Developments in the defense industry are the strong ingredient of the rise in Business Square, the liveliest among the European stock markets at the start of the week. The star still shines Leonardo +1,88%: the stock completed its seventh consecutive positive week on Friday. The price has reached a level not seen since December 2000. Since January 50,0st the price has grown by +13% against +XNUMX% of the Fste Mib.
The consensus gathered by Bloomberg currently registers 12 Buy, 6 Hold, 2 Sell. Average target price 21,43 euros.
Leonardo and Saipem shine in Piazza Affari, Ferrari's target rises
It is not the only thoroughbred horse that is champing at the bit in the Milan stable +0,44% around 34.500 points. At the top of the index figure Saipem +5,93% which continues its run at 2,122 euros after having accumulated a gain of more than +40% since the beginning of the year. This morning Berenberg strengthened the Buy rating, raising the target price from 2,85 to 3,0 euros.
Following the excellent quarterly report, Bloomberg's updated consensus now shows 17 Buy, 5 Hold, 0 Sell. Average target price 2,51 euros.
Tim, the awakening with Asterion and Mef hypotheses for Sparkle
A revenant completes the trio Tim +4,04% which bounces to 0,224 euros after the rumors on the hypothesis that the offer to Tim for Sparkle could improve and exceed 800 million euros with the contribution of Spanish fund Asterion, specialized in infrastructure, alongside the mef with a minority share. The hypothesis finds consensus among financial analysts who see "positive implications, with Asterion's financial support and experience in the telecommunications sector which - highlights Imi Corporate & Investment Banking of Intesa Sanpaolo – in our opinion they facilitate an increase in the offer and, more likely, the achievement of the earn-outs”. For Equity the possible monetization of Sparkle at 800 million would be "positive news for Tim as Sparkle is not expected to generate cash over the plan period and therefore its sale would accelerate deleverage; would implement one of the objectives of the delayering plan presented by the group in 2022 and currently being executed with the sale of NetCo and the development of ServCo". Also Intermonte underlines that Sparkle is not "intended to generate free cash flow over the course of the plan, so the sale of the asset does not compromise Tim's cash generation, while it should help reduce debt by approximately 0,8 billion euros".
Among other titles: Buzzi (+1%) after Banca Akros raised the target price from 33 to 38 euros.
Ferrari +0,5%. Rbc Capital raises the target price to 463 euros.
Tenaris Piper Sandler raises the ADR target price to $49. Finally, Banco de Santander raises its rating to Outperform on Terna.
To be reported in fixed income the BTP at 3,69%. On Wednesday, the Treasury will try to place up to 9,6 billion euros of five-, seven- and 135-year bonds. Spread at XNUMX points.
The drop in EU rates is closer, Wall Street futures fall
Euro dollar at 1,083. The European Central Bank is increasingly convinced that wage growth is slowing towards more normal levels, potentially opening the door to rate cuts. ECB chief economist Philip Lane said this in a podcast published today.
US stocks are expected to open lower.
Future Nasdaq -0,4% S & P500 -0,2% Dow Jones -0,2%. Mislav Matejk, one of JP Morgan's strategists, wrote that shares need the boost from company profits and rate cuts to continue rising.
On Friday the big names in tech once again outclassed everything else. The Nasdaq Composite and Nasdaq xnumx they rose by 0,2%, enough to record another record: the week closed up by 3%.
Bloomberg's Magnificent 7 index gained 0,9% in the same session. He suffers though Tesla (-1%).
