Top of the Street: Subsea7, Nestle, Redeia, Hemnet
01/08/2025 13:29
A round-up of notable broker activity this morning from Europe's top-ranked* analysts: ** RBC cuts Norwegian offshore provider Subsea7 SUBC.OL to "sector perform" from "outperform", seeing lack of upside in near-term until the planned merger with Saipem SPMI.MI is finalised ** Jefferies raises Nestle NESN.S to "hold" from "underperform", seeing the food conglomerate's shares approaching a near-decade low ** Kepler Cheuvreux cuts Redeia REDE.MC to "hold" from "buy", as proposals regarding Electricity Transmission from regulator CNMC are disappointing in terms of the Spanish electricity grid operator's ability to capture opex and capex efficiencies INITIATIONS AND REINSTATEMENTS ** Deutsche Bank starts coverage of Swedish property advertising platform Hemnet HEM.ST with "hold" rating, citing its dominant position with revenue growth supported by vendor-paid monetisation and a consistently strong FCF generation (*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 Athina Karolidou and Elviira Luoma) ((Athina.Karolidou@thomsonreuters.com))