>>> Europe : Brokers Upgrades & Downgrades - 17th of MArch 2020 V2(+)

>>> Up
* Aker BP Raised to Buy at Jefferies
* Axfood Raised to Hold at Danske Bank Markets; PT 175 kronor 9+)
* Bechtle Raised to Hold at Hauck & Aufhaeuser; PT 80 euros (+)
* Danone Raised to Overweight at JPMorgan; PT 65 euros
* Dassault Aviation Raised to Overweight at Morgan Stanley
* Essity Raised to Overweight at JPMorgan; PT 295 kronor
* Fagron Raised to Buy at ABN Amro Bank
* Informa Raised to Neutral at Goldman; PT 729 pence (+)
* Intertek Raised to Neutral at Credit Suisse; PT 4,550 pence
* Lufthansa Cut to Sell at Nord/LB; PT 7 euros
* Just Eat Takeaway Raised to Buy at Jefferies; PT 87.71 euros
* Linde Raised to Buy at Banco Sabadell; PT $200.81
* Pearson Raised to Neutral at Goldman; PT 605 pence (+)
* Rightmove Raised to Buy at Goldman; PT 668 pence (+)
* Sampo Raised to Buy at SEB Equities; PT 28.70 euros
* Sanofi Raised to Equal-Weight at Barclays; PT 80 euros
* Standard Chartered Raised to Hold at HSBC; PT 480 pence
* Sweco Raised to Buy at Handelsbanken; PT 300 kronor
* Tenaris Raised to Overweight at Morgan Stanley; PT 7 euros
* Wolters Kluwer Raised to Neutral at Goldman; PT 70.70 euros (+)

>>> Down
* Air France-KLM Cut to Hold at SocGen; PT 4.50 euros
* Alfa Laval Cut to Hold at SEB Equities; PT 180 kronor
* B&O Cut to Sell at Danske Bank Markets; PT 20 kroner (+)
* Banco Santander Cut to Reduce at AlphaValue
* Beiersdorf Cut to Neutral at JPMorgan; PT 85 euros
* HSBC Cut to Sell at AlphaValue
* Intesa Sanpaolo Cut to Sell at AlphaValue
* Lloyds Cut to Sell at AlphaValue
* L'Oreal Cut to Neutral at JPMorgan; PT 220 euros
* Pernod Ricard Cut to Neutral at JPMorgan; PT 130 euros
* PRISA Cut to Neutral at JB Capital Markets; PT 98 euro cents (+)
* TF1 Cut to Neutral at Goldman; PT 7.50 euros (+)
* Tullow Cut to Underperform at Jefferies
* UniCredit Cut to Sell at AlphaValue
* Vinci Cut to Sell at DZ Bank; PT 51 euros 9+)
* VW PT Cut to 100 euros from 120 euros at Nord/LB (+)

>>> Initiation
* Orion Reinstated Sell at Goldman; PT 28 euros
* Solaria Energia Rated New Buy at SocGen; PT 10.50 euros

>>> Call
* Dassault Aviation Upgraded on Catalysts, Optionality: MS
* Dixons Store Closures to Be Taken Positively, Citi Says
* Sanofi Raised at Barclays; Pharma to Emerge Stronger From Crisis (+)
* Oil Explorers Now in ‘Basic Survival Mode,’ Jefferies Says

>>> Stoxx 600 Pre-Market Indications

  • Voestalpine (VAS TH) +8%
  • OMV (OMV TH) +7%
  • Vodafone (VODI TH) +6.9%
  • Fraport (FRA TH) +5%
  • Commerzbank (CBK TH) +4.9%
  • BP (BPE5 TH) +4.8%
  • Lufthansa (LHA TH) +4.6%
    • Trade Arabia: Austrian Airlines to temporarily suspend flight operations
    • Europe’s Airline Aid Risks Reversing Decades of Privatization
  • Linde (LIN TH) +4.5%
  • Ericsson (ERCB TH) +4.5%
  • Porsche SE (PAH3 TH) +4.2%
  • EssilorLuxottica (ESL TH) -0.9%
    • EssilorLuxottica to Buy Back Up to 3m Shares Through May 27
  • Eurofins Scientific (ESF TH) -1.2%
  • UniCredit (CRIN TH) -1.4%
    • UniCredit Cut to Sell at AlphaValue
  • Red Electrica (RE21 TH) -1.4%
  • TOMRA Systems ASA (TMR TH) -1.4%
  • ASML (ASME TH) -1.7%
  • Telefonica (TNE5 TH) -2%
  • Equinor (DNQ TH) -2.1%
  • EasyJet (EJT1 TH) -2.1%
  • Ahold Delhaize (AHOG TH) -2.5%

Related tickers:

>>> Short Ban on France on 92 shares - TheList

Annexe
ISIN Name
FR0000120628 AXA
FR0000131104 BNP PARIBAS
FR0000125338 CAPGEMINI
FR0000045072 CREDIT AGRICOLE
FR0000130650 DASSAULT SYSTEM
FR0000131906 RENAULT
FR0000073272 SAFRAN
FR0000125007 SAINT-GOBAIN
FR0000130809 SOCIETE GENERALE
FR0013176526 VALEO
FR0000125486 VINCI
FR0010340141 ADP
FR0000031122 AIR FRANCE - KLM
FR0013258662 ALD
FR0000071946 ALTEN
FR0000039299 BOLLORE
FR0013181864 CGG
FR0000120222 CNP ASSURANCES
FR0000064578 COVIVIO
FR0000121725 DASSAULT AVIATI
FR0010242511 EDF
FR0000130452 EIFFAGE
FR0011950732 ELIOR GROUP
FR0012435121 ELIS
FR0000131757 ERAMET
FR0000121121 EURAZEO
FR0012789949 EUROPCAR MOBIL
FR0000121147 FAURECIA
FR0011476928 FNAC DARTY
FR0004163111 GENFIT
FR0010533075 GETLINK
FR0000120859 IMERYS
FR0000125346 INGENICO GROUP
FR0000073298 IPSOS
FR0000121964 KLEPIERRE
FR0000130213 LAGARDERE S.C.A.
FR0013153541 MAISONS DU MONDE
FR0010241638 MERCIALYS
FR0000053225 M6-METROPOLE TV
FR0000120685 NATIXIS
FR0000044448 NEXANS
FR0010112524 NEXITY
FR0010411983 SCOR SE
FR0012938884 SOLOCAL GROUP
FR0012757854 SPIE
FR0010918292 TECHNICOLOR
FR0000120354 VALLOUREC
FR0000121204 WENDEL
FR0011981968 WORLDLINE
FR0013284627 ADEUNIS
FR0000062978 ADL PARTNER
FR0013247244 ADOMOS
FR0004152874 ADVENIS
FR0011051598 AMOEBA
FR0011910652 ANEVIA
FR0013258399 BALYO
FR0000074254 BOURSE DIRECT
FR0010907956 CARMAT
FR0000064446 CATERING INTL SC
FR0013426004 CLARANOVA
FR0010246322 EASYVISTA
FR0013356755 EMOVA GROUP
FR0013330792 ENENSYS
FR0011271600 FERMENTALG
FR0010485268 FOUNTAINE PAJOT
FR0010823724 FRANCE TOURISME
FR0004187367 FREELANCE.COM
FR0004050300 GROUPE OPEN
FR0012821916 HIPAY GROUP
FR0000064297 INNELEC MULTIMED
FR0013156007 KERLINK
FR0000033599 LEXIBOOK LINGUIS
FR0013270626 M2I
FR0000072993 MAKHEIA GROUP
FR0010609263 MAUNA KEATECH
FR0000060873 MBWS
FR0000061244 MECELEC COMPOSIT
FR0004065605 MEDINCELL
FR0013053535 MILIBOO
FR0010231860 O2I
FR0013231180 OSMOZIS
FR0013318813 PARAGON ID
FR0010211037 PLANET MEDIA
FR0004044600 PRISMAFLEX INTL
FR0000120388 RECYLEX SA
FR0012596468 SENSORION
FR0000065864 SOGECLAIR
FR0000060949 TIVOLY
FR0013254851 VALBIOTIS
FR0013079092 WE CONNECT
FR0010688440 WEDIA
FR0011471291 YMAGIS

>>> Dassault Avition Vs Airbus - have a look maybe a good level to start a Long

Dassualt Aviation -65% since Top vs Airbus -60% from Top - Maybe Worth having a look as business different and this Crisis could change Corporate politics for flying.
Good alternative to go Long around here
Stock already OP on the last few weeks by 23% but Still Think good level (-74% Underperf on the sat 10y)



From: Laurent Chekroun (MAKOR SECURITIES LO) At: 03/17/20 08:24:18
Subject: FT : Private jets: fear and loathing at 40,000 feet

Private jets: fear and loathing at 40,000 feet
Smaller outfits and highly leveraged groups may find the going exceptionally bumpy

Fear is perversely a good thing for private jet companies. After 9/11, business boomed. The coronavirus outbreak too has spread panic about boarding commercial flights. Spotting the opportunity, UK broker Air Partner, which evacuated Europeans from Wuhan on chartered airliners, launched a virus evacuation service last week. But the disease is more drag than thrust on the profitability of private jet operators.

Corporations and ultra-wealthy individuals have sought out private jets to avoid infection risks in crowded airports and sardine-packed commercial flights. Private flights from Hong Kong leapt over 200 per cent in January. Those gains are no more than a temporary blip though. They are overshadowed by cancellations triggered by infection fears and event cancellations from international sporting fixtures to car shows. Europe has already seen the uplift in demand to fly privately peak then decline.

In a recession, demand will drop as luxury spending dives and executives are downgraded to economy. During the 2008 financial crisis, private jet flights out of the UK fell 20 per cent. Manufacturers delivered a third less new-builds. Expect the likes of Bombardier, Textron Aviation’s Cessna and Embraer to suffer.

Corporations ditching jet ownership for Uber-esque air taxi services to cut costs and the increasing numbers of Asian billionaires may both soften the blow for charters. But prices remain expensive at almost 10 times that of first class for transatlantic routes, one operator said. That is prohibitive for many. The fragmented industry should slim down. Smaller outfits and highly leveraged groups may find the going exceptionally bumpy.

More executives fly privately in the US than anywhere else. NetJets, part of Warren Buffett’s conglomerate, and Directional Aviation, diversified within the private jet business, stand to gain market share. NetJets’ closest competitor Wheels Up, a start-up yet to turn profitable, will be tested in a downturn.

More troublingly, supply chain localisation triggered by the coronavirus will slacken any recovery in private business travel. But the more intriguing secular challenge is that pundits are calling an end to globalisation, of which private jets are a symbol. The most notable aggregation occurs yearly at the Davos World Economic Forum in Switzerland. The climate crisis and the rise of populism means this is a club to which fewer prominent people may wish to belong.

WSJ : Africa, Latin America Brace as Coronavirus Threatens Weaker Health Systems

Africa, Latin America Brace as Coronavirus Threatens Weaker Health Systems
Shortages of skilled staff and other problems pose risks, and health officials fear the impact of the virus will be devastating

CARACAS, Venezuela—The coronavirus has overwhelmed health-care systems in a number of highly developed nations. Now, it is spreading to some of the world’s most vulnerable countries, with health officials in Africa and Latin America fearing the impact will be devastating.

At least 26 of Africa’s 54 countries have confirmed cases. The prospect of a mass outbreak is particularly alarming for a region with a shortage of some 1.8 million health workers that is already suffering the world’s largest disease burden, according to the World Health Organization. In 2018, an estimated 470,000 people in sub-Saharan Africa died from AIDS-related causes alone, according to the United Nations.

Sudan is among more than a dozen nations in Africa that lacked capacity to test for the virus until early March, according to WHO. Its first case of the virus was only identified on Friday, a day after the victim, a man in his 50s, died after returning from the United Arab Emirates, Sudan’s health ministry said.

In West Africa, Guinea has been beset by months of violent street protests by the political opposition, upending the government’s ability to provide services. There, the first case of coronavirus was detected Thursday after a European Union employee who had arrived asked to be tested.

South African President Cyril Ramaphosa addressed the nation late Sunday, calling the pandemic a national emergency and saying his government was working on an economic rescue package to limit the “severe disruption” to the economy. South Africa has 61 confirmed cases.

“It is true we are facing a grave emergency. But if we act together, act now, and act decisively, we can overcome it,” he said.

Africa is the world’s second most-populous continent and accounts for 16% of the global population—but just 1% of health-care spending. Health officials have said there is little money for new ventilators and other life-support equipment needed for severe cases of the virus that could divert resources away from other diseases that kill hundreds of thousands every year.

“Africa, especially sub-Saharan Africa, is ill-equipped and unprepared to manage outbreaks of the magnitude like coronavirus,” said Dr. Chris Kaganda, a Ugandan public-health specialist. “There is insufficient equipment for early detection of the disease, inadequate personnel with the appropriate knowledge and skills to treat patients infected with coronavirus. The perennial low immunity due to malnutrition and other diseases such as HIV/AIDS may compound the transmission and fatality.”

Latin America and the Caribbean, a richer region with many middle-income countries, has strong health care in a number of places. Colombia will require people arriving to the country to go into a two-week quarantine. Peru and Argentina on Sunday sealed off their borders. Peru also restricted movement within the country, allowing only essential services like supermarkets, banks and pharmacies to remain open.

Yet weak health-care systems abound in countries as varied as Haiti, which recently reported its first coronavirus case, to Guyana on South America’s eastern shoulder to Honduras in Central America, which is hard hit by drug trafficking.

Honduras is particularly hamstrung by corruption, which costs some $2 billion a year, equivalent to about 10% of gross domestic product, said Ismael Zepeda, an economist at Fosdeh, a think tank. That undercuts already decaying public services, experts say.

At Hospital Escuela, the nation’s biggest hospital, flies buzz around children in the pediatric wing. Nurses say they have to put up to three babies on a bed due to a lack of space. Mechanical ventilators—essential for some with severe cases of Covid-19, the disease caused by the coronavirus—are often broken, requiring medical students to squeeze hand pumps to keep patients alive.

Few countries are as poorly prepared to handle an onslaught of cases as Venezuela, which reported its first two cases Friday and 15 more over the weekend. The government has banned flights from Europe and Colombia, and ordered businesses to close and people to remain at home in six states and the capital. Venezuelan doctors and epidemiologists have been warning for years about the inability of the health system to fight epidemics that have hit the country, including dengue, yellow fever and malaria.

“We either go into quarantine or the pandemic could brutally and tragically bring down our country,” President Nicolás Maduro said Sunday on Twitter.

Hospitals have lost thousands of highly-trained doctors and nurses who have fled abroad, part of an exodus of some 4.5 million migrants fleeing an authoritarian regime. Many hospitals lack power, often being plunged into darkness during blackouts that force surgeons to finish operations using the light on their cellphones. About 90% of hospitals reported having intermittent or no running water last year, while half of emergency rooms aren’t equipped with face masks, according to a national survey of Venezuela’s biggest hospitals conducted by a network of health professionals.

“Whatever the impact is going to be in other countries, it is going to be bigger in Venezuela,” said Dr. Julio Castro, a prominent university professor and infectious disease specialist in Caracas who recently saw patients with symptoms of the coronavirus. “When you have this kind of situation in a country, you need more basic resources and we don’t have them.”

Adding to the challenges is widespread malnutrition among Venezuelans, causing weaker immune systems in people who struggle to get enough to eat due to soaring inflation and shortages.

On a recent day, doctors and nurses gathered in a small auditorium at Caracas’s University Hospital, closely listening to a presentation on how they would prepare for the spread of the coronavirus. They were reminded to wash their hands with running water, a luxury in one of Venezuela’s biggest hospitals, which stores water in plastic bins. They were shown how to put on masks and protective gowns that are in short supply. Two rooms were designated for quarantine, though neither has doors.

“Every single aspect of the health crisis in Venezuela will become an accelerator, creating a severe outcome,” said Irene Bosch, a research scientist who has studied infectious diseases in Venezuela with the U.S. National Institutes of Health. “Everything is decrepit. You are supposed to wash your hands 10 times a day. Who has water in Caracas to do that?

On Friday, Mr. Maduro said that everybody who travels on Caracas’s metro system would have to wear a face mask. But they are hard to find.

“Being creative, families should make their own face mask,” Mr. Maduro said on television. “There are videos on social media on how to do it.”

Mr. Maduro’s unpopular government, which many in Venezuela consider a dictatorship, has not reassured Venezuelans like Juan Suárez, 27. He flocked like others to the pharmacy to stock up on anti-inflammatory and fever-reducing medications.

“We’re thinking of isolating ourselves,” Mr. Suarez said as he browsed the aisles of a major drugstore. “If we wait for the government, we’re going to die.”

Medical authorities in Venezuela fear that the government might not be able to get an accurate gauge of the coronavirus’s spread or might try to muzzle doctors, as it has in the past with arrests and firings of those who speak to journalists. Dr. Jose Manuel Olivares, an oncologist and opposition congressman who fled the country last year, said medical professionals are wary about issuing warnings.

“It’s better to say you don’t have any cases of corona, even if you have your suspicions,” said Mr. Olivares, who is in contact with colleagues in Venezuela. “Call it a cold, another flu, or H1N1, anything but corona.”

WSJ : Fed Deploys Its Full Arsenal, but It Still Has Some Tools

Fed Deploys Its Full Arsenal, but It Still Has Some Tools
Investors are looking for the central bank to help unclog markets for short-term corporate deb

The Federal Reserve on Sunday unleashed its arsenal to prevent market strains from turning a public-health emergency into a financial crisis, but investors are pushing for the central bank to pull more levers to cushion the economy against a severe downturn.

The Fed slashed its benchmark interest rate to near zero and said it would buy $500 billion in Treasury securities and $200 billion in mortgage bonds over the coming months to address unusual strains in those markets that surfaced last week as the novel coronavirus spread world-wide.

Many analysts say more Fed help may be needed to alleviate market pain amid signs that banks are reluctant to use their balance sheets to unclog other credit markets. Investors on Monday focused their attention on two tools the central bank deployed during the 2008 crisis that they said could help.

The first is the Term Auction Facility, which the central bank used between 2007 and 2009 to provide short-term loans to banks without the stigma of borrowing directly from the Fed’s emergency-loan discount window, which banks tend to avoid because it can signal distress.

So far, the Fed and other banking regulators have focused on persuading banks to use the discount window. The Fed extended terms and slashed the rate on discount-window loans to 0.25% from 1.75%, lower than the rate set during and after the 2008 crisis.

The second would be a tool to help unclog the market for short-term commercial debt, which has been strained as money-market mutual funds and other investors seek to sell such commercial paper at the same time demand for such short-term cash is rising from companies that face unanticipated funding pressures due to the virus.

“The Fed’s actions on Sunday did not address the [commercial-paper] market and mounting credit concerns,” Mark Cabana, head of short-term interest-rate strategy at Bank of America Securities, said in a report Monday.

The pandemic has delivered a blow to corporate credit markets by raising concerns that borrowers will be less creditworthy as they face falling revenues. Clogged commercial-paper markets could lead firms to instead draw on bank lines of credit, which could raise funding needs for banks.

Investors are urging the Fed to relaunch a facility along the lines of its 2008 Commercial Paper Funding Facility, when money-market mutual funds and other investors, facing a cash crunch, became reluctant to purchase short-term commercial debt. Under the program, the New York Fed provided three-month loans to an entity that purchased commercial paper directly from eligible issuers.

To create the facility, the Fed had to invoke special powers that allow the central bank, citing “unusual and exigent circumstances,” to authorize its reserve banks to extend credit. In 2010, Congress required the Fed to seek approval from the Treasury before using its so-called 13(3) powers, named for the section of its charter that allows it to stand up such last-resort programs. As a result, the Treasury would have to sign off on any new facility.

Fed Chairman Jerome Powell didn’t rule out using those tools down the road. “We have nothing to announce on 13(3) powers, but of course that’s part of our playbook in any situation like this,” he said Sunday.

White House economic adviser Lawrence Kudlow hinted at coming action on Monday. “The Fed has enormous power,” he told reporters at the White House. “And it looks like they’re going to start using it in connection with the Treasury Department and the president and the executive branch.”

The Fed has focused its efforts so far on restoring liquidity to the Treasury and mortgage-bond markets. On Thursday, the Fed launched an aggressive campaign to reduce strains there by providing nearly unlimited sums of short-term loans to 24 large financial institutions, known as primary dealers, that function as the Fed’s exclusive counterparties when trading in financial markets.

Banks were slow to take up the Fed on those loans last Thursday and Friday, which prompted the Fed to switch course to buy Treasury securities on the open market. “What we learned was that we needed to go direct here rather than trying to intermediate through the dealers,” Mr. Powell said Sunday.

Market functioning hadn’t improved much by the time markets closed Friday, setting the stage for Sunday’s action. While officials could have waited until their regularly scheduled meeting this Tuesday and Wednesday to cut rates, they didn’t believe they could wait any longer to address strains in bond markets.

But the market for repurchase agreements, or repos, still showed signs of stress Monday.

Often called the grease that allows the Treasury market to trade, repo markets have been under duress over the past two weeks. Many of the Fed tools were intended to stabilize this crucial piece of financial plumbing, but the repo rate is still more than a percentage point above the Fed’s target.

“You are seeing the strains in the commercial-paper dislocations already showing up” in other markets, such as the one for repos, said Priya Misra, head of interest-rate strategy at TD Securities.

Traders say the problem is structural: Notably, the Fed is relying on banks to act as intermediaries through which they can funnel cash to those who need it, including businesses and hedge funds. But rules drafted in the wake of the 2008 financial crisis have increased the cost of capital and limited the amount of balance sheet banks can deploy. Put simply, bank balance sheets can’t absorb the cash the Fed is making available to them.

Some observers say the Fed is solving for the last crisis, administering the same medicine it did in 2008 when banks were leveraged and could deploy capital at will to counterparties.

“This time around, markets are experiencing a crisis of collateral quantity and not collateral quality,” said Joshua Younger, head of interest-rate derivatives strategy at JPMorgan Chase. “The assets that form the epicenter of this particular crisis are in fact risk-free: Treasury bonds.”

Asset managers and hedge funds were dumping Treasurys and other safe assets last week in a bid to raise cash to meet margin calls and redemptions, quickly overwhelming dealer balance sheet capacity.

One potential solution that dealers say could free up balance sheet is the Fed could lend cash directly to smaller banks, securities dealers and hedge funds in a process known as sponsored repo through the Fixed Income Clearing Corp., or FICC.

Some veterans of the government’s response to the 2008 financial crisis are urging the Treasury and the Fed to support the economy by using an obscure pool of money at the Treasury called the Exchange Stabilization Fund, which has around $94 billion in it. They say such a program could backstop additional schemes to get cash to strapped businesses and health-care systems until Congress provides more explicit funding.

FT : Private jets: fear and loathing at 40,000 feet

Private jets: fear and loathing at 40,000 feet
Smaller outfits and highly leveraged groups may find the going exceptionally bumpy

Fear is perversely a good thing for private jet companies. After 9/11, business boomed. The coronavirus outbreak too has spread panic about boarding commercial flights. Spotting the opportunity, UK broker Air Partner, which evacuated Europeans from Wuhan on chartered airliners, launched a virus evacuation service last week. But the disease is more drag than thrust on the profitability of private jet operators.

Corporations and ultra-wealthy individuals have sought out private jets to avoid infection risks in crowded airports and sardine-packed commercial flights. Private flights from Hong Kong leapt over 200 per cent in January. Those gains are no more than a temporary blip though. They are overshadowed by cancellations triggered by infection fears and event cancellations from international sporting fixtures to car shows. Europe has already seen the uplift in demand to fly privately peak then decline.

In a recession, demand will drop as luxury spending dives and executives are downgraded to economy. During the 2008 financial crisis, private jet flights out of the UK fell 20 per cent. Manufacturers delivered a third less new-builds. Expect the likes of Bombardier, Textron Aviation’s Cessna and Embraer to suffer.

Corporations ditching jet ownership for Uber-esque air taxi services to cut costs and the increasing numbers of Asian billionaires may both soften the blow for charters. But prices remain expensive at almost 10 times that of first class for transatlantic routes, one operator said. That is prohibitive for many. The fragmented industry should slim down. Smaller outfits and highly leveraged groups may find the going exceptionally bumpy.

More executives fly privately in the US than anywhere else. NetJets, part of Warren Buffett’s conglomerate, and Directional Aviation, diversified within the private jet business, stand to gain market share. NetJets’ closest competitor Wheels Up, a start-up yet to turn profitable, will be tested in a downturn.

More troublingly, supply chain localisation triggered by the coronavirus will slacken any recovery in private business travel. But the more intriguing secular challenge is that pundits are calling an end to globalisation, of which private jets are a symbol. The most notable aggregation occurs yearly at the Davos World Economic Forum in Switzerland. The climate crisis and the rise of populism means this is a club to which fewer prominent people may wish to belong.

>>> TradeGate Pre-Market Indications

DAX:
  • Lufthansa (LHA TH) +5.3%
    • Lufthansa Cut to Sell at Nord/LB; PT 7 euros
    • Europe’s Airline Aid Risks Reversing Decades of Privatization
  • Linde (LIN TH) +4.5%
    • Linde Raised to Buy at Banco Sabadell; PT $200.81
  • Bayer (BAYN TH) +4.3%
  • Daimler (DAI TH) +4.3%
  • Allianz (ALV TH) +4.2%
  • Vonovia (VNA TH) +2%
MDAX:
  • Thyssenkrupp (TKA TH) +6.5%
  • TeamViewer (1UD TH) +5%
  • Aareal Bank (ARL TH) +4.6%
  • Commerzbank (CBK TH) +4.6%
  • GEA Group (G1A TH) +3.3%
    • GEA Group Full Year Oper Ebitda Meets Estimates
  • Telefonica Deutschland (O2D TH) -1.1%
SDAX:
  • Draegerwerk (DRW3 TH) +18%
  • Hamburger Hafen (HHFA TH) +8.3%
  • HelloFresh (HFG TH) +6.7%
  • DWS (DWS TH) +4.4%
  • Nordex (NDX1 TH) +4.4%
  • Heidelberger Druck (HDD TH) -1%
  • Eckert & Ziegler Strahlen- und Medizintechnik AG (EUZ TH) -1.3%

>>> Europe : Brokers Upgrades & Downgrades - 17th of MArch 2020

>>> Up
* Aker BP Raised to Buy at Jefferies
* Danone Raised to Overweight at JPMorgan; PT 65 euros
* Dassault Aviation Raised to Overweight at Morgan Stanley
* Essity Raised to Overweight at JPMorgan; PT 295 kronor
* Fagron Raised to Buy at ABN Amro Bank
* Intertek Raised to Neutral at Credit Suisse; PT 4,550 pence
* Lufthansa Cut to Sell at Nord/LB; PT 7 euros
* Just Eat Takeaway Raised to Buy at Jefferies; PT 87.71 euros
* Linde Raised to Buy at Banco Sabadell; PT $200.81
* Sampo Raised to Buy at SEB Equities; PT 28.70 euros
* Sanofi Raised to Equal-Weight at Barclays; PT 80 euros
* Standard Chartered Raised to Hold at HSBC; PT 480 pence
* Sweco Raised to Buy at Handelsbanken; PT 300 kronor
* Tenaris Raised to Overweight at Morgan Stanley; PT 7 euros

>>> Down
* Air France-KLM Cut to Hold at SocGen; PT 4.50 euros
* Alfa Laval Cut to Hold at SEB Equities; PT 180 kronor
* Banco Santander Cut to Reduce at AlphaValue
* Beiersdorf Cut to Neutral at JPMorgan; PT 85 euros
* HSBC Cut to Sell at AlphaValue
* Intesa Sanpaolo Cut to Sell at AlphaValue
* Lloyds Cut to Sell at AlphaValue
* L'Oreal Cut to Neutral at JPMorgan; PT 220 euros
* Pernod Ricard Cut to Neutral at JPMorgan; PT 130 euros
* Tullow Cut to Underperform at Jefferies
* UniCredit Cut to Sell at AlphaValue

>>> Initiation
* Orion Reinstated Sell at Goldman; PT 28 euros
* Solaria Energia Rated New Buy at SocGen; PT 10.50 euros

>>> Call
* Dassault Aviation Upgraded on Catalysts, Optionality: MS
* Oil Explorers Now in ‘Basic Survival Mode,’ Jefferies Says