Top of the Street: Heidelberg Materials, Deutsche Telekom, Big Yellow Group, European beverages and logistics
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** HSBC downgrades Heidelberg Materials HEIG.DE to "hold" from "buy" as it expects weak pricing outlook in emerging markets and continued negative price/cost spread to lead to slow EBITDA progression
** UBS downgrades Deutsche Telekom DTEGn.DE to "neutral" from "buy" on valuation basis after the stock price reached multi-year highs
** Goldman Sachs downgrades British self-storage firm Big Yellow Group BYG.L to "neutral" following its outperformance and slightly weaker occupancy trends
** Exane notes European beverages are trading at around 14-year lows, but a more favourable macro context for staples could help the valuations
** It upgrades AB InBev ABI.BR to "outperform" from "neutral" and says it expects material share buybacks from 2025 and solid operational momentum to drive shareholder returns of 15-20%
** It upgrades Campari CPRI.MI to "outperform" from "neutral", as it expects positive inflection in both earnings and multiple
INITIATIONS AND REINSTATEMENTS
** J.P.Morgan resumes coverage of the European logistics sector "just in time for most anticipated M&A as storm clouds gather on container shipping"
** It resumes DHL DHLn.DE at "overweight", its top pick, saying the group's medium-term returns and growth prospects are undervalued by the market
** It also rates DSV DSV.CO as "overweight" and says a potential deal for Deutsche Bahn's logistics unit DB Schenker would be transformational for the Danish company
** It resumes Kuehne und Nagel KNIN.S at "underweight" saying the Swiss freight forwarder lacks "a clear organic growth or M&A strategy"
** It also re-initiates Maersk MAERSKb.CO at "underweight" based on the expectations of negative ROIC and increasing financial leverage post-2026
(*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 Tiago Brandao and Greta Rosen Fondahn
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
