Top of the Street: BMW, Adyen, Straumann, Wolters Kluwer, banks and telcos
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Jefferies downgrades German car manufacturer BMW BMWG.DE to "hold" from "buy" seeing its competitive advantages in EVs as widely understood now
** Morgan Stanley upgrades the Dutch payments processor Adyen ADYEN.AS to "overweight" from "equal-weight", citing confidence in its short and long-term growth
** Deutsche Bank raises French lender's Credit Agricole CAGR.PA to "buy" from "hold", confident over 2025 targets delivery, and citing its capital recently turned into a tailwind
** It also cuts Societe Generale SOGN.PA to "hold" from "buy"
** ING raises the Belgian telecom provider Proximus PROX.BR to "hold" from "sell", expecting improved wholesale rates but tougher competition
** Exane BNP Paribas cuts Sweden's telecom operator Tele2 TEL2b.ST to "neutral", citing a deterioration in fixed-line customer perceptions and noting the shares are trading close to the its PT following the Iliad stake purchase
INITIATIONS AND REINSTATEMENTS
** Goldman Sachs initiates coverage of the Swiss dental implant manufacturer Straumann STMN.S with "buy", saying its growth is underpinned by structural industry tailwinds and enhanced by the company's share gains
** ING initiates Dutch IT provider Wolters Kluwer WLSNc.AS with "buy", saying it's a high-quality company whose growth and profitability have been impressively resilient
(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.)
Reporting by Paolo Laudani and Jakub Olesiuk
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