Top of the Street: Lloyds, Hammerson, SSE, Schroders, Gjensidige, Covestro
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Barclays cuts Hammerson HMSO.L to "equal-weight" from "overweight" seeing lower earnings growth and yield for the UK real estate firm than for its peers
** In a sector note, Barclays adds it sees no signs of strong recovery in real estate deals in Europe
** Jefferies downgrades SSE SSE.L to "hold" from "buy" after the British power generator and network operator's H1 trading update, saying the risk-reward on the stock is now more balanced
** Exane BNP Paribas raises UK fund manager Schroders SDR.L to "neutral" from "underperform" saying its momentum is improving, with prospects for "decent" wealth flows
** Citi downgrades Norwegian insurer Gjensidige GJFG.OL to "sell" from "neutral" saying the market's expectations for 2025 margin improvement seem too optimistic
** It also cuts German chemicals maker Covestro 1COV.DE to "neutral" from "buy" after Abu Dhabi's ADNOC said on Tuesday it would buy the firm
INITIATIONS AND REINSTATEMENTS
** Goldman Sachs initiates Lloyds LLOY.L with "neutral" and says the British bank's relative dependence on net interest income should prove an advantage going forward as long-term rates remain above 3.5%
(*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 Greta Rosen Fondahn and Amir Orusov
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