There are several shifts in broker activity this morning.
Considered noteworthy among them, Goldman Sachs downgrades Equinor to ‘sell’ from ‘neutral’, attributing it to the recent strong share price performance.
Likewise, a rating downgrade has been assigned to Galp Energia, moving from ‘buy’ to ‘neutral’.
Exane BNP Paribas, on the other hand, promotes investment management firm Man Group to ‘outperform’ from ‘neutral’.
Oddo modifies Phoenix Group’s status to ‘neutral’ from ‘outperform’, and also Hannover Re is cut to ‘underweight’ from ‘neutral’.
UBS boosts mining and metals firm Rio Tinto to ‘neutral’ from ‘sell’ banking on low inventories and estimated steady iron ore prices, as well as Voestalpine which is deemed fairly valued now.
New entrants include Dutch payment services provider Adyen (ASX:ADYEN) which has been given a ‘market perform’ initiation rating by TD Cowen.
They note potential for long-term gains but caution about impending margin pressures in H2.
Barclays is launching coverage with an ‘underweight’ designation for Atlas Copco as they predict flat or declining 2024 orders and EPS momentum, and potential valuation downgrades.
Morgan Stanley initiates the Swedish SaaS company, Fortnox, with ‘underweight’ due to dubious long-term growth durability.
Lastly, VAT Group commences with an ‘underweight’ from Barclays due to an unfavorable risk/reward scenario.
Adyen (ASX:ADYEN) is a Dutch payment services provider which is anticipated to profit from long-lasting trends.