BUZZ-Top of the Street: Heineken, Leonardo, Ferrari, Sandoz, ACS

Reuters04-01
BUZZ-Top of the Street: Heineken, Leonardo, Ferrari, Sandoz, ACS

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:

** HSBC upgrades Dutch brewer Heineken HEIN.AS to "buy" from "hold", saying the market has priced in the risks of slowing revenue growth and expecting the upcoming CEO appointment to act as a catalyst

** Citi raises Leonardo LDOF.MI to "buy" from "neutral", seeing an upside after a recent stock price decline, with the shares down around 13% since mid-March

** Jefferies upgrades Ferrari RACE.MI to "buy" from "hold", saying confidence is improving in the Italian luxury carmaker's growth outlook and ability to steadily lift margins

INITIATIONS AND REINSTATEMENTS

** Goldman Sachs starts Sandoz SDZ.S with a "buy" rating, projecting an increase in the Swiss pharmaceutical company's profits over the next 10 years due to its non-exposure to an upcoming wave of patent right expirations

** UBS resumes coverage of ACS ACS.MC at "buy", saying the market underappreciates the medium-term growth potential at ACS's construction unit Turner and notes the value of the datacentre JV with Blackrock GIP is not fully priced in

(*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 Agnieszka Olenska and Joao Manuel Mauricio)

((JoaoManuel.VicenteMauricio@thomsonreuters.com))

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