Top of the Street: BMW, Volkswagen, OMV, IMCD, Barratt, Novartis
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Exane BNP Paribas cuts BMW BMWG.DE to "neutral" from "outperform" and raises Volkswagen VOWG_p.DE to "outperform" from "neutral" citing the need for strong product flow and cost action as the automotive industry faces a new deflationary era, with premium mix peaking and growth increasingly reliant on emerging markets
** UBS raises Austrian energy group OMV OMVV.VI to "buy" from "neutral," citing high distribution yield, and the end of the downgrade cycle
** Jefferies upgrades Dutch specialty chemicals maker IMCD IMCD.AS to "buy" from "hold," saying it observes better market conditions for specialty chemicals distributors, leading to a recovery in organic revenue growth and enhanced operational leverage from the second half of the year
** Jefferies cuts Swiss drugmaker Novartis NOVN.S to "hold" from "buy", citing lack of mid-term catalysts after the recent upgrade cycle
INITIATIONS AND REINSTATEMENTS
** Barclays initiates Britain's homebuilder Barratt Developments BDEV.L at "overweight" and a target price of £641 pounds ($841.06), citing a compelling value opportunity after a de-rating and potential revenue synergies
(*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.)
($1 = 0.7621 pounds)
Reporting by Anna Peverieri and Anastasiia Kozlova
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