(Removes erroneous reference to valuation in Amundi bullet)
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Credit Suisse initiates and assumes the coverage of
several European asset managers and platforms, considering ESG,
inflation, interest rates, M&A and distribution
themes:
* It starts Amundi with "neutral" as it likes its
ESG
leadership and business model diversification, which is however
"offset by risks presented by a shifting distribution landscape,
fund flow headwinds, and relatively lacklustre earnings growth
momentum"
* Hargreaves Lansdown gets "outperform" as it's
"positively geared to rising rates, while "inexpensively" valued
compared to peers and its historical valuation
* Citing best asset and revenue mixes, CS initiates
Schroders
with "neutral", adding it trades at a premium P/E
multiple compared to its European peer group
** Davy Research says Auto Trader Group remains
the dominant British online used car marketplace, and starts
with "neutral"
** "Consumers love it, the techno-phobic estate agents both
love and hate it, yet through it all average revenue per
advertiser (ARPA) continues to expand, evidencing the growing
value proposition," Davy Research says, initiating Rightmove
with "outperform"
(*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 Gosciak, Joao Manuel Mauricio)