>>> Europe : Brokers Upgrades & Downgrades - 23rd of April 2021 V2(*)

>>> Up
* Aker BP Raised to Buy at Norne Securities; PT 260 kroner (+)
* Bankinter Raised to Buy at Bestinver; PT 1.65 euros
* Clarkson Raised to Overweight at JPMorgan; PT 3,428 pence
* CNH Industrial Raised to Add at AlphaValue (+)
* Danske Bank Raised to Equal-Weight at Morgan Stanley
* Electronic Arts Raised to Buy at Jefferies
* E.On Raised to Buy at Citi; PT 12 euros
* Harbour Energy PLC Raised to Buy at Investec; PT 24 pence (+)
* Hermes International Raised to Buy at SocGen; PT 1,222 euros
* Holand og Setskog Sparebank Raised to Buy at Norne Securities
* Lundbeck Raised to Buy at SEB Equities; PT 240 kroner (+)
* Melhus Sparebank Raised to Buy at Norne Securities
* Moncler Raised to Buy at Banca Akros (ESN) (+)
* SAP Raised to Buy at Bankhaus Metzler; PT 146 euros (+)
* SEB Raised to Buy at SocGen; PT 169 euros (+)
* Tod's Raised to Hold at Stifel; PT 35 euros
* Veolia Raised to Overweight at Barclays; PT 32 euros
* Verbund Raised to Hold at SocGen; PT 65.50 euros (+)
* Vidrala Raised to Buy at Grupo Santander; PT 101 euros (+)
* Vossloh Raised to Buy at Deutsche Bank; PT 56 euros
* Whirlpool Raised to Hold at Accountability Research; PT $227

>>> Down
* Boiron Cut to Sell at SocGen; PT 35 euros (+)
* DNB Cut to Hold at SEB Equities; PT 188 kroner
* EQT Cut to Hold at SEB Equities; PT 302 kronor
* EVN Cut to Equal-Weight at Barclays; PT 20 euros
* Kungsleden Cut to Hold at Pareto Securities; PT 101 kronor (+)
* Workspace Cut to Underweight at Barclays; PT 700 pence

>>> Initiation
* GEK Terna Rated New Buy at Wood & Company; PT 12.80 euros (+)
* Sourcesense Rated New Outperform at EnVent S.p.A.; PT 3.69 euros
* TeamViewer Rated New Buy at Quirin Privatbank AG; PT 71 euros

>>> Call
* Daimler Guidance Raise at Mercedes-Benz ‘Encouraging,’ RBC Says (+)
* Essity Shares to React Negatively After 1Q Miss: Morgan Stanley (+)
* FirstGroup North America Disposals a Clear Positive: Liberum (+)
* LafargeHolcim Results ‘Well Ahead,’ Says Jefferies
* LVMH Upped Stake in Tod’s May Prompt M&A Speculation: Jefferies (+)
* Moncler Sales ‘A Little Lackluster,’ Profit-Taking Possible: RBC (+)
* Volvo ‘Bottleneck Debate’ Overstated, PT Raised at Citi
*GS UPGRADES U.S. CONSUMER DISCRETIONARY STOCKS TO OVERWEIGHT
*GOLDMAN SACHS DOWNGRADES U.S. HEALTH CARE STOCKS TO NEUTRAL
*GS UPGRADES U.S. COMMUNICATION SERVICES STOCKS TO NEUTRAL
*GOLDMAN SACHS DOWNGRADES U.S. MATERIALS STOCKS TO NEUTRAL
* Remy 4Q In Line, Guidance Implies 3%-4% EPS Upgrades: Jefferies (+)
* Software AG Revenue Misses, Bookings and Profit Please: Baader (+)
* Stora Enso 1Q a Big Beat, Consensus May Rise 10%: Jefferies (+)
* Vinci 1Q Revenue Strong, Boosted by Concessions, RBC Says

>>> Stoxx 600 Pre-Market Indications

  • CD Projekt (7CD TH) +6.1%
    • HypeBeast: CD Projekt Red Has Only Refunded 30,000 Copies of ‘Cyberpunk 2077’
    • CD Projekt Proposes 5 Zloty/Share as 2020 Dividend
    • CD Projekt Counts on PS Store Return to Reboot Cyberpunk Sales
  • Diageo (GUI TH) +1.7%
    • Remy Cointreau Sees FY Organic Current Op. Profit About +10%
  • Rio Tinto (RIO1 TH) +1.6%
  • Glaxo (GS7 TH) +1.5%
  • Siemens Gamesa (GTQ1 TH) +1%
    • Watch Green Stocks Again as Biden Climate Summit Continues
  • Stora Enso (ENUR TH) +0.7%
    • Stora Enso 1Q Operating Ebit Beats Estimates
  • Nibe (NJBC TH) +0.7%
  • Orsted (D2G TH) +0.7%
  • ASML (ASME TH) -0.9%
    • Watch Chip Stocks After Intel Falls on Data Center Weakness
  • Deutsche Wohnen (DWNI TH) -0.9%
  • AMS (DQW1 TH) -1%
  • Puma (PUM TH) -1%
  • Rational (RAA TH) -1%
  • Continental (CON TH) -1%
  • AstraZeneca (ZEG TH) -1.4%
  • STMicroelectronics (SGM TH) -1.6%
  • Nokia (NOA3 TH) -1.9%
  • EDF (E2F TH) -2.9%
    • French Govt Drops EDF ‘Hercule’ Plan: Le Maire to Ouest-France

>>> TradeGate Pre-Market Indications

DAX:
  • E.On (EOAN TH) +0.5%
    • E.On Raised to Buy at Citi; PT 12 euros
  • Daimler (DAI TH) +0.5%
    • Daimler Boosts FY Mercedes-Benz Cars & Vans Adj. ROS View
  • Bayer (BAYN TH) -0.3%
    • Bayer Accused of ‘Pay to Appeal Scheme’ by Roundup Lawyers (1)
  • Deutsche Telekom (DTE TH) -0.4%
  • Infineon (IFX TH) -0.5%
    • Watch Chip Stocks After Intel Falls on Data Center Weakness
  • SAP (SAP TH) -0.6%
  • Deutsche Wohnen (DWNI TH) -0.8%
MDAX:
  • Encavis (CAP TH) +1.5%
  • Nordex (NDX1 TH) +0.9%
  • Rheinmetall (RHM TH) +0.5%
  • Software AG (SOW TH) +0.5%
    • Software AG 1Q Revenue Misses Estimates
  • Commerzbank (CBK TH) -0.5%
  • Hugo Boss (BOSS TH) -0.7%
SDAX:
  • Vossloh (VOS TH) +2.4%
    • Vossloh Raised to Buy at Deutsche Bank; PT 56 euros
  • SMA Solar (S92 TH) +1.8%
    • Watch Green Stocks Again as Biden Climate Summit Continues
  • Deutz (DEZ TH) -1.3%
  • LPKF (LPK TH) -2%
  • SGL (SGL TH) -2%

>>> Europe : Brokers Upgrades & Downgrades - 23rd of April 2021

>>> Up
* Bankinter Raised to Buy at Bestinver; PT 1.65 euros
* Clarkson Raised to Overweight at JPMorgan; PT 3,428 pence
* Danske Bank Raised to Equal-Weight at Morgan Stanley
* Electronic Arts Raised to Buy at Jefferies
* E.On Raised to Buy at Citi; PT 12 euros
* Hermes International Raised to Buy at SocGen; PT 1,222 euros
* Holand og Setskog Sparebank Raised to Buy at Norne Securities
* Melhus Sparebank Raised to Buy at Norne Securities
* Tod's Raised to Hold at Stifel; PT 35 euros
* Veolia Raised to Overweight at Barclays; PT 32 euros
* Vossloh Raised to Buy at Deutsche Bank; PT 56 euros
* Whirlpool Raised to Hold at Accountability Research; PT $227

>>> Down
* DNB Cut to Hold at SEB Equities; PT 188 kroner
* EQT Cut to Hold at SEB Equities; PT 302 kronor
* EVN Cut to Equal-Weight at Barclays; PT 20 euros
* Workspace Cut to Underweight at Barclays; PT 700 pence

>>> Initiation
* Sourcesense Rated New Outperform at EnVent S.p.A.; PT 3.69 euros
* TeamViewer Rated New Buy at Quirin Privatbank AG; PT 71 euros

>>> Call
* Volvo ‘Bottleneck Debate’ Overstated, PT Raised at Citi
*GS UPGRADES U.S. CONSUMER DISCRETIONARY STOCKS TO OVERWEIGHT
*GOLDMAN SACHS DOWNGRADES U.S. HEALTH CARE STOCKS TO NEUTRAL
*GS UPGRADES U.S. COMMUNICATION SERVICES STOCKS TO NEUTRAL
*GOLDMAN SACHS DOWNGRADES U.S. MATERIALS STOCKS TO NEUTRAL

>>> What to look at today - 23rd of April 2021

Asian stocks fluctuated and futures rallied Friday following broad-based declines in U.S. benchmarks as investors weighed a proposal for higher taxes on the wealthy to help pay for President Joe Biden’s social plan.
Shares were steady in China and rose in Hong Kong. Weakness in Japan weighed on MSCI, Inc.’s regional gauge. U.S. contracts edged up after the steepest decline in five weeks for the S&P 500 Index on a Bloomberg News report that the Biden administration is considering raising the tax on capital gains to 39.6% for those earning more than $1 million a year.
Oil pared a weekly loss as traders considered signs of recovering demand in the U.S. and setbacks in key markets where spikes in virus cases are further constraining activity. Treasury bonds and the dollar dipped.
US After Hours INTC -2.8%, STX -2.5% fall on earnings; MAT +7.5%, SKX +7.3%, SAM +6.8%, SNAP +4.6% up big on earnings; OLED +11.1% extends long-term supply deal

Nikkei -0.81% Hang Seng +0.86% CSI +0.79% Shanghai +0.06% Shenzen +0.28%

Eur$ 1.2028 CNH 6.4926 CNY 6.4956 JPY 107.88 GBP 1.3863 CHF 0.9166 RUB 75.5140 TRY 8.3234 WTI$ 61.90 +0.77% GOLD 1,785 +0.06% BTC 48,600 -6,250

S&P +0.18% Nasdaq +0.14% EuroStoxx -0.25% FTSE -0.32% Dax -0.26% SMI

Macro :
- Capital Gains Tax Hit for Stocks Could Be Deep
- China’s Central Bank Wants Ant to Hand Over Its Data, FT Says
- Bitcoin Drops Below $50,000 Amid Tax and Momentum Concerns

Keep an eye on :
- AI FP : Air Liquide Confident Can Improve Operating Margin in 2021
- ALLFG NA : Allfunds Prices Dutch IPO at EU11.50/Shr, Near Top of Range (1)
- ARIX LN : Arix Bioscience Exec Chair May Leave in Board Shakeup: Sky
- AZN LN : WHO Says Benefits Still Outweigh Risks on AstraZeneca Vaccines
- BFIT NA : Basic-Fit Offering of 6m Shares Prices at EU34/Share: Terms
- BOL FP : Bollore 1Q Organic Revenue +6%
- BVI FP : Bureau Veritas 1Q Rev. EU1.15b, Est. EU1.1b
- CDR SM : Codere, Creditors Reach Lockup Accord on Proposed Restructuring
- CVAL IM : Creval Investors Tendered 49.4% Shares in Credit Agricole Bid
- CNHI IM : Nikola Jumps Most Since January on Hydrogen Deal, CNBC (1)
- DAI GY : Daimler Boosts FY Mercedes-Benz Cars & Vans Adj. ROS View
- EDF FP : French Govt Drops EDF ‘Hercule’ Plan: Le Maire to Ouest-France
- ENTRZ NO : Entra 1Q Rental Income Meets Estimates
- ESSITYA SS : Essity Raises Productos Familia Stake for ~$1.54b: M&A Snapshot
- ESSITYA SS : Essity 1Q Adjusted Operating Profit Misses Estimates (1)
- FGP LN : FirstGroup to Announce Sale of Two U.S. Units For $4.5B: Sky
- GFC FP : Gecina 1Q Like-for-like Rental +1.3%, Gecina's Rental Income Drops In Q1 On Lower Office Sales
- IPS FP : Ipsos 1Q Revenue +8.8%
- LHN SW : LafargeHolcim 1Q Sales Beat Estimates
- LB US : Victoria’s Secret Targets Higher Valuation in New Sale Talks
- LIFCOB SS : Lifco 1Q Ebita SEK815M Vs. SEK652M Y/y
- FII FP : LISI 1Q Sales EU309.4M Vs. EU397.9M Y/y
- MC FP : Diego Della to Sell 2.25 Million Tod’s Shares to LVMH
- MOLN SW : Molecular Partners Files U.S. IPO of American Depositary Shares
- MONTN SW : Austrian Billionaire to List Aircraft Supplier Ahead of M&A Push
- MONC IM : Moncler 1Q Revenue Beats Estimates
- NG/ LN : National Grid Said to Pick Banks for $7 Billion Gas Asset Sale
- NSKOG NO : Norske Skog to Enter European Packaging Markets in 4Q, 2022
- OERL SW : Oerlikon Signs Agreement to Acquire INglass; No Terms
- RCO FP : Remy Cointreau Sees FY Organic Current Op. Profit About +10%
- SAABB SS : Saab 1Q Operating Profit Beats Estimates
- SK FP : SEB 1Q Like-for-like Sales +30.9%
- SOW GY : Software AG 1Q Revenue Misses Estimates
- STERV FH : Stora Enso 1Q Operating Ebit Beats Estimates
- TEL NO : Telenor Digi Sees Low Single Digit Decline for 2021 Service Rev
- TELIA SS : Telia 1Q Adjusted Ebitda Meets Estimates
- TSLA US : Teslas Can Be ‘Tricked’ to Run Without Driver, Magazine Says
- TOD IM : Diego Della to Sell 2.25 Million Tod’s Shares to LVMH
- TOD IM : LVMH Stake in Tod's Builds on Footwear Focus, Opens Doors: React
- TOM NO : Tomra 1Q Revenue Beats Estimates
- DG FP : Vinci 1Q Revenue Beats Estimates
- VIV FP : Vivendi Plans to Spin Off Universal Music Unit By This Fall
- XXL NO : XXL 1Q Ebitda Beats Estimates

FT : Malaria vaccine trial raises hopes of beating disease

Malaria vaccine trial raises hopes of beating disease
Jab developed by University of Oxford team proves 77% effective in Burkina Faso mid-stage tests

A trial of a new malaria vaccine from the University of Oxford indicates it is 77 per cent effective — dramatically better than the existing shots for preventing one of the world’s most deadly diseases.

The jab, known as R21, is the first that could surpass the World Health Organization goal of an available vaccine with at least 75 per cent efficacy by 2030. Mosquirix, the first malaria vaccine which was initially deployed in 2015, took GSK more than 30 years to develop and was about 39 per cent effective over four years.

In the phase 2b — mid-stage — trial of R21, participants in a higher-dose group were 77 per cent less likely to develop malaria over 12 months of follow-up than those who received a rabies shot as a control. Those receiving a lower dose of the vaccine’s adjuvant were 71 per cent less likely to develop the illness. There were no serious side effects.

The study inoculated 450 children aged 5 months to 17 months in Burkina Faso.

The Oxford researchers, who are working with India’s Serum Institute and US vaccine maker Novavax, have already launched a phase 3 trial to test the vaccine in a larger population. The existing participants have also been given a booster shot. 

The recombinant fusion protein vaccine combines an antigen that signals to the immune system, with Novavax’s Matrix-M adjuvant to boost the efficacy. Novavax is also using the adjuvant in its Covid-19 vaccine, which a phase 3 trial found is 89 per cent effective. 

Adrian Hill, director of Oxford’s Jenner Institute, which helped develop the Oxford/AstraZeneca Covid-19 vaccine, who co-authored the draft paper outlining the R21 trial data, said the new results supported its “high expectations” for the vaccine. 

“With the commitment by our commercial partner, the Serum Institute of India, to manufacture at least 200m doses annually in the coming years, the vaccine has the potential to have major public health impact if licensure is achieved,” he said. 

Malaria causes more than 400,000 deaths a year, mostly among children in Africa. Some 229m clinical cases of the disease were reported in 2019. 

But it has been a struggle to find a vaccine to tackle the disease, with more than 100 candidates examined in clinical trials.

Halidou Tinto, regional director of the Institut de Recherche en Sciences de la Santé in the Burkina Faso department of Nanoro and the trial’s principal investigator, said he looked forward to demonstrating large-scale efficacy in the phase 3 trial. 

“These are very exciting results showing unprecedented efficacy levels from a vaccine that has been well tolerated in our trial programme,” he said.

WSJ : TravelCenters of America to Add Hydrogen Fueling Sites for Big Rigs

TravelCenters of America to Add Hydrogen Fueling Sites for Big Rigs
Truck-stop operator working with electric-truck maker Nikola to start rollout in California; forms new unit to deliver alternative energy across its U.S. network

Truck-stop operator TravelCenters of America Inc. is stepping up its alternative-energy game as tougher regulations push the commercial transport sector to look beyond diesel fuel.

TravelCenters, the largest publicly traded U.S. truck-stop company, said Thursday it is forming a new business unit called eTA that aims to eventually supply drivers with alternative energy across much of its nationwide network of 270-plus locations.

The rollout is starting in Southern California, where TravelCenters will work with electric-truck maker Nikola Corp. to install hydrogen fueling sites for heavy-duty trucks at two locations. The company also plans to install FreeWire Technologies Inc. electric-vehicle charging stations for automobiles at some facilities in the state along Interstate Highway 5.

TravelCenters’ alternative-fuels push comes as California regulators are requiring truck manufacturers to sell at least some zero-emissions models by 2024, and as the Biden administration is proposing a $174 billion plan to boost the electric-vehicle industry.

“We were already working on some of this,” TravelCenters Chief Executive Officer Jon Pertchik said. “We’re just trying to pay attention to demand.”

Mapping a plan for commercial transport is trickier than for passenger vehicles because auto makers are already investing heavily in electric-vehicle technology while the alternative-energy side of the trucking business is less developed.

Mr. Pertchik said he expects hydrogen fuel cells to emerge as a leading alternative energy source for trucking fleets over battery-electric technology, although natural gas is also a contender. Battery-powered vehicles can drive only limited distances before stopping to recharge, a challenge for long-haul transport, and heavy lithium-ion batteries limit the amount of cargo that can be carried.

The issue is “storage limitations on battery and weight,” Mr. Pertchik said.

The two hydrogen fueling stations will be built at existing TravelCenters locations and are targeted to be commercially operational in 2023, Nikola said.

TravelCenters is also leading a test project funded in large part through a $4 million grant from the California Energy Commission to develop charging stations and on-site energy storage for electrified medium and heavy-duty trucks.

The truck-stop operator will closely track plans among its big fleet customers as the market for alternative-fuel commercial trucks develops.

“To me adaptability is important,” Mr. Pertchik said. “We need to make some bets, we can’t sit around on the periphery.”