Research Calls
- Upgrades:
- Customers Bancorp (CUBI) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $80
- Fortinet (FTNT) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $395
- Hoegh LNG Partners (HMLP) upgraded to Buy from Hold at Stifel; tgt raised to $9.50
- SiteOne Landscape Supply (SITE) upgraded to Neutral from Sell at UBS; tgt lowered to $165
- Downgrades:
- Aveanna (AVAH) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $5.50
- Barclays PLC (BCS) downgraded to Neutral from Overweight at JP Morgan
- Black Diamond Therapeutics (BDTX) downgraded to Neutral from Outperform at Wedbush
- Bright Health Group (BHG) downgraded to Neutral from Overweight at JP Morgan
- CVS Health (CVS) downgraded to Hold from Buy at Deutsche Bank; tgt $110
- Etsy (ETSY) downgraded to Hold from Buy at Loop Capital; tgt lowered to $140
- NeoGenomics (NEO) downgraded to Equal-Weight from Overweight at Stephens; tgt lowered to $16
- NeoGenomics (NEO) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $18
- NortonLifeLock (NLOK) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $28
- Pinterest (PINS) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $30
- RBB Bancorp (RBB) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $25.50
- Reynolds Consumer Products (REYN) downgraded to Sell from Buy at Goldman; tgt lowered to $26
- SentinelOne (S) downgraded to Equal Weight from Overweight at Barclays; tgt $37
- The RealReal (REAL) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $8
- Trean Insurance Group (TIG) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $6
- View (VIEW) downgraded to Mkt Perform from Outperform at Raymond Jame
- Others:
- ANSYS (ANSS) initiated with a Neutral at Mizuho; tgt $310
- Beachbody (BODY) initiated with a Neutral at BofA Securities; tgt $2.40
- Bright Horizons (BFAM) initiated with a Hold at Deutsche Bank; tgt $114
- Community Health (CYH) initiated with an Equal Weight at Wells Fargo; tgt $12
- Customers Bancorp (CUBI) initiated with an Equal-Weight at Stephens; tgt $62.50
- Enviva (EVA) initiated with a Buy at Truist; tgt $100
- HCA (HCA) initiated with an Equal Weight at Wells Fargo; tgt $267
- Lamar Advertising (LAMR) initiated with a Peer Perform at Wolfe Research; tgt $131
- Luminar Technologies (LAZR) initiated with a Neutral at SMBC Nikko; tgt $16
- Nemaura Medical (NMRD) initiated with a Buy at H.C. Wainwright; tgt $12
- Nextdoor (KIND) initiated with a Hold at Truist; tgt $7
- OUTFRONT Media (OUT) initiated with an Outperform at Wolfe Research; tgt $34
- Paycor (PYCR) initiated with a Neutral at DA Davidson; tgt $29
- Peoples Financial Services (PFIS) initiated with an Overweight at Stephens; tgt $57
- Procore Technologies (PCOR) initiated with a Buy at Mizuho; tgt $75
- Provident Bancorp (PVBC) initiated with an Overweight at Stephens; tgt $20
- QuantumScape Corporation (QS) initiated with a Neutral at SMBC Nikko; tgt $20
- Tenet Healthcare (THC) initiated with an Overweight at Wells Fargo; tgt $100
- Universal Health (UHS) initiated with an Underweight at Wells Fargo; tgt $139
- Wolfspeed (WOLF) initiated with an Outperform at SMBC Nikko; tgt $140
Suez seeks to take over its IWS nugget from Veolia
After getting its hands on the IWS subsidiary during its takeover bid for Suez, Veolia must put this hazardous waste treatment activity back on sale under pressure from Brussels. The "new Suez" is now seeking to recover this lucrative asset, but will have to fight against four other candidates.
Three months after the finalization of Veolia's takeover bid for Suez, the situation may seem surreal. The new Suez seeks to recover a piece of one of its own subsidiaries, IWS (Industrial Waste Specialties), from the group led by Antoine Frérot. This entity specializing in the treatment of hazardous waste has however become the property of Veolia since January. The group was keen to absorb and keep this subsidiary entirely because of its high intrinsic profitability.
Brussels imposes the sale of IWS France
But the European Commission has put a grain of sand in the plans of the French water and waste management giant. In exchange for the green light granted in mid-December to the takeover bid on Suez, Brussels demanded that Veolia separate from the French part of IWS. Objective: to prevent the group, which already owns five of the thirteen French sites dedicated to this hazardous waste, from occupying a hegemonic position. By retaining IWS, Veolia would have owned twelve of the thirteen treatment sites dedicated to this type of waste in France.
As a result of this stopover in Brussels, IWS France finds itself today in a kind of no man's land. The subsidiary is managed by independent management, distinct from those of Veolia and Suez, and placed under the control of a "monitoring trustee", an agent appointed by the European Commission. This temporary situation will not end until the sale is finalized.
Responsible for the operation, Veolia recently launched the process by giving a mandate to the investment bank Morgan Stanley. The new Suez led by Sabrina Soussan is therefore not certain of being able to get its hands on this former asset, which its predecessor Bertrand Camus had let go without reacting. Because it is not an over-the-counter process, but a call for competition, the interest for Veolia being to raise the stakes. This part of IWS put up for sale would be valued at around 600 million euros.
Four other candidates in the running
But this subsidiary whets the appetites. In addition to the former parent company, four other candidates would be in the running. In the French industrial camp, there are two other groups on the lookout, Paprec and Séché environnement. Among the Europeans, the Spanish Urbaser environnement and the German Remondis are also looking at the file.
If all seem equal on the starting line, the state of forces varies from one candidate to another. Listed on the stock exchange, the Séché group, which already has a site dedicated to hazardous waste, might be forced to abandon certain niches in the treatment of waste. The ambitious Paprec could meanwhile be handicapped by its current debt. For its part, Urbaser environnement, absorbed in 2021 by the American investment fund Platinum Equity, comes with comfortable cash to invest. Its new shareholder wants to make France - where it achieves 250 million euros in turnover - one of its strategic targets to increase its business.
As for Remondis, the IWS opportunity would allow its shareholder, the Rethmann group, to take a little revenge in the Suez case. Also financially sound, the German industrialist had officially applied to take at least 20% of the capital of the new Suez. But the industrial and political players in the file preferred the American investment fund Global Infrastructures Partners (GIP), which owns 40% of the operator.
Finally, Suez keeps all its chances, provided it can further increase its debt. Operationally, the possible return of its former subsidiary under its flag would provide industrial and managerial continuity.
Suez cherche à reprendre sa pépite IWS à Veolia
Après avoir mis la main sur la filiale IWS lors de son OPA sur Suez, Veolia doit remettre en vente cette activité de traitement des déchets dangereux sous la pression de Bruxelles. Le "nouveau Suez" cherche aujourd'hui à récupérer cet actif lucratif, mais va devoir batailler contre quatre autres candidats.
Trois mois après la finalisation de l'OPA de Veolia sur Suez, la situation peut paraître surréaliste. Le nouveau Suez cherche à récupérer un morceau d'une de ses propres filiales, IWS (Industrial Waste Specialties), auprès du groupe dirigé par Antoine Frérot. Cette entité spécialisée dans le traitement de déchets dangereux est pourtant devenue propriété de Veolia depuis janvier. Le groupe tenait justement à absorber et conserver entièrement cette filiale en raison de sa rentabilité intrinsèque élevée.
Bruxelles impose la cession d'IWS France
Mais la Commission européenne a mis un grain de sable dans les plans du géant français de la gestion de l'eau et des déchets. En échange du feu vert accordé mi-décembre à l'OPA sur Suez, Bruxelles a exigé que Veolia se sépare de la partie française d'IWS. Objectif : éviter que le groupe, qui détient déjà cinq des treize sites français dédiés à ces déchets dangereux, n'occupe une position hégémonique. En conservant IWS, Veolia aurait possédé douze des treize sites de traitement dédiés à ce type de déchets en France.
Conséquence de ce stop bruxellois, IWS France se retrouve aujourd'hui dans une sorte de no man's land. La filiale est gérée par un management autonome, distinct de ceux de Veolia et de Suez, et placée sous le contrôle d'un "monitoring trustee", un mandataire désigné par la Commission européenne. Cette situation provisoire ne s'achèvera qu'une fois la vente finalisée.
Responsable de l'opération, Veolia a lancé récemment le processus en confiant un mandat à la banque d'affaires Morgan Stanley. Le nouveau Suez dirigé par Sabrina Soussan n'est donc pas certain de pouvoir remettre la main sur cet ancien actif, que son prédécesseur Bertrand Camus avait laissé partir sans réagir. Car il ne s'agit pas d'un processus de gré à gré, mais bien d'une mise en concurrence, l'intérêt pour Veolia étant de faire monter les enchères. Cette partie d'IWS mise en vente serait valorisée autour de 600 millions d'euros.
Quatre autres candidats sur les rangs
Or cette filiale aiguise les appétits. En plus de l'ancienne maison mère, quatre autres candidats seraient sur les rangs. Dans le camp industriel français, on trouve deux autres groupes à l'affût, Paprec et Séché environnement. Chez les Européens, l'espagnol Urbaser environnement et l'allemand Remondis regardent aussi le dossier.
Si tous paraissent à égalité sur la ligne de départ, l'état des forces varie d'un candidat à l'autre. Coté en Bourse, le groupe Séché, qui dispose déjà d'un site dédié aux déchets dangereux, serait peut-être contraint d'abandonner certaines niches dans le traitement des déchets. L'ambitieux Paprec pourrait quant à lui être handicapé par son endettement actuel. De son côté, Urbaser environnement, absorbé en 2021 par le fonds d'investissement américain Platinum Equity, se présente nanti de confortables liquidités à investir. Son nouvel actionnaire veut faire de la France - où il réalise 250 millions d'euros de chiffre d'affaires - une de ses cibles stratégiques pour accroître ses affaires.
Quant à Remondis, l'opportunité IWS permettrait à son actionnaire, le groupe Rethmann, de prendre une petite revanche dans le dossier Suez. Egalement solide financièrement, l'industriel allemand avait fait officiellement acte de candidature pour prendre au moins 20 % du capital du nouveau Suez. Mais les acteurs industriels et politiques du dossier lui ont préféré le fonds d'investissement américain Global Infrastructures Partners (GIP), qui détient 40 % de l'opérateur.
Enfin, Suez garde toutes ses chances, à condition de pouvoir encore accroître son endettement. Sur le plan opérationnel, le possible retour de son ex-filiale sous son pavillon offrirait une continuité industrielle et managériale.
The rise and fall of Londongrad
The era of Russian money in London is over. Other rich foreigners will fill the gap
Wearing nothing but a pair of shorts and a felt cap on his head, the thickset man lifts two bunches of oak, birch and eucalyptus leaves above his head. After wafting a wall of hot air across the 90-degree-Celsius sauna, he rhythmically pounds the prostrate body before him. Sweat and steam bounce upwards with each stroke. After ten minutes of thudding, and a strong sensation that his own skeleton is overheating, the dazed victim is led outside, where a bucket of water is upended over his head. A near-freezing plunge pool is the next destination. Shivering slightly, the recipient is dried and propped up in a stupor against a tree stump. A banya, or Russian bathhouse, is not for the faint-hearted. But there are few better locations in which to contemplate the rise and fall of Londongrad.
Along with Moscow-on-Thames, Londongrad is a well-merited nickname for the British capital, which has been a hub for Russian money since the fall of the Soviet Union. Although London’s East End played host to a few Russian bathhouses in the 19th and early 20th centuries, it is in recent years that swanky versions have proliferated throughout the city. Likewise, London has long played host to Russian dissidents, émigrés and expatriates; Lenin and Trotsky would hang out in the British Museum. But it was only in the 1990s that Londongrad began to emerge, featuring newly minted billionaires and a gaggle of flunkeys to serve them.
The rise of Londongrad was planned. British governments of all stripes opened the country to Russian capital. In 1994, under John Major, the Conservatives introduced a “golden visa” scheme that handed residency rights to anyone who invested £1m ($1.3m). Tony Blair’s Labour government carried it on with enthusiasm. Ken Livingstone, London’s leftist mayor from 2000 to 2008, said he wanted “Russian companies to regard London as their natural base in Europe”. Boris Johnson, Mr Livingstone’s successor, was good pals with Evgeny Lebedev, proprietor of the Evening Standard, son of a former kgb agent and billionaire. Mr Johnson, now prime minister, made the Anglo-Russian a peer in 2020.
For those arriving from Vladimir Putin’s Russia, London offered safety, security and secrecy. Britain has accommodating laws on tax, libel and property, enforced by an efficient, if expensive, court system—which is, moreover, accommodating in the matter of injunctions. Extradition to Russia, with its corrupt judiciary, is a no-no in the eyes of English judges. On top of this, the private schools are good and so is the shopping. London is an “everything haven”, in the description of Oliver Bullough, author of a forthcoming book, “Butler to the World: How Britain Became the Servant of Tycoons, Tax Dodgers, Kleptocrats and Criminals”. Discretion is key. It follows the rule above a banya’s door: “Please keep conversation to a minimum.”
Britain’s new butler class is happy with its role. A public-relations firm can earn a £100,000-a-month retainer by providing an oligarch with pinkie-ring-toting smooth-talkers to fob off questions. Former politicians can earn six-figure salaries sitting on a board, which beats the £323 per diem offered by the House of Lords. Their reputation for big tips makes Russian oligarchs welcome in any restaurant’s private room. Lawyers love them, too. In “Londongrad: From Russia with Cash; The Inside Story of the Oligarchs”, by Mark Hollingsworth and Stuart Lansley, one rich arriviste declares: “What you need to know about me is that I love litigation more than I like sex!” At £1,000 an hour, so do lawyers.
Now, however, the money is too hot. Russia’s invasion of Ukraine has led to sanctions on a host of Russian businesses, some with links to Britain. Moves against some oligarchs based in Britain are expected to follow. Unexplained wealth orders, whereby people with suspicious quantities of cash are meant to show how they earned it, and face forfeit if they cannot, will be more tightly enforced. Golden visas will be scrapped. Potential transparency reforms mean that the ultimate beneficiaries of “Matryoshka doll” shell companies must be revealed. Money was stored in London to keep it both hidden and free from the clutches of the Russian state; having it made public and squeezed by the British one defies the point of moving it. When things become too hot in the banya, a jump into the plunge pool is required. It can be painful.
As anyone who has been on the business end of a leaf-beating can attest, temperature swings can cause a wave of euphoria. But it is often brief. Anyone expecting Britain to clean up its act post-Londongrad is mistaken. Lack of enforcement rather than lack of rules explains Britain’s lax attitude to funny money. Its government spends a little under £1bn annually on solving financial crime, but money-laundering costs its economy about 100 times that. Badly paid lawyers and investigators working on behalf of the government are steam-rolled by opponents who earn ten times as much. The purpose of a system is what it does. It was not a series of unfortunate events that shaped London into the go-to destination for those who earned their cash in, to put it politely, unorthodox ways. It was, and remains, the business model.
When dodgy Russian money evaporates, dodgy money from other sources will replace it. Russia is hardly the only country blessed by resources but cursed by its elites. Nigerian and Azeri cash sloshes around the City of London. Russia is merely the current pariah, not the only one. Saudi Arabia’s habit of chopping up journalists and blowing up its neighbours makes it an awkward ally. But the British state has few qualms about letting it buy prized assets (and even unprized ones, such as Newcastle United). Russians made up a fifth of the golden visas dished out since 2008; Chinese citizens accounted for a third. What happens if China invades Taiwan? Expect the same wrenching process, except with Chinese rather than Russian wealth sieved out of the system. Londongrad has fallen. Another moniker will replace it. But the banyas will remain
>>> Up
* Admiral Raised to Overweight at Barclays; PT 3,050 pence
* Anglo American Raised to Buy at Liberum; PT 3,830 pence (+)
* Bankinter Raised to Equal-Weight at Barclays; PT 5.50 euros
* BHP Raised to Hold at Liberum; PT 2,410 pence (+)
* Bunzl Raised to Buy at Stifel; PT 3,250 pence (+)
* Delivery Hero Raised to Neutral at Exane; PT 45 euros
* Delivery Hero Raised to Neutral at Exane; PT 45 euros
* Endeavour Mining Raised to Hold at Liberum; PT 1,547 pence (+)
* Euromoney Raised to Buy at Investec; PT 1,250 pence (+)
* HelloFresh Raised to Outperform at Exane; PT 48 euros
* Jungheinrich Raised to Buy at Hauck & Aufhaeuser; PT 32 euros (+)
* Just Eat Takeaway Raised to Outperform at Exane; PT 40 euros
* Kamux Raised to Buy at Handelsbanken
* Munich Re Raised to Buy at SocGen; PT 275 euros (+)
* Rio Tinto Raised to Hold at Liberum; PT 5,650 pence (+)
* Tullow Raised to Buy at Peel Hunt; PT 80 pence
* Valmet Raised to Buy at SEB Equities; PT 38 euros
* Virgin Money UK Raised to Neutral at JPMorgan (+)
>>> Down
* Direct Line Cut to Equal-Weight at Barclays; PT 323 pence
>>> Down
* Direct Line Cut to Equal-Weight at Barclays; PT 323 pence
* Hapag-Lloyd Cut to Hold at Deutsche Bank; PT 305 euros
* Kuehne + Nagel Cut to Hold at Deutsche Bank; PT 300 Swiss francs
* Maersk Cut to Hold at Deutsche Bank; PT 22,500 kroner
* Royal Mail Cut to Sell at Deutsche Bank; PT 275 pence
>>> Initiation
>>> Initiation
* Alan Allman Associates Rated New Neutral at Oddo BHF
* AstraZeneca Rated New Buy at Goodbody; PT 11,250 pence
* AstraZeneca Rated New Buy at Goodbody; PT 11,250 pence
* GSK Rated New Buy at Goodbody; PT 1,950 pence
* J. Martins Rated New Neutral at Oddo BHF; PT 21.70 euros
* QuantumScape Rated New Neutral at SMBC Nikko; PT $20
* Technoprobe Rated New Outperform at Mediobanca SpA (+)
>>> Call
>>> Call
* Anglo American, BHP and Rio Tinto All Upgraded at Liberum (+)
* Barclays Constructive on Spanish Banks, Bankinter Upgraded (+)
* Bernstein Sees ‘Plenty of Positives’ for Sodexo Ahead of Results (+)
* Nordex Guidance a Beat, Jefferies Says; Watch Wind Peers (+)
* Tullow Raised to Buy at Peel After Attractive Occidental Deal (+)
* Tullow Raised to Buy at Peel After Attractive Occidental Deal (+)
Environmental Groups Pressure Bitcoin Community to Lower Energy Use
Consortium launches effort advocating changes to the cryptocurrency’s code
A consortium of environmental groups launched a campaign on Monday seeking to change bitcoin’s code to decrease its energy use, which has grown substantially in the past few years.
Bitcoin is popular among some investors, but its energy use has riled environmental groups, alarmed some lawmakers, and put the cryptocurrency at odds with a green movement that has some supporters on Wall Street. The new campaign aims to persuade people involved with the cryptocurrency, from mining companies to investors to software developers, that a change is better for the environment and bitcoin’s reputation and support.
Greenpeace USA, Environmental Working Group and others will run ads in media outlets such as the New York Times, Politico and The Wall Street Journal highlighting bitcoin’s environmental impact and advocating for change. The campaign is funded by Ripple co-founder Chris Larsen, who isn’t representing the cryptocurrency firm in this endeavor. Mr. Larsen said he provided $5 million.
Some of the ads are aimed at prominent bitcoin backers, such as Tesla Inc. Chief Executive Elon Musk, Block Inc. founder Jack Dorsey and Fidelity Investments Chief Executive Abby Johnson.
The campaign isn’t anti-bitcoin, said Michael Brune, the former executive director of the Sierra Club who is advising the campaign. Rather, he said, it argues that climate change has reached a critical point, and bitcoin, the most valuable cryptocurrency in terms of market capitalization, is contributing too much to global warming.
“It’s important for anyone in a position to act, to act,” he said. “You can’t ignore that we are in a climate emergency.”
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The goal is to persuade bitcoin’s community of investors and backers to change the network’s code, removing the “proof of work” mechanism that requires bitcoin “miners” to expend a certain amount of energy while processing transactions to earn rewards in newly created bitcoin. The change could drastically reduce bitcoin’s energy use, Mr. Brune said.
Bitcoin’s energy usage is a defense mechanism designed to protect the network. Because it is an open-source project, anybody can run the bitcoin software. But the network requires miners to expend vast amounts of computing power to make it prohibitively expensive for somebody to take over the network, which could allow them to create counterfeit bitcoins or erase transactions.
The Cambridge Centre for Alternative Finance estimates that the bitcoin network uses slightly more energy a year, 134.9 terawatt hours, than Norway, at 124.3 terawatt hours. The research institute said, however, that bitcoin uses less energy than is lost in the U.S. during electricity transmission.
Some bitcoin miners have addressed the issue by using more renewable energy sources to power their computers, but Messrs. Brune and Larsen think that isn’t enough.
Bitcoin’s environmental effects have been an issue for years, but the people in control of it have rejected the kinds of changes being proposed. Moreover, because bitcoin isn’t owned by a company, changing the code requires nearly all of the parties involved in its maintenance—something on the order of 90% or more—to agree on a change.
The Ethereum network also uses proof of work, but is changing to a model called proof of stake, which essentially swaps energy for cryptocurrency. That change, the implementation of which has been delayed several times for technical reasons, is expected to reduce Ethereum’s electricity usage by 99%. The campaign is hoping to effect a similar switch for bitcoin.
Antitrust Bill Targeting Amazon, Google, Apple Gets Support From DOJ
The Justice Department told lawmakers in a letter that the rise of dominant platforms presents a threat to open markets and competition
WASHINGTON—The Justice Department Monday endorsed legislation forbidding large digital platforms such as Amazon and Google from favoring their own products and services over competitors’, marking the Biden administration’s first full-throated support of the antitrust measure.
“The Department views the rise of dominant platforms as presenting a threat to open markets and competition, with risks for consumers, businesses, innovation, resiliency, global competitiveness, and our democracy,” says a letter to bipartisan leaders of the Senate Judiciary Committee, signed by Peter Hyun, the Justice Department’s acting assistant attorney general for legislative affairs.
The letter, obtained by The Wall Street Journal, expresses support for the American Innovation and Choice Online Act, which the Senate’s judiciary panel approved in January in a bipartisan vote, as well as similar legislation moving through the House.
Amazon.com Inc., Alphabet Inc.’s Google, Apple Inc. and others oppose the proposed legislation, saying it would make it harder to offer popular services. The bills’ opponents also say it is fair for e-marketplaces, search engines and app stores to profit off their creations’ popularity.
The department’s letter throws its weight behind a different view: that the platforms’ dominant position gives them unchecked power to influence the fate of other businesses, and that restricting the platforms’ conduct would carry significant benefits.
“Discriminatory conduct by dominant platforms can sap the rewards from other innovators and entrepreneurs, reducing the incentives for entrepreneurship and innovation,” the letter says. “Even more importantly, the legislation may support the growth of new tech businesses adjacent to the platforms, which may ultimately pose a critically needed competitive check to the covered platforms themselves.”
The bills supplement existing antitrust laws by clarifying what kinds of conduct Congress views as anticompetitive and illegal, the letter adds, noting that “doing so would enhance the ability of the DOJ and [the Federal Trade Commission] to challenge that conduct.”
The Biden administration’s support boosts the prospects for passing the legislation, which has cleared key committees in the House and Senate.
But it still hasn’t received a vote on the floor of either chamber, and it faces industry resistance as well as skepticism on both sides of the aisle. Some conservatives are wary of expanding the government’s power to police digital markets, while some Democrats, particularly from California, say the legislation unfairly targets a handful of large companies.
At the January committee vote, a number of senators who voted “yes” said they still wanted to see changes to the bill before supporting it on the Senate floor. The legislation’s backers, including Sens. Amy Klobuchar (D., Minn.) and Chuck Grassley (R., Iowa), are in talks with their colleagues to craft a version of the bill that can pass.
DAX:
- HelloFresh (HFG TH) +2.7%
- HelloFresh Raised to Outperform at Exane; PT 48 euros
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- Delivery Hero Raised to Neutral at Exane; PT 45 euros
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- QuantumScape Jumps as Electrek Highlights Potential Porsche Deal
MDAX:
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- Commerzbank (CBK TH) +1.3%
- ProSieben (PSM TH) +1%
- Aroundtown (AT1 TH) +0.5%
- Aroundtown Sees 2022 FFO I EU350M to EU375M
SDAX:
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- Nordex 2022 Revenue Forecast Beats Estimates
- About You (YOU TH) +3.1%
- CORRECT: About You Prelim 4Q Adjusted Ebitda Loss EU4M to EU15M
- Synlab (SYAB TH) +3.1%
- Wacker Neuson (WAC TH) +2.6%
- Wacker Neuson FY Sales Meets Estimates
- flatexDEGIRO (FTK TH) +2.4%
- Dermapharm (DMP TH) -0.6%
- Dermapharm Sees 2022 Revenue Up 10% to 13% Versus Prior Year
- Encavis (ECV TH) -0.7%
- Nibe (NJB TH) +3.1%
- Raiffeisen (RAW TH) +2.7%
- HelloFresh (HFG TH) +2.7%
- HelloFresh Raised to Outperform at Exane; PT 48 euros
- Persimmon (OHP TH) +2.6%
- Rolls-Royce (RRU TH) +2.5%
- Vodafone (VODI TH) +2.2%
- Maersk (DP4B TH) +2.2%
- Maersk Cut to Hold at Deutsche Bank; PT 22,500 kroner
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- Prosus (1TY TH) +1.9%
- K+S (SDF TH) -0.6%
- Sanofi (SNW TH) -1.1%
- Sanofi, IGM Form Research Pact Potentially Worth $6 Billion
- Barclays (BCY TH) -3.3%
- Barclays Holder Offers $1 Billion Block at Discount Up to 8%