FT : Nissan/NEC sell rechargeable electric battery business

Nissan/NEC sell rechargeable electric battery business

Nissan and NEC have agreed to sell their rechargeable electric battery joint venture to a Chinese private equity firm, providing both companies with an exit from an industry that, although popular because of rising demand for electric vehicles, is capital-intensive.

The deal will see Automotive Energy Supply Corporation (AESC), which was set up in 2007 by Nissan and NEC to produce lithium-ion batteries for the automaker, acquired by GSR Capital, a Chinese private equity fund.

Nissan had been reportedly seeking a buyer of its 51 per cent stake in AESC since last year. NEC had also been in talks with GSR about buying its stake in the JV.

The transaction will be implemented by Nissan first taking full control of AESC, as well as its wholly-owned battery electrode subsidiary NEC Energy Devices (NECED), the carmaker said in a statement. The deal is expected to be completed by December this year, pending necessary approvals.

NEC was reported to be in final talks to sell NECD for about ‎¥15bn ($135m) to the Chinese investor, the Nikkei Asian Review said earlier this month.

No financial terms were provided by Nissan, but it was reported in May the price tag for the stake might be around $1bn.

Sonny Wu, chairman of GSR Capital, said the acquisition of AESC represented an important step in the new energy vehicle supply chain.

“We plan to further invest in R&D, expand existing production capacity in the US, UK and Japan, and also establish new facilities in China and Europe, enabling us to better serve customers around the world,” he said.

China is increasingly focusing on the global battery market amid rising demand for electric cars.

Beijing earlier this year called on domestic companies to double electric vehicle battery capacity by 2020. Meanwhile, there has been heavy speculation in the Japanese press this past month that Toyota could begin production of electric vehicles in China as early as 2019.

The move by a mass producer would mark a significant shift for Toyota, which has been a proponent of hybrid and hydrogen fuel cell technologies.

Rising demand for electric vehicles has been driving the global battery market. But for many companies it is now cheaper to buy stock from more focused, major manufacturers such as Panasonic or Samsung rather than manufacture it themselves.

Sony, a pioneer of commercially available lithium-ion rechargeable batteries, sold its loss-making battery business to Japan’s Murata Manufacturing last year.

Les Echos : Airbus et Boeing s’affrontent sur une commande-clef d’Emirates

Airbus et Boeing s’affrontent sur une commande-clef d’Emirates

La compagnie de Dubaï doit choisir en novembre entre l’Airbus A350 et le Boeing 787 pour une commande de plusieurs dizaines de long-courriers.

Le prochain salon aéronautique de Dubaï, du 12 au 16 novembre prochain, verra le dénouement d'une des plus importantes compétitions commerciales de ces dernières années entre Airbus et Boeing. Après trois ans de suspens, Emirates devrait en effet dévoiler son choix entre l'Airbus A350 et le Boeing 787, pour une méga-commande de plusieurs dizaines d'appareils long-courriers, d'une valeur de plusieurs milliards de dollars. Le PDG du groupe Emirates et souverain de Dubaï, le Sheik Al Maktoum, l'a confirmé ce lundi dans un interview au quotidien local « The National ». « Nous n'avons pas encore choisi le modèle d'avion, affirme-t-il. Nous ferons une annonce vers la fin de l'année », a-t-il indiqué.

Airbus n'est pas favori

Pour Airbus, cette commande d'Emirates est le contrat à ne pas louper. Du résultat peut dépendre l'avenir d'Airbus chez Emirates, voir même l'issue du match avec Boeing sur le marché des avions long-courriers. Mais de l'avis de plusieurs analystes, l'avionneur européen n'est pas le favori pour cette commande hors norme, qu'il avait pourtant remporté en 2007, avant de la voir lui échapper en 2014.

Une commande annulée en 2014

En juin 2014, Emirates avait en effet annulé une commande de 70 Airbus A350 signée en 2007, qui devaient remplacer progressivement ses Boeing 777 à compter de 2019. A l'époque, la compagnie de Dubaï avait expliqué vouloir repenser l'évolution de sa flotte, après avoir passé commande, au salon de Dubaï de 2013, de 150 Boeing 777X, le futur successeur de l'actuel Boeing 777, lancé cette année-là. Toutefois, Emirates n'avait pas pour autant tourné le dos à Airbus.

Une seconde chance

La compagnie de Dubaï avait non seulement renouvelé sa confiance dans l'A380, en passant commande de 50 exemplaires supplémentaires, mais elle avait aussi affirmé, par la voix de son président exécutif Tim Clark, qu'elle procéderait à un nouveau choix dans les deux à trois à venir, « pour 50 à 70 appareils long-courriers supplémentaires », entre l'A350 et les versions allongées du 787. Dans la stratégie d'Emirates, l'A350 et le 787-10, tous deux situés sur le segment des 300 à 350 sièges, seraient en effet complémentaires des très gros porteurs, A380 et 777X, de plus de 400 sièges. Ils offrent également une complémentarité en terme de formation des pilotes.

FlyDubaï et l'avenir de l'A380

Cependant, deux arguments semblent jouer contre le choix de l'A350. Le premier est la décision de Dubaï d'intégrer au groupe Emirates,la compagnie court-courrier FlyDubaï, dont la flotte est constitué de Boeing 737. Pour permettre à ses pilotes de passer sur long-courriers, Emirates aurait donc plus intérêt à choisir le 787. Le second argument est le point d'interrogation pesant sur l'avenir de l'A380. Airbus ayant repoussé sine die la décision de lancer un A380 Neo, Emirates pourrait être conduite à remplacer progressivement ses plus vieux A380, à compter de 2021, par des 777X. «A terme, le 777X risque d'être le seul très gros porteur », estimait Tom Clark en juin dernier. Ce qui, à moyen terme, sonnerait le glas des Airbus chez Emirates.

>>> Monitise shareholder Cavendish Asset Management reiterates criticism of take

Monitise shareholder Cavendish Asset Management reiterates criticism of takeover by Fiserv
08 AUG 2017
Monitise [LON:MONI] shareholder Cavendish Asset Management has reiterated its criticism of the decision of the UK-based financial technology company’s board to accept Fiserv’s [NASDAQ:FISV] revised takeover offer, The Financial Times reported.
The newspaper quoted Cavendish’s senior investment manager Paul Mumford, who said he was disappointed that Monitise did not hold out for a higher bid than the 3.1p per share cash offered by Brookfield, Wisconsin-based rival Fiserv.
Cavendish had previously complained that an earlier recommended offer at 2.9p per share from Fiserv, which valued Monitise at GBP 70m (EUR 77.2m), was too low.
Monitise announced on Monday, 7 August that its board had unanimously recommended Fiserv's revised offer, which is worth GBP 75m (EUR 82.8m).
Mumford added, however that as as the Monitise board has recommended Fiserv’s revised offer, he does not wish to oppose the deal. Monitise had said no other potential buyers had come forward, Mumford added. The investment manager said he plans to withdraw his proxy vote against the Fiserv deal in the absence of any rival offers.
Cavendish holds 112m Monitise shares, according to the report.
Monitise’ share price closed 0.125p up at 2.960p in London on Monday, giving the company a market capitalisation of GBP 68.6m.

>>> Europe Pre MArket i ndications

CS
Air France +1% Load factor +1.3ppt to 90.2%, comments on pricing helpful
Autos +0.5% China July sales up +5.5% y/y according to PCA
Alstria +1% FFO and EAT ahead of cons, raised FY17 sales target
Asos M/P Agreement to open new US fulfilment centre
Bellway +1-2% Vols better, op margin guidance inline, outlook confident
Bpost M/P 2Q revs 5% light, domestic mail volume -6.7%
CNH Ind +0.5% Deere sees Brazil ag machine sales rising more than +10%
Deut Post +1% Q2 EBIT €841m vs CS ests €828m, confirm FY forecast
Dong +2% Disposal at better price than expected. Raised guidance
Europcar -2% US peer Avis -10% on missed earnings and guidance
Euronext +1% EURONEXT to Renew Agreement for Derivs Clearing with LCH
Jungheinrich +1% Q2 Sales EU843m vs cons EU833m, Raises Forecast
Galenica +2% H1 Sales 1% ahead, EBIT 12% ahead, confirms FY outlook
IHG M/P EBIT $365m vs CS ests $366m, RevPAR growth better
IWG -2-3% Group revenue inline, gross profit margin disappointing
LSE +1% EURONEXT to Renew Agreement for Derivs Clearing with LCH
Miners -2-3% Copper -0.15%, Brent +1.10%, Iron Ore -2.10%, China UNCH
Nokian Tyres +5% Blowout Q2 figs with 5% rev beat and 9% op profit beat
Oerlikon M/P EBITDA 3.5% ahead, order intake better, confirms FY
Paddy Power -1% Australia stakes growth weaker, gaming revenue worse
Pandora -3-5% 2Q revenue DKK4.83b, est. DKK4.91b, Keeps FY outlook
Pets at Home +1% Q1 revs £256.5m, FY rev cons £872m, keep FY guidance
Rotork -3% Orders better, op prof a 5.6% miss, margins lower
Sixt -2% US peer Avis -10% on missed earnings and guidance
Stan Life R AUM GBP361.9B, op profit GBP362M
Ublox M/P Bosch/Geo++/Mitsubishi Elec/ublox announce joint venture
UK Staffers +1-2% UK Job market continues to confound expectations"
Uniper +3% H1 adj EBIT looks 10% ahead of cons, divi better
Vifor +2% EBITDA 22% ahead, FY guidance raised
Worldpay R Positive talks are continuing with Vantiv

RBC PRE-MKT INDICATIONS
*AEGON: +1% announces disposal of UNIROBE for €295M.
*AIR FRANCE: +1% July traffic data solid, demand +4.6%, load factor 89.9%.
*ASOS: +1% signed an agreement to open a new warehouse in US.
*BELLWAY: +1% trading update in line, cash ahead, FY outlook confirmed.
*BPOST: -1% Q2 EBITDA light, transactional mail volumes -11%.
*CLINIGEN: +3% awarded EC approval for Caridoxane drug. *DEUTSCHE POST: +2% Q2 3% EBIT beat, mail volumes better, organic growth ahead. *DONG ENERGY: +3% form 50/50 partnership with GIP to build offshore wind farm.
*EURONEXT: 0% renews derivatives pact with LCH, ends ICE deal. *FIRESTONE DIA.: -5% optimise mine plan at Liqhobong, production guidance downgrade.
*FORBO: -2% placing 63,000 shares @ 1450.
*IHG: -2% H1 revenue light, interim dividend ahead & confident of FY outlook.
*IWG: 0% Q1 numbers in line, anticipates strong cash generation in H2. *MEREO BIO: +1% interim results in line, cash a touch better. *NOKIAN TYRES: +5% Q2 profit beat, improving Russian demand, FY profit forecasts lifted.
*OERLIKON: +2% Q2 order in take better, FY guidance confirmed.
*PANDORA: -5% Q2 revenues light, EBITDA 7% miss, FY guidance maintained.
*PETS: +2% Q1 LFL sales +2.7%, FY outlook in with forecasts.
*RATIONAL: -3% H1 sales in line, raising sales rev growth goal.
*ROTORK: 0% H1 revenues in line, FY forecasts remain unchanged.
*SCHAEFFLER: 0% Q2 numbers in line, FY forecasts confirmed. *STANDARD LIFE: +1% H1 op profit 3% ahead, beat driven by India, numbers in line. *TP ICAP: +1% H1 revenues £925M, cost improvement plan launched.
*UNIPER: +3% H1 results strong, EBIT guidance top end, dividend increase. *VIFOR PHARMA: +2% H1 sales miss but increasing FY guidance.

Shore
INTERCONTINENTAL-H1 op pft $370m(Est$362.5m).Confident in 2017 outlook......-1%
BELLWAY-Fy completions+11%.Order book+16%.Fy op margin rising to 22%........+2%
PETS AT HOME-Q1 lfl sales+2.7%.Outlook for year in line with forecasts......+1%
MORGAN SINDALL-H1 revs 1.31b.H1 ptp 23.7m.Interim divi 16p +23%.............+1%
STAND LIFE-H1 op pft 362m.Divi 7p.AUM 361.9m.H1 net outflows 3.7b...........-1%
POLYPIPE-Hi op pft 38.9.Sees Fy in line with forecasts.....................UNCH
SIG-H1 revs 1.38b.Adj ptp 38.3m.Divi 1.25p.Views unchanged for fy...........+1%
ROTORK-Expects H2 margins to be ahead of H1.Fy views remain unchanged.......+1%
PADDY POWER-H1 ebitda 220m.Divi 65p.Sees Fy ebitda between 445 and 465m.....-1%
PAYSAFE-H1 rev $538.7m and Eitda of $169.2m no guidance as bid situation ..UNCH
TP ICAP-Revs in line margin 9.3% sees extra Brexit costs ...................-1%
WORLDPAY/VANITY takeover date 11 Aug can be extended if offer made.........UNCH


Exane Indications
Air France  +2%
Buzzi Unicem  -0.5%
Deutsche Post  +2%
Dong Energy  +2%
IHG  -2%
Nokian Renkaat  +4-5%
Pandora  -4%
Paysafe  +1%
Rotork  -1-2%
Schaeffler  u/c
Standard Life  -1%
Telecom Italia  -1%
Uniper  +2%
Vivendi  +1%
Worldpay  u/c

MainFirst Pre Mkt Indications
*BPOST-Rev 699.6m(737.8),Ebitda 159.3m(159.5),Net 99.7m(90.8)......-2%
*OERLIKON-Q2 Sales 689m(665.8),Ebitda 92m(87),short int 5.2%.......+2.5% 
*DEUT POST-Q2 NI 602m(595),Rev 14.81b(15.09),Ebit 841m(827)........+0.5% 
*NOKIAN-OP 94.1m(86.5),Sales 393m(376),Sees FY Sales/OP +10%(5%)...+3% 
*SIEMENS-Mulls addl job cuts in Power Plant Unit-Handelsblatt......U/C 
*GECINA-Gets French Antitrust approval for t/o with Eurosic........U/C
*PANDORA-Q2 Rev 4.83b(4.91),NI 1.1b(1.23),FY Rev DK23-24b(23.09)...-5% 
*PORSCHE-Mulls not offering next Cayenne in diesel says FAZ........+0.5%
*VIFOR-H1 Sales 626m(647),Ebit 62m(52),Raises FY o/lk,SI 16%.......+1.75%
*GALENICA-H1 Sales 1.59b(1.57),Ebit 72m(69),NP 58m(52),Reits FY....+1%
*SWISSQUOTE-H1 Rev 91m(81.8),NP 18m(11.4),NNM 1.5b,upbeat on H2....+2% 
*ALSTRIA OFFICE-Q2 Rev 47.9m(48),FFO U 28.7m,Raises o/l inline.....-1.5% 
*HAMBORNER REIT-Q2 Rental Inc 21.1m(18.3),guidance inline..........+0.5%
*JUNGHEINRICH-Q2 Sales 843m(832),Ebit 67.3m(66),Net 45.9m(44)......+1% 
*RATIONAL-Rev 165.4m(164),Ebit 39.7m(47),guidance already raised...-3% 
*UNIPER-Ebit 930m(956),NI 967m(849),FY Ebit 1-1.2b(1.15),Div up....+2% 
*SANOFI-Aims to get next approved PD-1 for first line lung cancer..+0.5%

>>> Avis Budget Missed yesterday sock -9% in after Hours...HTZ -3%...Watch EUCAR

Avis Budget misses by $0.24, misses on revs; guides FY17 EPS in-line, reaffirms revs above consensus
  • Reports Q2 (Jun) earnings of $0.30 per share, excluding non-recurring items, $0.24 worse than the Capital IQ Consensus of $0.54; revenues fell 0.2% year/year to $2.24 bln vs the $2.27 bln Capital IQ Consensus.
  • Co issues guidance for FY17, sees EPS of $2.40-2.85 (Prior $2.85-3.30), excluding non-recurring items, vs. $2.82 Capital IQ Consensus Estimate; sees FY17 revs of $8.80-8.95 bln vs. $8.77 bln Capital IQ Consensus Estimate.
    • Adjusted EBITDA in the range of $725-775 mln.
    • Adjusted free cash flow approx $350 mln.
    • "Our second quarter results in the Americas reflected both a 4% reduction in pricing resulting from industry over-fleeting and higher per-unit fleet costs due to lower used-vehicle values. Consequently, we have identified $25 million of additional savings opportunities globally, bringing our total expected savings this year to $75 million, and have lowered our full-year earnings guidance to reflect the difficult first half".

(ZH) Zero-Emission Vehicle Credits: The One 'Product' That Tesla Actually Earns

Zero-Emission Vehicle Credits: The One 'Product' That Tesla Actually Earns A Profit On

As we pointed out last week when Tesla reported its Q2 earnings, making products that actually generate a return on capital for shareholders isn't a strong suit of the Silicon Valley powerhouse. In fact, Elon Musk managed to burn through a record $1.2 billion of cash in Q2 alone, or roughly $13 million dollars every single day.

But, as Bloomberg points out today, there is at least one product where Tesla manages to earn a staggering margin of roughly 95%. It's called a Zero-Emission Vehicle (ZEV) credit and it's pretty much the only reason that Tesla managed to 'beat' earnings in Q2.


I'm referring to zero-emission vehicle, or ZEV, credits. California and several other states require that a certain proportion of the vehicles sold by an automaker emit no greenhouse gases. These cars earn the automaker credits, and if they don't have enough to meet their quota, they can buy extra ones from someone who does. As Tesla only makes vehicles that run on batteries and emit nothing, it usually has a surplus for sale.

The profit margin on these is very high, perhaps 95 percent. The implied $95 million of profit equates to about 58 cents a share. Tesla reported a loss of $1.33 per share this week -- beating the consensus forecast by 55 cents.

This isn't the only time ZEV credits have played a big role for Tesla. Looking back to early 2013, selling credits has given Tesla's earnings extra oomph in many quarters, likely taking them above consensus forecasts in some (on an implied basis, assuming that 95 percent margin):

After selling $0 worth of ZEV credits in 1Q 2017, Tesla managed to sell $100 million worth in 2Q with roughly $95 million, or $0.58 per share, flowing straight to the bottom line.
Of course, this isn't the first time that ZEV credits played a huge role in padding Tesla's earnings. Who can forget Q3 2016 when a $139 million in sales pushed Tesla's earnings into positive territory for the first time in years?


One notable period there is the the third quarter of 2016. This was the one where CEO Elon Musk exhorted his employees to "throw a pie in the face" of Tesla's critics by delivering thumping results. It worked, although at the cash-flow level it also owed quite a bit to suppliers.

But ZEVs provided a big tailwind: At $139 million, Tesla booked more revenue from selling the credits that quarter than any other. Using my margin assumption, they added 84 cents per share to earnings, turning a loss of 13 cents into a profit of 71 cents.

In short, as taxpayers we're all doing our part to help the environment by enriching one eccentric billionaire in Silicon Valley...which presumably makes sense to some politicians in Sacramento.

>>> What to look at today - 8th of August 2017

Dow +0.12% S&P +0.16% Nasdaq +0.51% Russell +0.13%
US Market closed higher.The DOw maeked its ninth consecutive record close. Three groups--technology, consumer staples, and energy--showed notable movement with the technology (+0.6%) and consumer staples (+0.7%) groups finishing at the top of the leaderboard and the energy space (-0.9%) settling at the bottom. Mega-cap technology names like Apple (AAPL 158.59, +2.20) and Facebook (FB 171.98, +2.36) also played a vital role in the tech sector's positive performance. The two companies added 1.4% apiece. WTI closed -0.1% to $49.37/bbl. US After Hours CUTR +15%, EGLE +11%, TWLO +10%, MTW +9%, LC +7% higher and THC -12%, PAGP -11%, CAR -8%, MAR -2.5% following earnings/guidance; FGEN +62% on positive topline data/earnings. Asian markets opened mixed, with USD weakening during the session. China reported its July trade balance data, exports slowed for the 5th consecutive month. The yuan rose 0.25% against the USD, after trade data, to 6.7044. Notably steel product exports were down ~29% y/y at a 2013 low. Fresh talks recirculated that the yuan trading band could be expanded later this year. Japan and Korea markets were little moved on the report that Japan and North Korea foreign ministers briefly met yesterday. No further details were given on the meeting.

Nikkei -0.30% Hang Seng +0.43% CSI +0.10% Shanghai -0.04% Shenzen +0.18%

Eur$ 1.1810 CNH 6.7069 CNY 6.7007 JPY 110.60 GBP 1.3045 CHF 0.9727 RUB 60.0823 WTI$ 49.30 -0.18%

S&P -0.11% EuroStoxx -0.20% FTSE -0.13% CAC -0.27% Dax -0.15% SMI -0.10%

Macro :
- U.S. June Consumer Credit Rose $12.4b; Est. Up $15.8b
- Investors to Pile Into Emerging Markets Even After Rally: Survey
- Goldman Defends Bullish Call on Banks, Seeing ‘Compelling Case’
- Italy May Sell Zecca Assets to Raise Funds, MF Reports
- China July Exports Rise 11.2% Y/y in Yuan Terms; Est. 14.8%

Keep an eye on :
- AF FP : Air France-KLM July Total Passengers Up 5.4% to 9.7M
- CS FP : Axa Gets Regulatory Approval for Reinsurance in India: Echos
- BPOST BB : Bpost Second Quarter Adjusted Ebitda Misses Estimates
- BPOST BB : Belgian postal service Bubble Post is being eyed by Bpost
- BZU IM : Italy Regulator Fines Cement Companies Total of EU184m
- CEM IM : Italy Regulator Fines Cement Companies Total of EU184m
- DENERG DC : Dong Raises EBITDA Guidance After Selling German Wind Farm Stake
- FRE GY : NxStage May See ~$5/Share Upside From Other Bidders: Leerink (1)
- GALE SW : Galenica Sante Confirms Outlook; Sees CHF80m Dividend Payment
- GFC FP : Gecina Gets French Antitrust Approval for Takeover With Eurosic
- G IM : Generali Agrees Sale of Business in Panama in $172m Deal
- IHG LN : InterContinental First Half Revenue Misses Estimates
- IT IM : Italcementi to Appeal Fine Set by Italy Competition Authority
- JUN3 GY : Jungheinrich Second Quarter Ebit Beats Estimates
- NRE1V FH : Nokian Renkaat Lifts FY Outlook; Op. Profit to Grow At Least 10%
- PANDORA DC : Pandora Second Quarter Net Income Misses Lowest Estimate, Agrees to Buy Distribution in Spain for EU110 Mln
- PAYS LN : Paysafe First Half Revenue $538.7 Mln
- PETS LN : Pets at Home 1Q Sales Rise; Outlook in Line With Expectations
- SAN FP : Sanofi Aims to Get Next Approved PD-1 for First-Line Lung Cancer
- SHA GY : Schaeffler Second Quarter Net Income EU206 Mln
- SIE GY : Siemens Mulls Additional Job Cuts in Power Plant Unit: HB
- 9984 JP : SoftBank Beats Estimate as Numbers Seen ‘Complex’: Street Wrap
- TEVA IT : Teva Has a ‘Long Road to Recovery,’ Morgan Stanley Says
- TEVA IT : Teva receives interest from funds - Haaretz
- UN01 GY : Uniper Sees Full Year Adjusted Ebit EU1 Bln To EU1.2 Bln , Uniper Boosts Dividend Target to 25% Growth for 2017
- VIV FP : Vivendi Tells Regulators it Doesn’t Fully Control Telecom Italia
- WAC GY : Wacker Neuson Sees Full Year Revenue EU1.45 Bln To EU1.50 Bln
- VOW3 GY : German Diesel Auto Agreement Is Positive Step, JPMorgan Says
- VOW3 GY : Merkel’s CDU Wants to Be Tougher on Volkswagen After Vote: Welt

>>> Teva receives interest from funds - report

Teva receives interest from funds - report
08 AUG 2017
Teva has attracted attention of funds looking to inject cash into the firm for a major holding in the company, according to a report in Ha'aretz. The report noted, based on unidentified sources, that the company's share price has declined by 70% over the last two years, and its market capitalisation is now at par with the level it had in 2000. The company is allegedly now vulnerable for a takeover, as potential buyers offer around USD 5bn to acquire 15%-20% stake in the firm.
The report noted that as the bar on Allergan for selling its 9.9% holding in the company has ended, the firm's CFO Maria Teresa Hilado indicated that the firm could sell them, and the suitors of Teva may buy those shares.
Teva itself is vulnerable for a takeover in part due to the USD 35bn it had taken out for the acquisition of Actavis. Mike McCellan, the firm's CFO has recently warned that the firm needs to accelerate sale of assets to have more cash, the report continued.

Haaretz

>>> Europe : Brokers Upgrades & Downgrades - 8th of August 2017

>>> Up
* BayWa Raised to Buy at Baader-Helvea, PT EU36
* Cognizant Raised to Buy at Berenberg
* ElringKlinger Raised to Outperform at Macquarie
* Panalpina Raised to Hold at HSBC, PT CHF120

>>> Down
* AA Cut to Underperform at Credit Suisse
* Beazley Cut to Market Perform at Bernstein, PT 490p
* Julius Baer Cut to Equal-weight at Morgan Stanley, PT CHF61
* R. Stahl Cut to Reduce at HSBC, PT EU24

>>> Initiation
* Delivery Hero New Buy at Citi, PT EU36
* Delivery Hero New Buy at Berenberg, PT EU33.20
* Delivery Hero New Buy at Jefferies, PT EU33
* Delivery Hero New Overweight at Morgan Stanley, PT EU30