>>> Europe : Brokers Upgrades & Downgrades - 12th of June 2023 V2(+)

>>> Up
* Atresmedia Raised to Buy at JB Capital Markets; PT 4.70 euros (+)
* Efecte Raised to Buy at Inderes; PT 12 euros
* Everfuel Raised to Buy at SpareBank; PT 40 kroner
* Global Fashion Group Raised to Buy at HSBC; PT 1.90 euros
* ICADE Raised to Neutral at Goldman; PT 43 euros
* Kainos Raised to Buy at Stifel; PT 1,654 pence (+)
* Ocado Raised to Neutral at BNPP Exane; PT 365 pence
* Oracle Raised to Outperform at Wolfe; PT $130
* OTP Bank Raised to Overweight at Morgan Stanley
* Petrobras ADRs Raised to Overweight at JPMorgan; PT $15.50
* ProSieben Raised to Outperform at Oddo BHF (+)
* Solaria Upgraded to Outperform at RBC on Attractive Returns
* Unibail Raised to Buy at Goldman; PT 63 euros
* Western Bulk Chartering Raised to Buy at DNB Markets

>>> Down
* Amazon Cut to Neutral at Phillip Secs; PT $120
* CompuGroup Downgraded at Berenberg Following Share Price Rally
* Great Portland Cut to Sell at Goldman; PT 440 pence
* Netflix Cut to Neutral at Phillip Secs; PT $388
* NH Hotel Cut to Underperform at Oddo BHF; PT 3.80 euros
* Remedy Entertainment Cut to Reduce at Inderes; PT 25 euros (+)
* Segro Cut to Neutral at Goldman; PT 800 pence
* Symrise Cut to Hold at Deutsche Bank; PT 96 euros (+)

>>> Initiation
* Me Group Rated New Buy at Berenberg; PT 200 pence
* Neoen Rated New Neutral at Mediobanca SpA; PT 29 euros
* Scana ASA Rated New Buy at SpareBank; PT 2.50 kroner

>>> Call
* Adidas Brand Heat Improving, Bernstein Upgrades to Outperform
* Goldman Raises S&P 500 View Saying Rally to Broaden Beyond Tech
* Greek Banks Favored by Morgan Stanley in EEMEA, OTP Upgraded
* ME Group New Buy at Berenberg on Shareholder Return Potential
* Morgan Stanley’s Wilson Says US Equity Bear Market Not Over Yet (+)

>>> Stoxx 600 Pre-Market Indications

  • Ubisoft (UEN TH) +2.1%
  • Adidas (ADS TH) +1.4%
    • Adidas Brand Heat Improving, Bernstein Upgrades to Outperform
  • Yara (IU2 TH) +1.3%
  • Glencore (8GC TH) +1.2%
    • Russia Metal Boss Taps VW, Glencore on $1 Billion Mine SPAC Deal
  • Aroundtown (AT1 TH) +1.2%
  • Wacker Chemie (WCH TH) +1.2%
  • Rheinmetall (RHM TH) +1.2%
    • Rheinmetall’s Valuation Could Reach EUR17 Billion In Medium
  • BAT (BMT TH) +1%
  • Evotec SE (EVT TH) +1%
  • Symrise (SY1 TH) -1%
    • Symrise Cut to Hold at Deutsche Bank; PT 96 euros
  • Philips (PHI1 TH) -1.1%
  • Elia Group (E4S TH) -1.9%
  • CTS Eventim (EVD TH) -3.2%

>>> TradeGate Pre-Market Indications

DAX:
  • Adidas (ADS TH) +1.4%
    • Adidas Brand Heat Improving, Bernstein Upgrades to Outperform
  • Rheinmetall (RHM TH) +1.1%
  • Symrise (SY1 TH) -0.7%
    • Symrise Cut to Hold at Deutsche Bank; PT 96 euros
MDAX:
  • Aroundtown (AT1 TH) +2.5%
  • Hensoldt (HAG TH) +2%
  • CTS Eventim (EVD TH) -3%
SDAX:
  • Varta (VAR1 TH) +2.3%
  • VERBIO Vereinigte (VBK TH) +0.9%
  • SAF-Holland SE (SFQ TH) -1%
  • Kloeckner (KCO TH) -1%
  • CompuGroup (COP TH) -2.7%
    • CompuGroup Downgraded at Berenberg Following Share Price Rally

>>> What to look at today - 12th of June 2023

US and European equity futures inched higher Monday while Asian stocks were mixed as investors awaited interest rate decisions this week from the US, Europe, China and Japan. A gauge of dollar strength was steady and Treasury yields were little changed. Futures for Euro Stoxx 50 climbed 0.4% and contracts for the S&P 500 added 0.1% after the underlying index crept further into bull-market territory on Friday. Japan’s Topix index rose 0.5%, while Hong Kong’s benchmark slipped 0.1% and markets in Australia were closed for a holiday.  Concerns over growth in China remain, while technology shares have continued to climb in the US amid bets the Federal Reserve is nearing the end of its hiking cycle. Bloomberg Economics is among a minority of forecasters that see the People’s Bank of China cutting its medium-term lending facility on Thursday. Positioning in rates markets suggests one more Fed hike, with the likelihood that the move comes next month rather than this Wednesday.  Bloomberg Economics is among a minority of forecasters that see the People’s Bank of China cutting its medium-term lending facility on Thursday. Positioning in rates markets suggests one more Fed hike, with the likelihood that the move comes next month rather than this Wednesday. 

Nikkei +0.43% Hang Seng -0.19% CSI +0.29% Shanghai +0.07% Shenzen +0.67%

Eur$ 1.0744 CNH 7.1490 CNY 7.1390 JPY 139.47 GBP 1.2573 CHF 0.9043 RUB 82.6943 TRY 23.6140 WTI$ 69.30 -1.24% Golds 1,959 -0.10% BTC 25,817 -1.22% ETH 1,740 -1.72%

S&P +0.14% Nasdaq +0.24% EuroStoxx +0.44% FTSE +0.43% Dax +0.40% SMI +0.39%

Macro :
- ‘Decade of Emerging Markets’ May Be About to Regain Traction
- Goldman Raises S&P 500 View Saying Rally to Broaden Beyond Tech
- Odey Sacked From His Hedge Fund Firm After Assault Allegations
- Hedge Funds Pile Into Bullish Oil Wagers Amid Saudi Surprise
- BofA Says Stock Bull-Market Means More Gains 92% of the Time
- Germany May Issue Guarantees for LNG Shipments From US: Spiegel
- Italy’s Serie A Weighs Media Rights Sale to Private Equity: FT
- Qatar’s Top Dealmakers Get Ready for a Spending Power Boost
- NATO’s Biggest Air Drill to Fill German Skies With Fighter Jets

Keep an eye on :
- AC FP : Goldentree Eyes Sale of UK Budget Hotel Chain for £1.2b: Times
- ANTIN FP : Antin Offers to Buy Opdenergy for €5.85/Share Cash
- AO/ LN : Sky News: Ashley seizes on Odey crisis to snap up £75m AO stake https://t.co/BXCjU5Fp2b
- BIIB US : Eisai, Biogen Get FDA Advisers’ Support for Alzheimer’s Drug
- CO FP : Auchan Owners Mull Fresh Attempt at Casino Merger: Figaro
- ERYP FP : Erytech Says Akkadian Challenge Based on Incomplete Information
- CSGN SW : Lex Greensill Faces Swiss Criminal Case on Greensill Capital: FT
- GLEN LN : Russia Metal Boss Taps VW, Glencore on $1 Billion Mine SPAC Deal
- GLEN LN : Glencore Approached Teck About Buying Coal Assets, WSJ Reports
- GLEN LN : Crop Trader Bunge Is Said to Near Deal to Buy Glencore’s Viterra
- GRG LN : The boss of Greggs has said the bakery chain is on track with plans to open 150 new shops across the UK
- IBE SM : Iberdrola Completes Agreement to Sell Mexico Assets for $6b
- IDR SM : *INDRA HIRES ADVISERS FOR ITP AERO STAKE ACQUISITION: EXPANSION
- INTC US : German Finance Minister Opposes Extra Funds for Intel Plant: FT
- BAER SM : Julius Baer Hires Ex-UBS Banker Wong as Team Head of SE Asia
- NOVN SW : Novartis to Buy Chinook for $40/Share in Cash, for £3.5 Billion
- NOVOB DC : Novo Plans $2.3 Billion Manufacturing Expansion in Denmark
- SCYR SM : Sacyr Reaches Agreement to Sell Valoriza Servicios for ~€425m
- SESGFP : SES CEO Steve Collar to Step Down
- SRG IM : Snam Selects Advisors for Edison’s Gas Storage Assets Sale: Rtrs
- SHEL LN : Shell CEO Takes U.K. Oil Giant's Pitch Direct to Wall Street -- WSJ
- STMPA FP : STMicro, GlobalFoundries Eye Newport Wafer Fab, Telegraph Says
- TIT IM : Telecom Italia Gets Two New Offers for Landline Network
- TEL NO : Telenor Says Court Rules Mainly in Favor of Firm in Tax Case
- UBSG SW : UBS Announces Completion of Credit Suisse Takeover in NZZ
- UBSG SW : UBS to Impose Risk Limits on CS With Deal Set to Close, FT Says
- UN01 GY : Uniper to Develop Syngas Power Plant in the Netherlands
- UPONOR FH : Georg Fischer Offers to Buy Uponor for EU28.85 per Share
- VIV FP : Vivendi Wins Conditional EU Approval for Lagardere Deal
- VOW GY : Russia Metal Boss Taps VW, Glencore on $1 Billion Mine SPAC Deal
- VOW GY : VW Planning Largest Reorganization ‘in Decades’: Handelsblatt
- YNDX US : Reuters - Russia's VTB may pull out of running for Yandex stake, CEO says - https://bit.ly/3oUzmxZ

>>> Europe : Brokers Upgrades & Downgrades - 12th of June 2023

>>> Up
* Amazon Cut to Neutral at Phillip Secs; PT $120
* Efecte Raised to Buy at Inderes; PT 12 euros
* Everfuel Raised to Buy at SpareBank; PT 40 kroner
* Global Fashion Group Raised to Buy at HSBC; PT 1.90 euros
* ICADE Raised to Neutral at Goldman; PT 43 euros
* Netflix Cut to Neutral at Phillip Secs; PT $388
* Ocado Raised to Neutral at BNPP Exane; PT 365 pence
* Oracle Raised to Outperform at Wolfe; PT $130
* OTP Bank Raised to Overweight at Morgan Stanley
* Petrobras ADRs Raised to Overweight at JPMorgan; PT $15.50
* Solaria Upgraded to Outperform at RBC on Attractive Returns
* Unibail Raised to Buy at Goldman; PT 63 euros
* Western Bulk Chartering Raised to Buy at DNB Markets

>>> Down
* CompuGroup Downgraded at Berenberg Following Share Price Rally
* Great Portland Cut to Sell at Goldman; PT 440 pence
* NH Hotel Cut to Underperform at Oddo BHF; PT 3.80 euros
* Segro Cut to Neutral at Goldman; PT 800 pence

>>> Initiation
* Me Group Rated New Buy at Berenberg; PT 200 pence
* Neoen Rated New Neutral at Mediobanca SpA; PT 29 euros
* Scana ASA Rated New Buy at SpareBank; PT 2.50 kroner

>>> Call
* Adidas Brand Heat Improving, Bernstein Upgrades to Outperform
* Goldman Raises S&P 500 View Saying Rally to Broaden Beyond Tech
* Greek Banks Favored by Morgan Stanley in EEMEA, OTP Upgraded
* ME Group New Buy at Berenberg on Shareholder Return Potential

TechCrunch : Here are the most richly valued startup types in today’s early-stag

Here are the most richly valued startup types in today’s early-stage venture market

If you want to score the largest possible early-stage valuation, what should your startup focus on? New data makes it clear that the seed and Series A markets are hardly equal when it comes to what venture capitalists are willing to pay for one category of startup over another.

Don’t worry, the answer here is not just “build an AI startup,” even if that does appear to be pretty solid advice for avoiding a down round.

Data shared by Carta when we interviewed the company’s CEO on the Equity podcast earlier this week provides a simple and clear stratification of early-stage valuations and fundraising sizing. Let’s start with seed data: