FIAT AND FINMECCANICA DRIVING THE MARKET PLACE. MONCLER, NO ANALYST RECOMMENDS BUY
Thanks China. The robust injection of liquidity by Beijing's central bank to avert the credit crunch in the second largest economy on the planet has heartened the Bull in the Old Continent.
In Piazza Affari, the Ftse Mib index rose by 0,58%, on new highs since July 2011, again over 20 to 20.089. The increase in the rest of Europe was more modest: London +0,7%, Paris +0,3%, Frankfurt +0,32%. Madrid rises by 0,18%.
The Zew index relating to economic expectations in Germany fell to 61,7 points in January from the 62 points recorded in December. The best stock in the STOXX50 index is Unilever, up 4% after the presentation of quarterly data marked by strong increases in sales in Emerging Countries.
It was weak after delaying its earnings target by two years due to further investments in the cloud: the 35% operating margin will be achieved in 2017 instead of 2015.
On the sovereign debt front, the 3,81-year BTP yields 205%, two basis points more than yesterday. Spread at 5 basis points. Portugal's 2010-year government bond yield fell below 6% for the first time since August 12. Spain placed €3,96 billion in XNUMX- and XNUMX-month bonds at declining rates.
On the day of the closing of the Chrysler operation, the rally of Fiat +2,25%, best stock in the Eurostoxx 600 index since the beginning of the year (+25%). Fiat's rise is also fueled by purchases by international investors who bet on the recovery of the car market in Europe and at the same time exit Peugeot, frightened by the 3 billion capital increase that the French company is preparing to launch. With this operation, the Chinese Dongfeng will become the first shareholder of Peugeot with 14% of the capital, on a par with the French state and the Peugeot family.
In second place figure (+22% since the beginning of January) figure Telecom Italy today -0,4% but always around the maximum since May 2012. Also in evidence Finmeccanica +4,39% promoted by Morgan Stanley to Underweight from Overweight. Today in a hearing in the Chamber, the CEO will speak about the separation of Ansaldo Breda and the disposal plan. Not excluding indications on the sale of Ansaldo Sts to General Electric, Banca Akros estimates a price of 12 euros per share. Ansaldo Sts +1,63%.
Negative Saipem -2,84% after the interview with CEO Umberto Vergine: 2014 will not be the year of relaunch. Rest -0,14%, Credit Suisse raised its target to 5,9 euros from 5,8 euros. The recommendation remains negative (Underperform). salt Mediaset +0,16%, Exane confirmed the negative Underperform rating, target raised to 3,1 euros (+15%).
Banks rebound after shock Deutsche Bank (today +0,97%): Understanding +0,51%, Ubi Banca +1,39%. Banca Popolare di Milano is weak again today -2,25%. Unicredit +0,85%. The bank announced in a note the sale of 910 million euros of loans to the US fund Mariner Investment Group.
Generali +0,36%. This morning HSBC raised the target price on the stock to 21 euros from 20,5 euros, confirming the Overweight opinion. The opinions of analysts on the luxury sector are cold. Luxottica +1,1%, JP Morgan raised its target to 41 euros from 40 euros, confirmed as Neutral.
Moncler -5,5%, after the blackout period after the placement, the reports from the main brokers arrive today. Nobody recommends buying stocks. The hedge was initiated with a “neutral” rating by Goldman Sachs (target price €15), JP Morgan (€13,5) and Mediobanca Securities (€15,45), with “underweight” by HSBC (€13), with "underperform" by Exane Bnp Paribas (12,7 euros), with "sell" by Ubs (12,10 euros). At the closing price of 14,6 euros (+43% on the placement price) Moncler is trading at multiples of 17,3 and 31,7 respectively of EV/EBITDA and P/E on 2014 estimates, underlines Ubs, with a 65-75% premium compared to counterparts in the "soft luxury" sector.
Ferragamo -0,45%. Brunello Cucinelli -2,5%. For the Financial Times, the decision to enter ready-to-wear is the right one, but it will put pressure on profits. Finally, the leap of Recordati +3%, Bank of America raised its target price to 11,6 euros from 9,9 euros, confirmed as Neutral.
Great effervescence around TXT e-Solutions +9% and new highs since 2003 and D'Amico +4% after the promotion of Cheuvreux.
