A round-up of notable broker activity this morning from Europe’s top-ranked* analysts:
** Although the London office market has shown resilience since the 2016 EU referendum, Credit Suisse sees a flat market with the potential for a Brexit downturn
** СS analysts consequently downgrade both Derwent London and Great Portland to “neutral” from “outperform”, but remain supportive of solid long-term business models from both companies
** Macquarie analysts adjust their valuations of European media companies, citing the widest valuation gap observed in 25 years between defensive names and restructuring stories
** Macquarie cuts Experian and Thomson Reuters to “neutral”, despite “strong fundamentals”, and ups ITV to “neutral” in spite of political uncertainty
*Analyst rankings from Thomson Reuters StarMine. Scale is from 1-star to 5-star with 5 being best. Analysts ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.