Sell vs Neutral at Goldman; PT Eu1950p to 1420p (Close 1536)
ENI Raised to Hold vs Underperform at Jefferies; PT Eu15,5 (Close 17,0)
Statoil Raised to Hold vs Underperform at Jefferies; PT Nok144 (Close 153,0)
O’key Raised to Overweight vs Equalweight at Barclays; PTUSD10,07 to 8,39 (Close 6,0)
AB InBev PT Raised to Eu92 From Eu87 at ING (Close 88,11)
TeliaSonera Cut to Market Perform vs Outperform: Raymond James
Nokian Tyres Raised to Hold vs Sell at DNB; PT Eu21 to 23 (Close 22,49)
Glencore Cut to Reduce vs Neutral at Nomura
Tag Immobilien Cut to Neutral vs Overweight at HSBC; PT Eu11,4 to 10,1 (Close 9,31)
Zurich Insurance Upped to Outperform vs Neutral: Credit Suisse; PT Sfr 294 to 320 (Close 290,8)
We see the main catalysts for the stock as being the ongoing delivery against management's plans to extract capital from underperforming operations and the ultimate announcement of additional capital return measures. Key risks lie with developments in the P&C pricing cycle, particularly within the group's North American Corporate business.
Credit Suisse Cut to Sell vs Hold at SocGen; PT Sfr 29 to 19 (Clsoe 25,58)
Saipem Rated New Underperform at Raymond James, PT Eu11.5o (Close 12,5)
Aveva Cut to Sell vs Neutral at Goldman; PT Eu1950p to 1420p (Close 1536)
ENI Raised to Hold vs Underperform at Jefferies; PT Eu15,5 (Close 17,0)
Statoil Raised to Hold vs Underperform at Jefferies; PT Nok144 (Close 153,0)
O’key Raised to Overweight vs Equalweight at Barclays; PTUSD10,07 to 8,39 (Close 6,0)
AB InBev PT Raised to Eu92 From Eu87 at ING (Close 88,11)
TeliaSonera Cut to Market Perform vs Outperform: Raymond James
Morgan Stanley alustab täna kolme internetiaktsia katmist...
Twitter (Equal-weight), PT 42 USD - We believe accelerating user adds in ’15 is a) baked
into consensus, and b) potentially optimistic. While we agree the logged off user base and off- Twitter audience is a source of upside, we think capturing that upside will be a long-term process.
Google (Equal-weight), PT 600 USD - We initiate at EW with a $600 PT as Google fends
off a “law of large numbers” issue in core search by ramping investment spend. Google is a LT secular winner, but estimates appear high and diversification is proving expensive.
Facebook (Overweight), PT 90 USD - FB represents an unrivaled level of scale (1.4bn monthly users), targeting, and engagement for advertisers. The rapid growth in mobile drives its 30% ’14-’18 revenue CAGR. After compression in ’15, we see 400bp of EBITDA margin lift in ’16.
Twitter (Equal-weight), PT 42 USD - We believe accelerating user adds in ’15 is a) baked
into consensus, and b) potentially optimistic. While we agree the logged off user base and off- Twitter audience is a source of upside, we think capturing that upside will be a long-term process.
Google (Equal-weight), PT 600 USD - We initiate at EW with a $600 PT as Google fends
off a “law of large numbers” issue in core search by ramping investment spend. Google is a LT secular winner, but estimates appear high and diversification is proving expensive.
Facebook (Overweight), PT 90 USD - FB represents an unrivaled level of scale (1.4bn monthly users), targeting, and engagement for advertisers. The rapid growth in mobile drives its 30% ’14-’18 revenue CAGR. After compression in ’15, we see 400bp of EBITDA margin lift in ’16.
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
BlackRock (BLK) upgraded to Buy from Neutral at Citigroup
Clorox (CLX) upgraded to Neutral from Sell at B. Riley & Co
Eastman (EMN) upgraded to Buy from Hold at Jefferies; tgt raised to $96 from $82
NVIDIA (NVDA) upgraded to Sector Perform from Underperform at Pacific Crest
Time Warner Cable (TWC) upgraded to Buy from Neutral at Buckingham Research; tgt raised to $185 from $150
TJX (TJX) upgraded to Outperform from Neutral at Wedbush ; tgt raised to $68 from $63
American Tower (AMT) downgraded to Neutral from Outperform at Macquarie; downgraded to Neutral from Buy at Goldman, tgt lowered to $106 from $110
Home Depot (HD) downgraded to Mkt Perform from Outperform at Raymond James
Natl Oilwell Varco (NOV) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $77 from $95
Newmont Mining (NEM) downgraded to Hold from Buy at BB&T Capital Mkts
Accenture (ACN) initiated with a Neutral at Monness Crespi & Hardt; tgt $80
AES (AES) initiated with a Outperform at RBC Capital Mkts; tgt $16
Facebook (FB) initiated with a Overweight at Morgan Stanley; tgt $90
Google A (GOOGL) initiated with a Equal-Weight at Morgan Stanley; tgt $600
Twitter (TWTR) initiated with a Equal-Weight at Morgan Stanley; tgt $42
BlackRock (BLK) upgraded to Buy from Neutral at Citigroup
Clorox (CLX) upgraded to Neutral from Sell at B. Riley & Co
Eastman (EMN) upgraded to Buy from Hold at Jefferies; tgt raised to $96 from $82
NVIDIA (NVDA) upgraded to Sector Perform from Underperform at Pacific Crest
Time Warner Cable (TWC) upgraded to Buy from Neutral at Buckingham Research; tgt raised to $185 from $150
TJX (TJX) upgraded to Outperform from Neutral at Wedbush ; tgt raised to $68 from $63
American Tower (AMT) downgraded to Neutral from Outperform at Macquarie; downgraded to Neutral from Buy at Goldman, tgt lowered to $106 from $110
Home Depot (HD) downgraded to Mkt Perform from Outperform at Raymond James
Natl Oilwell Varco (NOV) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $77 from $95
Newmont Mining (NEM) downgraded to Hold from Buy at BB&T Capital Mkts
Accenture (ACN) initiated with a Neutral at Monness Crespi & Hardt; tgt $80
AES (AES) initiated with a Outperform at RBC Capital Mkts; tgt $16
Facebook (FB) initiated with a Overweight at Morgan Stanley; tgt $90
Google A (GOOGL) initiated with a Equal-Weight at Morgan Stanley; tgt $600
Twitter (TWTR) initiated with a Equal-Weight at Morgan Stanley; tgt $42
Tänased analüüsimajade reitingute muudatused Euroopas:
Experian Cut to Neutral vs Overweight at HSBC; PT 1300p to 1000p (Close 930,5)
Stroeer Media Rated New Outperform at Exane, PT Eu25 (Close 18,53)
Cancom Rated New Buy, PT Eu40 at Commerzbank (Close 32,76)
Monte Paschi Raised to Outperform vs Neutral at Exane
STMicroelectronics Raised to Neutral vs Underweight at HSBC; PT Eu6,0 to 5,6 (Close 5,42)
National Grid Cut to Underperform vs Neutral at Exane
Man Group Raised to Overweight vs Neutral at HSBC; PT 132p to 150 (Close 123,4)
Snam Raised to Outperform, Regulator May Reverse Decision: RBC 8:58
Recordati Cut to Neutral vs Buy at Goldman
Numericable Reinstated Buy at Goldman; PT Eu40 (Close 29,2)
Altice Reinstated Conviction List Buy at Goldman; PT Eu75 (Close 49,08)
Jupiter Fund Raised to Neutral vs Underperform at Credit Suisse
Hargreaves Cut to Neutral vs Outperform at Credit Suisse
Ashmore Cut to Underperform vs Neutral at Credit Suisse
Schroders Raised to Outperform vs Neutral at Credit Suisse; PT 2900p to 2770p (Close 2390)
Man Group Reinstated Outperform at Credit Suisse, PT 138p (Close 123,4)
Gek Terna Rated New Buy at Citi, PT Eu3.3 (Close 2,22)
Aker Solutions Rated New Overweight at Morgan Stanley, PT Nok62 (Close 45,18)
Amlin Cut to Neutral vs Buy at UBS
Hiscox Raised to Buy vs Neutral at UBS
Wincor Nixdorf Cut to Neutral vs Buy at UBS
Terna Cut to Sell vs Neutral at UBS
Richemont Rated New Hold at Deutsche Bank; PT Sfr88 (Close 80,5)
Kennedy Wilson Europe Re Rated New Hold at Deutsche Bank; PT 1000p (Close 1041)
Regus Cut to Hold vs Buy at Jefferies; PT 265p to 210p (Close 195)
Nokia Cut to Underperform vs Marketperform at Sanford Bernstein; PT Eu5,5 to 4,9 (Close 6,75)
Experian Cut to Neutral vs Overweight at HSBC; PT 1300p to 1000p (Close 930,5)
Stroeer Media Rated New Outperform at Exane, PT Eu25 (Close 18,53)
Cancom Rated New Buy, PT Eu40 at Commerzbank (Close 32,76)
Monte Paschi Raised to Outperform vs Neutral at Exane
STMicroelectronics Raised to Neutral vs Underweight at HSBC; PT Eu6,0 to 5,6 (Close 5,42)
National Grid Cut to Underperform vs Neutral at Exane
Man Group Raised to Overweight vs Neutral at HSBC; PT 132p to 150 (Close 123,4)
Snam Raised to Outperform, Regulator May Reverse Decision: RBC 8:58
Recordati Cut to Neutral vs Buy at Goldman
Numericable Reinstated Buy at Goldman; PT Eu40 (Close 29,2)
Altice Reinstated Conviction List Buy at Goldman; PT Eu75 (Close 49,08)
Jupiter Fund Raised to Neutral vs Underperform at Credit Suisse
Hargreaves Cut to Neutral vs Outperform at Credit Suisse
Ashmore Cut to Underperform vs Neutral at Credit Suisse
Schroders Raised to Outperform vs Neutral at Credit Suisse; PT 2900p to 2770p (Close 2390)
Man Group Reinstated Outperform at Credit Suisse, PT 138p (Close 123,4)
Gek Terna Rated New Buy at Citi, PT Eu3.3 (Close 2,22)
Aker Solutions Rated New Overweight at Morgan Stanley, PT Nok62 (Close 45,18)
Amlin Cut to Neutral vs Buy at UBS
Hiscox Raised to Buy vs Neutral at UBS
Wincor Nixdorf Cut to Neutral vs Buy at UBS
Terna Cut to Sell vs Neutral at UBS
Richemont Rated New Hold at Deutsche Bank; PT Sfr88 (Close 80,5)
Kennedy Wilson Europe Re Rated New Hold at Deutsche Bank; PT 1000p (Close 1041)
Regus Cut to Hold vs Buy at Jefferies; PT 265p to 210p (Close 195)
Nokia Cut to Underperform vs Marketperform at Sanford Bernstein; PT Eu5,5 to 4,9 (Close 6,75)
Mõned värskemad reitingute muudatused Euroopas:
NLMK Raised to Buy vs Hold at Deutsche Bank; PT USD17,1 to 16,7 (Close 12,78)
Thyssenkrupp Raised to Buy vs Reduce at Nomura; PT Eu17 to 23 (Close 18,8)
Dassault Systemes Cut to Neutral at Citi, PT Eu54 (Close 50,23)
Marks & Spencer Raised to Buy vs Hold at Deutsche Bank; PT 470p to 510p (Close 444,1)
Bank of Georgia Cut to Sectorperform vs Outperform at RBC
Ica Gruppen Cut to Neutral vs Buy at Swedbank; PT Sek265 to 290 (Close 297)
Axfood Cut to Neutral vs Buy at Swedbank; PT Sek440 (Close 541,4)
Bayer Added to Goldman Sachs Conviction Buy List; Was Buy; PT Eu120 to 140 (Close 113,8)
• Separation of Bayer MaterialScience business may reduce earnings volatility, increase cash returns by 120bps to ~10%, according to Goldman Sachs note.
• Brokerage says co. deserves premium valuation, cites transformation into Life Science pure play
• Says co. is at 10% discount vs EU pharma peers based on 2016 P/E est.
• Consensus underestimates increased balance sheet flexibility post separation, margin expansion opportunity in pharma, consumer health
• Expects “long awaited” data from mid-stage pipeline, starting with finerenone in diabetic nephropathy by early 2015
Lloyds Banking Cut to Marketperform vs Outperform: Bernstein
Oriflame Raised to Neutral vs Underperform at Credit Suisse
Hargreaves Lansdown Raised to Buy vs Hold at Jefferies; PT 1250p to 1140p (Close 1006)
Econocom PT Cut to Eu5.75 at ING; Maintained at `Hold'
Marks & Spencer Raised to Buy vs Neutral at UBS
Marks & Spencer Removed From Goldman Conviction Sell List; PT 340p to 380p (Close 444,1)
Fugro Raised to Conviction List Buy vs Neutral at Goldman; PT Eu15,5 (Close 10,08)
NLMK Raised to Buy vs Hold at Deutsche Bank; PT USD17,1 to 16,7 (Close 12,78)
Thyssenkrupp Raised to Buy vs Reduce at Nomura; PT Eu17 to 23 (Close 18,8)
Dassault Systemes Cut to Neutral at Citi, PT Eu54 (Close 50,23)
Marks & Spencer Raised to Buy vs Hold at Deutsche Bank; PT 470p to 510p (Close 444,1)
Bank of Georgia Cut to Sectorperform vs Outperform at RBC
Ica Gruppen Cut to Neutral vs Buy at Swedbank; PT Sek265 to 290 (Close 297)
Axfood Cut to Neutral vs Buy at Swedbank; PT Sek440 (Close 541,4)
Bayer Added to Goldman Sachs Conviction Buy List; Was Buy; PT Eu120 to 140 (Close 113,8)
• Separation of Bayer MaterialScience business may reduce earnings volatility, increase cash returns by 120bps to ~10%, according to Goldman Sachs note.
• Brokerage says co. deserves premium valuation, cites transformation into Life Science pure play
• Says co. is at 10% discount vs EU pharma peers based on 2016 P/E est.
• Consensus underestimates increased balance sheet flexibility post separation, margin expansion opportunity in pharma, consumer health
• Expects “long awaited” data from mid-stage pipeline, starting with finerenone in diabetic nephropathy by early 2015
Lloyds Banking Cut to Marketperform vs Outperform: Bernstein
Oriflame Raised to Neutral vs Underperform at Credit Suisse
Hargreaves Lansdown Raised to Buy vs Hold at Jefferies; PT 1250p to 1140p (Close 1006)
Econocom PT Cut to Eu5.75 at ING; Maintained at `Hold'
Marks & Spencer Raised to Buy vs Neutral at UBS
Marks & Spencer Removed From Goldman Conviction Sell List; PT 340p to 380p (Close 444,1)
Fugro Raised to Conviction List Buy vs Neutral at Goldman; PT Eu15,5 (Close 10,08)
Reitingute muudatused Euroopas:
Allianz Raised to Buy vs Hold at Deutsche Bank; PT Eu135 to 145 (Close 126,65)
• New dividend policy is “much better” than market expected
• Policy implies yield of 5.7% on current Deutsche Bank estimates with scope for another 1.7% in 2016
• Now is attractive entry point with valuation at ~9x est. 2015 earnings vs ~10x avg
• Payout ratio increase to 50% from 40% exceeds consensus of 45% for this year, rising to 50% next
• Also Allianz aims to return any unused external growth budget to shareholders every 3 years
• 2016 is first year for a potential return
• Says external growth budget is ~20% of earnings or ~EU1.2b
• If 75% of budget used, leaves 25% for returns or ~EU1b in 2016
TDC Resumed Hold at Deutsche Bank, PT Dkk52 (Close 44,78)
Nobel Biocare Raised to Neutral vs Underperform at Exane
Bulten Rated New Buy at Swedbank, PT Sek80 (Close 68,5)
Meda Cut to Buy vs Strong Buy at Swedbank
Soco International Cut to Sector Perform at RBC Capital; PT 430p to 370p (Close 330)
Playtech Cut to Neutral vs Overweight at JPMorgan; PT 680p to 615p (Close 635,5)
RSA Insurance Cut to Sell vs Hold at Canaccord; PT GBP 440 (Close 460,1)
O’key Cut to Underweight vs Neutral at HSBC; PT $8,3 to 6,4 (Close 6,2)
TNT Express Resumed Neutral at Goldman; PT Eu5,1 (Close 4,85)
Royal Mail Resumed Buy at Goldman; PT 575p (CLose 452,3)
Deutsche Post Resumed Neutral at Goldman; PT Eu25 (Close 25,29)
Bpost Resumed Buy at Goldman; PT Eu24 (Close 20,45)
Austrian Post Resumed Sell at Goldman; PT Eu37 (Close 39,74)
PostNL Resumed Conviction Buy at Goldman; PT Eu5,1 (Close 2,93)
Randstad Cut to Neutral vs Buy at Goldman; PT Eu26 to 27 (Close 35,5)
Adecco Cut to Neutral vs Buy at Goldman; PT Sfr82,5 to 73 (Close 63,6)
Michael Page Cut to Neutral vs Buy at Goldman; PT 570p to 467p (Close 397,8)
Experian Raised to Neutral vs Sell at Goldman; PT 985p to 1078p (Close 999,5)
Intertek Raised to Buy at Goldman; PT 3240p to 3440 (Close 2687p)
Snam Raised to Neutral at Goldman; PT Eu4,35 (Close 3,99)
Hikma Cut to Neutral vs Buy at Goldman; PT 2252p to 2120p (Close 1882)
Rovi Raised to Buy vs Neutral at UBS
Schroders Raised to Buy vs Neutral at UBS
Indra Raised to Neutral vs Sell at UBS
Infinis Energy Rated New Overweight at Barclays, PT 275p (Close 216,1)
Poundland Rated New Buy at Citi, PT 350p (Close 306,0)
B&m Rated New Buy at Citi, PT 310p (Close 268,25)
Swisscom Cut to Underweight at JPMorgan; PT Sfr565 to 545 (Close 563,5)
Allianz Raised to Buy vs Hold at Deutsche Bank; PT Eu135 to 145 (Close 126,65)
• New dividend policy is “much better” than market expected
• Policy implies yield of 5.7% on current Deutsche Bank estimates with scope for another 1.7% in 2016
• Now is attractive entry point with valuation at ~9x est. 2015 earnings vs ~10x avg
• Payout ratio increase to 50% from 40% exceeds consensus of 45% for this year, rising to 50% next
• Also Allianz aims to return any unused external growth budget to shareholders every 3 years
• 2016 is first year for a potential return
• Says external growth budget is ~20% of earnings or ~EU1.2b
• If 75% of budget used, leaves 25% for returns or ~EU1b in 2016
TDC Resumed Hold at Deutsche Bank, PT Dkk52 (Close 44,78)
Nobel Biocare Raised to Neutral vs Underperform at Exane
Bulten Rated New Buy at Swedbank, PT Sek80 (Close 68,5)
Meda Cut to Buy vs Strong Buy at Swedbank
Soco International Cut to Sector Perform at RBC Capital; PT 430p to 370p (Close 330)
Playtech Cut to Neutral vs Overweight at JPMorgan; PT 680p to 615p (Close 635,5)
RSA Insurance Cut to Sell vs Hold at Canaccord; PT GBP 440 (Close 460,1)
O’key Cut to Underweight vs Neutral at HSBC; PT $8,3 to 6,4 (Close 6,2)
TNT Express Resumed Neutral at Goldman; PT Eu5,1 (Close 4,85)
Royal Mail Resumed Buy at Goldman; PT 575p (CLose 452,3)
Deutsche Post Resumed Neutral at Goldman; PT Eu25 (Close 25,29)
Bpost Resumed Buy at Goldman; PT Eu24 (Close 20,45)
Austrian Post Resumed Sell at Goldman; PT Eu37 (Close 39,74)
PostNL Resumed Conviction Buy at Goldman; PT Eu5,1 (Close 2,93)
Randstad Cut to Neutral vs Buy at Goldman; PT Eu26 to 27 (Close 35,5)
Adecco Cut to Neutral vs Buy at Goldman; PT Sfr82,5 to 73 (Close 63,6)
Michael Page Cut to Neutral vs Buy at Goldman; PT 570p to 467p (Close 397,8)
Experian Raised to Neutral vs Sell at Goldman; PT 985p to 1078p (Close 999,5)
Intertek Raised to Buy at Goldman; PT 3240p to 3440 (Close 2687p)
Snam Raised to Neutral at Goldman; PT Eu4,35 (Close 3,99)
Hikma Cut to Neutral vs Buy at Goldman; PT 2252p to 2120p (Close 1882)
Rovi Raised to Buy vs Neutral at UBS
Schroders Raised to Buy vs Neutral at UBS
Indra Raised to Neutral vs Sell at UBS
Infinis Energy Rated New Overweight at Barclays, PT 275p (Close 216,1)
Poundland Rated New Buy at Citi, PT 350p (Close 306,0)
B&m Rated New Buy at Citi, PT 310p (Close 268,25)
Swisscom Cut to Underweight at JPMorgan; PT Sfr565 to 545 (Close 563,5)
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
The Container Store Group (TCS) upgraded to Buy from Underperform at BofA/Merrill
AFLAC (AFL) downgraded to Neutral from Buy at BofA/Merrill
ONE Gas (OGS) initiated with a Overweight at Morgan Stanley
Kinross Gold (KGC) upgraded to Buy from Neutral at UBS
Salix Pharma (SLXP) downgraded to Hold at Stifel
Apache target (APA) lowered to $97 at RBC Capital Mkts
The Container Store Group (TCS) upgraded to Buy from Underperform at BofA/Merrill
AFLAC (AFL) downgraded to Neutral from Buy at BofA/Merrill
ONE Gas (OGS) initiated with a Overweight at Morgan Stanley
Kinross Gold (KGC) upgraded to Buy from Neutral at UBS
Salix Pharma (SLXP) downgraded to Hold at Stifel
Apache target (APA) lowered to $97 at RBC Capital Mkts
Mõned tänased reitingute muudatused
Atlas Copco Raised to Buy vs Hold at Deutsche Bank; PT Sek240 (Close 212,7)
Alfa Laval Rated New Sell at Deutsche Bank, PR Sek130 (Close 157,0)
Euronext Raised to Overweight vs Neutral at JPMorgan on Cost-Savings Acceleration, Scope ; PT Eu21,5 to 24,5 (Close 21,8)
• Euronext upgraded to overweight from neutral on speedier cost efficiencies, potential for more savings, JPMorgan says in note.
• JPMorgan increases ests., now 5% ahead of consensus for FY 2015
• Says strong cash generation, conservative balance sheet are “attractive”
• Valuation at 11.4x 2015 EPS est. remains “undemanding”
Richemont Cut to Underperform at BofAML
Tesco Raised to Outperform vs Marketperform at Bernstein
• Tesco’s shr price suggests a rights offer is on the way, although this is becoming less likely, Bernstein says in note; raises to outperform.
• Stock price also suggests, wrongly, that co. can’t be fixed; many steps CEO Dave Lewis can take, only a few need to occur to prove “current doomsday scenarios wrong”
• Sees Tesco selling at least GBP6b in non-core assets, sees only 25% possibility of a rights issue
• Needs to cut prices, be closer to Asda (6% cheaper), cut costs to pay for lower prices, return to more normal margins
Prysmian Raised to Outperform vs Neutral at Credit Suisse
Genel Raised to Buy vs Neutral at UBS
DNO Raised to Buy vs Neutral at UBS
Zalando Rated New Buy at Goldman, PT Eu24.2 (Close 18,3)
Zalando Rated New Outperform at Credit Suisse, PT Eu23 (Close 18,3)
Zalando Rated New Buy at Citi, PT Eu22.50 (Close 18,3)
Zalando Rated New Buy at Jefferies, PT Eu21.5 (Close 18,3)
Zalando Rated New Overweight at Morgan Stanely, PT Eu21.3 (Close 18,3)
• Europe’s largest online fashion retaile. Zalando began trading only in late 2008, but we expect its revenues to exceed €2.2bn this year. It is already market leader in most of the 15 markets in which it operates and stocks more than 1,500 brands on its website
• Well placed to tap growing online penetration. Sales of apparel and footwear totaled more than €350bn in Europe last year, with only 10% of this conducted online. Ten years from now we would expect online penetration in the category to be 20-35%. We believe a handful of ‘winners’ will capture a majority of this and that Zalando is well positioned to be one of them.
• Like Amazon, Zalando has so far prioritized growth and building awareness (which is now 88% in core markets) over profitability. However, as the business scales, cost ratios are improving rapidly and the com pany has been profitable in two of its last three financial quarters. We expect the company to deliver earnings growth of 80% CAGR over the next 4 years. Trading on only 24x 2017 P/E, this is c.25% cheaper than closest peer ASOS
• A high-risk investment proposition and we see risks into near-term earnings. Zalando’s track record may be strong, but it’s not very long. Growing so quickly involves significant execution risks. Most notably, Zalando suffered a large gross margin decline last year primarily attributed to unfavourable weather patterns. The weather across much of Europe this autumn has been unusually warm, prompting a number of clothing retailers to downgrade forecasts. We are concerned that Zalando may not be immune to ths, so we would encourage investors wishing to play the log term story to wait until after the FYQ3 results on 26th November.
Zalando SE Rated New Neutral at JPMorgan; PT 21,8 (Close 18,3)
Zalando Rated New Hold at Deutsche Bank, PT Eu18,7 (Close 18,3)
Rocket Internet Initiated at Conviction List Buy at Goldman
Kinnevik Reinstated Buy at Goldman, PT Sek315 (Close 237,7)
Virbac Rated New Hold at Jefferies, PT Eu174 (Close 172,15)
Boohoo.com Rated New Buy at Citi, PT 60p (Close 47,75)
Asos Cut to Neutral vs Buy/High Risk at Citi
BP Cut to Neutral From Overweight at JPMorgan; PT 575p to 500p (Close 441,3)
Atlas Copco Raised to Buy vs Hold at Deutsche Bank; PT Sek240 (Close 212,7)
Alfa Laval Rated New Sell at Deutsche Bank, PR Sek130 (Close 157,0)
Euronext Raised to Overweight vs Neutral at JPMorgan on Cost-Savings Acceleration, Scope ; PT Eu21,5 to 24,5 (Close 21,8)
• Euronext upgraded to overweight from neutral on speedier cost efficiencies, potential for more savings, JPMorgan says in note.
• JPMorgan increases ests., now 5% ahead of consensus for FY 2015
• Says strong cash generation, conservative balance sheet are “attractive”
• Valuation at 11.4x 2015 EPS est. remains “undemanding”
Richemont Cut to Underperform at BofAML
Tesco Raised to Outperform vs Marketperform at Bernstein
• Tesco’s shr price suggests a rights offer is on the way, although this is becoming less likely, Bernstein says in note; raises to outperform.
• Stock price also suggests, wrongly, that co. can’t be fixed; many steps CEO Dave Lewis can take, only a few need to occur to prove “current doomsday scenarios wrong”
• Sees Tesco selling at least GBP6b in non-core assets, sees only 25% possibility of a rights issue
• Needs to cut prices, be closer to Asda (6% cheaper), cut costs to pay for lower prices, return to more normal margins
Prysmian Raised to Outperform vs Neutral at Credit Suisse
Genel Raised to Buy vs Neutral at UBS
DNO Raised to Buy vs Neutral at UBS
Zalando Rated New Buy at Goldman, PT Eu24.2 (Close 18,3)
Zalando Rated New Outperform at Credit Suisse, PT Eu23 (Close 18,3)
Zalando Rated New Buy at Citi, PT Eu22.50 (Close 18,3)
Zalando Rated New Buy at Jefferies, PT Eu21.5 (Close 18,3)
Zalando Rated New Overweight at Morgan Stanely, PT Eu21.3 (Close 18,3)
• Europe’s largest online fashion retaile. Zalando began trading only in late 2008, but we expect its revenues to exceed €2.2bn this year. It is already market leader in most of the 15 markets in which it operates and stocks more than 1,500 brands on its website
• Well placed to tap growing online penetration. Sales of apparel and footwear totaled more than €350bn in Europe last year, with only 10% of this conducted online. Ten years from now we would expect online penetration in the category to be 20-35%. We believe a handful of ‘winners’ will capture a majority of this and that Zalando is well positioned to be one of them.
• Like Amazon, Zalando has so far prioritized growth and building awareness (which is now 88% in core markets) over profitability. However, as the business scales, cost ratios are improving rapidly and the com pany has been profitable in two of its last three financial quarters. We expect the company to deliver earnings growth of 80% CAGR over the next 4 years. Trading on only 24x 2017 P/E, this is c.25% cheaper than closest peer ASOS
• A high-risk investment proposition and we see risks into near-term earnings. Zalando’s track record may be strong, but it’s not very long. Growing so quickly involves significant execution risks. Most notably, Zalando suffered a large gross margin decline last year primarily attributed to unfavourable weather patterns. The weather across much of Europe this autumn has been unusually warm, prompting a number of clothing retailers to downgrade forecasts. We are concerned that Zalando may not be immune to ths, so we would encourage investors wishing to play the log term story to wait until after the FYQ3 results on 26th November.
Zalando SE Rated New Neutral at JPMorgan; PT 21,8 (Close 18,3)
Zalando Rated New Hold at Deutsche Bank, PT Eu18,7 (Close 18,3)
Rocket Internet Initiated at Conviction List Buy at Goldman
Kinnevik Reinstated Buy at Goldman, PT Sek315 (Close 237,7)
Virbac Rated New Hold at Jefferies, PT Eu174 (Close 172,15)
Boohoo.com Rated New Buy at Citi, PT 60p (Close 47,75)
Asos Cut to Neutral vs Buy/High Risk at Citi
BP Cut to Neutral From Overweight at JPMorgan; PT 575p to 500p (Close 441,3)
Tänased analüüsimajade reitingumuutused ja kommentaarid USA ettevõtete kohta:
BioMarin Pharmaceutical Inc. (BMRN) upgraded to Buy from Neutral at Goldman
FireEye, Inc. (FEYE) added to Focus List at JP Morgan
AuRico Gold Inc. (AUQ) upgraded to Buy from Hold at Canaccord Genuity
Royal Dutch Shell plc (RDS.A) upgraded to Outperform from Mkt Perform at Cowen
Eaton Vance Corp (EV) downgraded to Underweight from Neutral at JP Morgan
Wipro Ltd. (WIT) downgraded to Sell at UBS
Myriad Genetics Inc ( MYGN) initiated with a Underweight at Morgan Stanley
American Eagle Outfitters, Inc. (AEO) downgraded to Equal Weight from Overweight at Barclays
Abercrombie & Fitch Co (ANF) downgraded to Neutral from Buy at Janney
ViaSat Inc. (VSAT) downgraded to Hold at Needham
General Mills, Inc. (GIS) downgraded to Sector Perform at RBC Capital Mkts
BioMarin Pharmaceutical Inc. (BMRN) upgraded to Buy from Neutral at Goldman
FireEye, Inc. (FEYE) added to Focus List at JP Morgan
AuRico Gold Inc. (AUQ) upgraded to Buy from Hold at Canaccord Genuity
Royal Dutch Shell plc (RDS.A) upgraded to Outperform from Mkt Perform at Cowen
Eaton Vance Corp (EV) downgraded to Underweight from Neutral at JP Morgan
Wipro Ltd. (WIT) downgraded to Sell at UBS
Myriad Genetics Inc ( MYGN) initiated with a Underweight at Morgan Stanley
American Eagle Outfitters, Inc. (AEO) downgraded to Equal Weight from Overweight at Barclays
Abercrombie & Fitch Co (ANF) downgraded to Neutral from Buy at Janney
ViaSat Inc. (VSAT) downgraded to Hold at Needham
General Mills, Inc. (GIS) downgraded to Sector Perform at RBC Capital Mkts