Top of the Street: National Grid, Nestle, K+S, Publicis
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** Citigroup cuts British energy infrastructure operator National Grid NG.L to "neutral" from "buy" and says the valuation now fairly reflects its growth prospects and policy support after an around 20% re-rating in the last four months
** Citi also downgrades Nestle NESN.S to "neutral" from "buy", saying the short-term earnings downside risk is too big with little return on investments
** J.P.Morgan cuts potash and salt miner K+S SDFGn.DE to "neutral" from "overweight", saying a balanced or looser global potash market will limit the upside to potash prices in the medium term
INITIATIONS AND REINSTATEMENTS
** Citi reinstates coverage of Publicis PUBP.PA at "neutral" and says the French advertising group's deal to buy Mars United Commerce makes both strategic and financial sense
(*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 Isabel Demetz and Philippe Leroy Beaulieu
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