- German DE30 gains slightly ahead of FOMC decision
- UBS raises recommendation for BASF
- Fraport publishes Frankfurt airport transport data
General market situation:
Wednesday's session on European markets brings modest gains for most stock indexes. The German DE30 continues to hold in the zone of this week's local maxima. The key macro readings of today's session will be PPI data from the US and the FOMC's decision on interest rates.
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European companies listed during Wednesday's trading session are mostly on the rise at the moment. Source: xStation 5
The DE30 is losing nearly 0.1% during today's session and remains in the zone of local maxima quoted this week. Source: xStation 5
News:
Swiss investment bank UBS raised its recommendation for BASF (BAS.DE) shares to "buy" from its previous "sell" rating.
UBS analysts raised their earnings-per-share estimates by an average of 32 percent through 2025, and raised operating profit (EBIT) forecasts by an average of seven percent, and is now 13 percent above market consensus for 2024/25. The bank forecasts primarily an improvement in the chemicals business.
The target price has been set at 55 euros per share (previously it was 40 euros). The company's shares are currently gaining nearly 4.4%.
Source: xStation
Below is a summary of November passenger and freight statistics from Fraport (FRA.DE) in Frankfurt. The company's shares are currently gaining nearly 1%.
Across all airports actively managed by Fraport, passenger numbers rose 7.5 percent year-on-year, reaching a total of about 9.9 million travelers in November 2023. Source: Bloomberg Financial LP
Shares of conglomerate Inditex (ITX.ES) are currently gaining nearly 1.23 percent on forecasts of higher margins for the year, thanks to increased productivity. Jefferies analysts communicated that organic revenue growth of 14% in the first six weeks of Q4 makes the +12.4% consensus for the full quarter start to look conservative.
Source: Bloomberg Financial LP
Analyst recommendations:
* Mercedes-Benz Group AG (MBG.DE): BNPP Exane downgraded its recommendation on the company's shares to an "underperform" rating.
* Porsche (P911.DE): HSBC raised its rating on the company's shares to "buy" and set a target price of €100 per share. The bank believes the company could be attractively valued, and price concerns appear to be a thing of the past. On the other hand, analysts downgraded their recommendation for Ferrari (RACE.IT) shares to a "hold" rating.
* Continental (CON.DE): BofA raised its rating on the company's shares to "buy" from its previous price target of "neutral."
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