Additional European Equity News

ASML (ASML NA) - China's Foreign Ministry says the Dutch PM will visit between 26th-27th March - details light. (Newswires) 

Airbus (AIR FP) - To acquire Infodas and strengthen its cybersecurity portfolio. Transaction is subject to customary regulatory approval and is expected to be finalised before end of 20224. This acquisition supports Co's strategic ambition to strengthen its cybersecurity portfolio. (Newswires) 

AstraZeneca (AZN LN) – Ultomiris approved in the US for NMOSD. Unprecedented relapse risk reduction observed in champion-NMOSD trial. (Newswires)

Anglo American (AAL LN) - Positive mention in Barron's; the newspaper said its stock was a "diamond in the rough", citing its cheap valuation, and its outlook which could see fundamentals improve ahead; failing that, Barron's speculates the company would become a takeover target. (Newswires)

Banco BPM (BAMI IM) - Co. may not meet 2025 net inflow targets set with Anima, via La Repubblica; as such, around EUR 30mln of provisions has been allocated. (Newswires)

Chip Names - China blocked the use of Intel (INTC) and AMD (AMD) chips in government computers. (Newswires)

Energy Names – Newton, a consultancy group, reports that future offshore wind projects could be put at risk due to an expected rise in steel demand which would leave such projects in the UK reliant on foreign steel unless domestic production sees a surprise increase. (Sky News)

Ferrari (RACE IM) - CEO said demand in China was growing but less so than Taiwan, due to a rise in supercar sales to wealthy citizens in Taiwan. (FT)

Ferrexpo (FXPO LN) - Operations at Ukrainian subsidiary performing well and no disruption to production and sale of its products. 2 supplies so far refused to enter agreements to extend payment terms. (Newswires) 

Grifols (GRF SM) - Three major shareholders are reportedly lending bearish investors 7.6% of Grifols capita, via El Confidencial; shareholders are reportedly BlackRock, EGF and Capital Research & Management.

ITV (ITV LN) – The BBC will week pledge to secure its future by seeking more commercial partners, such as the recent Doctor Who deal with Disney (DIS). (Guardian)

Kingfisher (KGF LN) – FY23 (GBP): Pretax profit 568mln (exp. 561.4mln), Revenue 12.9bln (exp. 13.03bln). Gross margin 36.8%. Outlook for FY24/25 adj. PBT 490-550mln. Proposed total dividend of 12.40p/shr (12.40p/shr Y/Y). Says Co. is cautious on overall market outlook for 2024 due to lag between housing demand and home improvement demand. (Newswires)

Pennon (PNN LN) - Trading Statement: Financial performance for FY remains in line with management expectations. (Newswires) 

Reckitt Benckiser Group (RKT LN) - After shares have fallen over 25% amid mounting lawsuits, Reckitt faces scrutiny over its structure and future direction, The Times reports. Its new board is set to tackle its strategic overhaul after its May shareholder meeting. The Times says Reckitt will likely sell or spin-off the remainder of its Nutrition business Mead Johnson, and could then split its Hygiene and Health units. (Newswires) 

Rio Tinto (RIO LN) - CEO said China's establishment of new supply chains for its green transition presents new business opportunities for the company, providing a larger market for Rio Tinto's products, especially copper, aluminium, and battery materials. (Newswires)

STMicroelectronics (STM FP) – Italy and France have reportedly reached an agreement on the dispute over the governance of STMicroelectronics. French CEO Jean-Marc Chery was re-appointed for a three-year term, while Italian CFO Lorenzo Grandi was appointed to join the board at the next shareholder meeting on May 22, according to Bloomberg citing a filing. (Bloomberg)

Sobi (SOBI SS) - Positive results from Phase 3 study of Doptelet for treatment of children with ITP; primary endpoint was met. (Newswires) 

Telefonica (TEF SM) - Agreed to a multi-million USD penalty with the SEC, via El Confidencial. 

Gecina (GFC FP) upgraded to Buy at Goldman Sachs

Leg Immobilien (LEG GY) upgraded to Neutral at Goldman Sachs Shares +2% in pre-market trade

SocGen (GLE FP) downgraded to Equal Weight at Morgan Stanley

25 Mar 2024 - 07:10- EquitiesResearch Sheet- Source: Newsquawk