Berenberg downgrades BASF to 'Hold' + Norma needs new CEO + Valneva expects sales between EUR 180-190m for 2025 + CTS EVENTIM with record earnings in 2024

Berenberg downgrades BASF $BAS (-5%)to 'Hold' because 'peace is almost priced in'

• The private bank Berenberg has raised its price target for BASF from EUR 50 to EUR 52, but downgraded the shares from "Buy" to "Hold".
• Peace in Ukraine would be favorable for falling gas prices, but is already largely priced in after the rally of recent weeks, wrote analyst Sebastian Bray in his reassessment on Monday evening.
• There would also not necessarily be a rapid return to the price level before Russia's attack.
• In addition, the silence of the weapons would not change the sluggish growth in China, where the Ludwigshafen-based company is particularly active

Norma $NOEJ (-12.21%)needs a new boss - Grandi resigns over strategy differences

• The automotive supplier and fastening technology specialist Norma Group has to look for a new boss.
• CEO Guido Grandi has resigned from his position on the Management Board at the end of February 17, 2024 due to strategic differences regarding the future direction of the company, the company announced late Monday evening.
• The current Chairman of the Supervisory Board, Mark Wilhelms, will lead Norma for the transitional period of a maximum of one year.
• His position will be temporarily filled by Kerstin Müller-Kirchhofs.

Valneva $VLA (-16.42%)expects sales of between EUR 180-190 million for 2025

• Reports preliminary unaudited revenues and cash for 2024 and provides outlook for 2025
• Has achieved growth targets for 2024 with revenues (+13% vs. 2023) and total revenues (+10% vs. 2023)
• Outlook for 2025: revenue to increase to EUR 170-180 million
• Reports cash and cash equivalents of EUR 168.3 million at the end of the year
• Total revenue amounted to EUR 169.6 million for the year ending December 31, 2024
• Cash and cash equivalents of EUR 168.3 million as at December 31, 2024
• Outlook 2025: Total revenue expected to be between EUR 180 million and EUR 190 million, investments in research and development between EUR 90 million and EUR 100 million
• Expected research and development investments between 90-100 million in 2025

CTS EVENTIM $EVD (-2.57%): Record result 2024

• Based on the preliminary figures for the 2024 financial year, CTS EVENTIM AG & Co. KGaA continues to record dynamic growth in all business segments.
• The very strong fourth quarter of 2024 ensured that the Group achieved new record figures for revenue and earnings.
• Group sales increased by 19.1% to EUR 2.809 billion in the 2024 financial year compared to the previous year (EUR 2.359 billion).
• This strong growth was driven by both the Ticketing and Live Entertainment segments.
• Adjusted Group EBITDA for 2024 amounted to EUR 542.2 million, compared to EUR 444.8 million in the same period of the previous year.
• A significant increase of 21.9%.

Tuesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Archer Daniels Midland Company USD 0.51
• EQT USD 0.16
• United Parcel Service Registered (B) USD 1.64

• Quarterly figures / company dates USA / Asia
• 00:30 BHP Group half-year figures

• Quarterly figures / Company dates Europe
• 07:00 Capgemini | Elmos Semiconductor Quarterly figures
• 08:00 Jost Werke preliminary annual results
• 10:00 Siemens Healthineers AGM

• economic data

08:00 UK: Labor market data January unemployment rate 3 months (ILO) FORECAST: 4.5% previous: 4.4%

11:00 DE: ZEW Economic Sentiment Index February FORECAST: 20.0 points previously: 10.3 points Economic situation FORECAST: -89.2 points previously: -90.4 points

14:30 US: Empire State Manufacturing Index February FORECAST: -1.0 previous: -12.6

15:00 EU: ECB Director Cipollone, speech at MNI conference on "The ECB's Balance Sheet Policies and Implications" in the Current Economic Context

19:00 US: Fed Vice-Chairman Barr, interview on "Artificial Intelligence in the Economy and Financial Stability"

Analyst updates, 29.11.

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- BOFA raises the price target for SIEMENS ENERGY from EUR 48 to EUR 52. Neutral. $ENR (-9.65%)

- GOLDMAN raises the target price for DEUTSCHE TELEKOM from EUR 37 to EUR 39. Buy. $DTE (-4.46%)

- BERENBERG raises the price target for PFIZER from USD 27 to USD 29. Hold. $PFE (-4.59%)

- JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 14.15 to GBP 16.02. Overweight. $TKWY (-1.68%)

- WARBURG RESEARCH raises the target price for RATIONAL from EUR 800 to EUR 810. Hold. $RAA (-6.26%)

- BOFA upgrades SCHNEIDER ELECTRIC from Underperform to Neutral and raises target price from 175 EUR to 255 EUR. $SU (-8.15%)

- BOFA raises the price target for NORDEX from 17.90 EUR to 19.30 EUR. Buy. $NDX1 (-7.2%)

- BERENBERG raises the target price for ZALANDO from EUR 29.70 to EUR 38. Buy. $ZAL (-7.88%)

- WARBURG RESEARCH upgrades WACKER NEUSON from Hold to Buy. Target price EUR 17. $WAC (-10.75%)

- WARBURG RESEARCH raises the price target for ALZCHEM from EUR 75 to EUR 77.50. Buy. $ACT (-12.98%)

- ODDO BHF upgrades NORMA GROUP from Neutral to Outperform. Target price EUR 18.10. $NOEJ (-12.21%)

- BOFA raises the price target for KNORR-BREMSE from EUR 68 to EUR 70. Underperform. $KBX (-8.01%)

- BOFA upgrades ABB to Buy. $ABBNY (-5.19%)

- BOFA upgrades KION from Neutral to Buy and raises target price from EUR 39.50 to EUR 48.50. $KGX (-13.09%)

- BOFA upgrades JUNGHEINRICH from Underperform to Neutral and raises target price from EUR 24 to EUR 26. $JUN3 (-11.64%)

- BERENBERG raises the price target for GLOBAL FASHION GROUP from EUR 0.23 to EUR 0.27. Hold. $GFG (-4.15%)

- HSBC raises the price target for DEUTSCHE BÖRSE from EUR 230 to EUR 236. Buy. $DB1 (-7.96%)

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- KEPLER CHEUVREUX lowers the price target for HUGO BOSS from EUR 59 to EUR 41. Buy. $BOSS (-2.48%)

- BOFA downgrades GENERALI from Neutral to Underperform and raises target price from EUR 26 to EUR 27. $G (-6.61%)

- DEUTSCHE BANK RESEARCH lowers the price target for L'OREAL from EUR 335 to EUR 280. Sell. $OR (-1.22%)

- BOFA lowers the target price for BAE SYSTEMS from GBP 13.75 to GBP 12.40. Underperform. $BA. (-9.05%)

- BERENBERG lowers the price target for ALLGEIER from EUR 22 to EUR 19. Buy. $0RQZ

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- DEUTSCHE BANK RESEARCH raises its price target for BMW from EUR 90 to EUR 95. Buy. $DBK (-10%)

- BERNSTEIN raises the price target for QUALCOMM from USD 200 to USD 215. Outperform. $QCOM (-7.67%)

- UBS raises the price target for LYFT from USD 13 to USD 18. Neutral. $LYFT (-4.64%)

- BARCLAYS raises the price target for SIEMENS HEALTH from EUR 60.50 to EUR 62.50. Overweight. $SHL (-5.55%)

- WARBURG RESEARCH raises the price target for KONTRON from EUR 28 to EUR 28.40. Buy. $KTN (-8.56%)

- UBS upgrades KINGSPAN GROUP from Neutral to Buy. Target price 90 EUR. $KRX (-6.82%)

- WARBURG RESEARCH raises the price target for ZEAL NETWORK from EUR 59 to EUR 64. Buy. $TIMA (-9.58%)

- GOLDMAN raises the price target for VONOVIA from EUR 42.70 to EUR 43.70. Buy. $VNA (-2.32%)

- BARCLAYS raises the price target for AHOLD DELHAIZE from EUR 30 to EUR 31. Equal-Weight. $AD (-2.31%)

- BARCLAYS raises the target price for FMC from EUR 38.50 to EUR 39. Equal-Weight. $FMC (-8.19%)

- JPMORGAN raises the target price for COMMERZBANK from EUR 18 to EUR 18.40. Overweight. $CBK (-6.01%)

- JPMORGAN raises the target price for PUMA SE from EUR 40 to EUR 44. Neutral. $PUM (-2.41%)

- JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 13.96 to GBP 14.15. Overweight. $TKWY (-1.68%)

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- JEFFERIES downgrades PALANTIR from Hold to Underperform. Target price USD 28. $PLTR (-11.65%)

- DEUTSCHE BANK RESEARCH lowers the price target for NOVO NORDISK from DKK 1100 to DKK 1000. Buy. $NOVO B (-6.66%)

- RBC lowers the price target for NIKE from 82 USD to 80 USD. Sector Perform. $NKE (+3.05%)

- ODDO BHF downgrades ASM INTERNATIONAL to Outperform. Target price EUR 960. $ASM (-4.46%)

- KEPLER CHEUVREUX downgrades HENSOLDT from Buy to Hold. Target price EUR 34. $HAG (-12.95%)

- DEUTSCHE BANK RESEARCH lowers the price target for ZALANDO from EUR 40 to EUR 36. Buy. $ZAL (-7.88%)

- DEUTSCHE BANK RESEARCH lowers the price target for VESTAS from DKK 165 to DKK 150. Hold. $VWS (-10.01%)

- BOFA downgrades SIEMENS ENERGY from Buy to Neutral. Target price EUR 40. $ENR (-9.65%)

- METZLER lowers the price target for VONOVIA from EUR 28.50 to EUR 28. Sell. $VNA (-2.32%)

- BARCLAYS lowers the price target for TEAMVIEWER from EUR 18 to EUR 15.50. Overweight. $TMV (-2.63%)

- WARBURG RESEARCH lowers the price target for KLÖCKNER & CO from EUR 6 to EUR 5.70. Buy. $KCOB

- HAUCK AUFHÄUSER IB lowers the target price for NORMA GROUP from EUR 32 to EUR 27. Buy. $NOEJ (-12.21%)

- WARBURG downgrades EDAG ENGINEERING from Buy to Hold and lowers target price from EUR 13 to EUR 9.50. $ED4 (-0.76%)

- LBBW lowers the price target for ALLGEIER from EUR 24 to EUR 20. Buy. $AEIA

- BARCLAYS lowers the price target for HENKEL from EUR 79 to EUR 77. Equal-Weight. $HEN (-3.1%)

- BERENBERG lowers the price target for KRONES from EUR 157 to EUR 154. Buy. $KRN (-10.28%)

Earnings summary this morning (05.11.) 👇🏼

Krones | $KRN (-10.28%) increases both sales and operating profit in the third quarter, with EBITDA growing by almost 22% to almost 135 million euros. The company confirms its forecast and benefits from improved material availability.

Uniper | $UN01 generates a profit of just under EUR 1.3 billion in the first nine months of 2024, but significantly less than in the previous year. The energy group confirms its outlook for the year with an expected net profit of EUR 1.1 to 1.5 billion.

Hugo Boss | $BOSS (-2.48%) recorded a slight increase in sales of 1% to 1.03 billion euros in the third quarter despite a slump in consumption in China, but EBIT fell by 7% to 95 million euros. The Group confirms its annual targets despite higher sales and marketing costs.

Fraport | $FRA (-2.89%) is lowering its expectations for passenger numbers in 2024 to the lower end of the range of 61 million passengers and is targeting EBITDA in the middle of the previous forecast of 1.26 to 1.36 billion euros. In the summer quarter, revenue rose by 11%, while operating profit only increased by 1%.

Fresenius Medical Care | $FRE (-4.88%) increases operating profit in the third quarter by 43 % to 463 million euros, which is attributable to successful cost savings. The company raises its forecast for adjusted operating profit, but expects a slight decline in sales.

Redcare Pharmacy | $RDC (-2.11%) reports a decline in adjusted EBITDA to 11.4 million euros in the third quarter and increases the loss for the first nine months to 20.1 million euros. The company confirms adjusted annual targets and expects a lower operating profit due to higher advertising expenditure for the e-prescription.

DHL | $DHL (-6.85%) reports a decline in profit of almost 7% to 751 million euros for the third quarter and lowers its forecast for operating profit in 2024 and 2026. Revenue increases by 6% to 20.6 billion euros, while EBIT remains stable at 1.4 billion euros.

Norma Group | $NOEJ (-12.21%) is revising its annual targets downwards and now expects sales of around EUR 1.2 billion and an adjusted EBIT margin of around 8.0 percent due to a challenging market environment. In the third quarter, the company recorded a decline in sales of 7.9% to 273.6 million euros and a drop in profit to 6.1 million euros.

Nintendo | $7974 (-4.64%)
Q2 24 Earnings:

- Net Income 27.70B Yen (est 49.4B Yen)

- Sees FY Oper Income 360.00B Yen, Saw 400.00B Yen

- Sees FY Total Switch Sales 12.50M Units, Saw 13.50M

Adecco | $ADEN (-5.9%) 24 Earnings:

- Net Income EU99.0M (est EU86.8M)

- Rev EU5.70B (est EU5.84B)

- Adj EBITA EU186.0M (est EU195M)

- Plans To Repay EU430M Debt Maturing In Dec 24

𝗠𝗮𝗿𝗸𝗲𝘁 𝗡𝗲𝘄𝘀 🗞️

𝗜𝗣𝗢𝘀 🔔

Rivian - The electric vehicle startup, obtained 20% by Amazon ( $AMZ (-3.47%) ) , is seeking $8.4 billion in funding through the IPO. This would make it the third largest IPO in the U.S. in the last 10 years. Rivian would be valued at $53 billion, almost as much as Honda ( $HDM (-6.42%) A share is expected to cost between $57 and $62.

In October, Amazon ordered 100,000 electric delivery vehicles from Rivian, which is building a brand of electric SUVs and pickups in parallel with this production.

𝗘𝘅-𝗗𝗮𝘁𝗲𝘀 📅

Date ex-dividend: Armstrong World Industries ( $91A (+1.23%) ), Banco Bradesco ( $BRE (-3.38%) ), Banco Santander (Mexico) ($BSMX ), Cambridge Bancorp ( $CATC ), Fomento Económico Mexicano ( $FOMC (-4.07%) ), Hess Midstream ( $HESM ), Hope Bancorp ( $NRB (-3.15%) ), NextEra Energy ( $1NG ), S&T Bancorp, Inc. $STBA ) and WSFS Financial Corporation ( $WSFS (-2.99%) ).

𝗖𝗵𝗶𝗳𝗳𝗿𝗲𝘀 𝘁𝗿𝗶𝗺𝗲𝘀𝘁𝗿𝗶𝗲𝗹𝘀📈

Today ( $ACE1 (-10.99%) ), Ansys ( $AKX (-7.1%) ), BMW ( $BMW (-5.51%) ), Geberit AG ( $GBRA (-2.95%) ), Klöckner & Co ( $KCO (-7.72%) ), Lufthansa ( $LHA (-6.02%) ), Marriott International ( $MAQ (-3.68%) ), MetLife ( $MWZ (-8.48%) ), Norma Group ( $NOEJ (-12.21%) ), Novo Nordisk ( $NOVC ), Qualcomm ( $QCI (-7.67%) ), Raiffeisen ( $RAW (-4.99%) ), Teamviewer ( $TMV (-2.63%) ) and Zalando ( $ZAL (-7.88%) ) present their figures.

𝗠𝗮𝗿𝗸𝗲𝘁𝘀 🏛️

Fed - The Federal Reserve holds its interest rate meeting today, at which the U.S. central bank will likely announce a reduction in its bond-buying program. As a result, speculation about a possible interest rate hike next year is already in the air.

In advance, the markets are very positive and remain well oriented. According to CMC Markets analyst Jochen Stanzl, this change in monetary policy is no longer a major factor for the stock markets. The reason is that the quarterly figures are still very positive.

Lufthansa ( $LHA (-6.02%) ) - In the third quarter, Deutsche Lufthansa nearly doubled its revenue. Revenue rose 96 percent to 5.2 billion euros in the months of July through September. The adjusted loss before interest and taxes fell to 17 million, compared with 1.262 billion in the same period last year. This is an "important step" to get out of the crisis, said group CEO Carsten Spohr. The Group expects to be able to continue to increase its revenue over the full year 2021.

HelloFresh ( $HFG (-6.83%) ) - HelloFresh raised its revenue guidance again on the back of strong growth in the current fiscal year through October. Core revenues increased to €1.416 billion from €970 million in the same period last year. This is due to strong customer growth and a continued high order rate as well as high average order values. The adjusted operating margin before interest, taxes, depreciation and amortization is expected to be between 8.25 and 10.25 percent.

G20 - The global minimum tax is due in 2023. Any company with annual sales of more than €750,000 will pay a 15 percent tax on its profits. Large digital companies must have at least €20 billion in revenue and a pre-tax profit margin of at least 10 percent to be covered by the global sales tax. Amazon ( $AMZ (-3.47%) ) would then be spared its 5% margin, while Apple ( $APC (-6.8%) ) would be asked to pay. Tax havens would also become less attractive, as the tax burden would not fall on the home countries, as is currently the case, but on the market countries, i.e. where most of the turnover is generated.

𝗖𝗿𝘆𝗽𝘁𝗼 💎

El Salvador - With the surplus from the El Salvador Bitcoin Trust, the country wants to build 20 new "Bitcoin schools." After another purchase of 420 BTC ( $BTC-EUR (+2.66%) ), the government currently holds 1,120 BTC in its Bitcoin Trust account. Already in mid-October, President Nayib Bukele announced the allocation of four million US dollars from the Bitcoin Trust for the construction of a new veterinary hospital.

Squid Game - The coin bearing the abbreviation SQUID, which alludes to the Netflix series Squid Game, shocked the crypto scene yesterday. The coin was launched last Thursday at a starting price of $0.01. Within 4 days, the price increased by an incredible 380,000.00% to $38 on Monday morning. After further growth, the price rose to $89 the same day. However, the journey was not to end there. Within 3 hours, one event followed another. The price of SQUID reached an incredible $2,861.80 and just 5 minutes later, the coin collapsed 99.99% to $0.0007926.

In addition, the website that was promoting the coin is no longer online. It is also known that many SQUID holders were unable to sell their positions after a while, so they could only sit on their hands. It was therefore a "rug-pull", i.e. the promoters of the project sold it and went underground with the profits. In addition, it is now clear that there is no connection with Netflix or other representatives of the series.

Please consider this story as a warning (🚨) of what can happen when one recklessly invests in small-cap memes. Many investors have lost their money with no chance of getting it back. Educate yourself before you invest. You'll be able to see exactly what you need to pay attention to on our Instagram page in the coming days.

🤜🏼🤜🏼🤜🏼 @MarketNewsUpdate

𝗠𝗮𝗿𝗸𝗲𝘁 𝗡𝗲𝘄𝘀 🗞️

𝗘𝗹𝗲𝗸𝘁𝗿𝗶𝗳𝗶𝘇𝗶𝗲𝗿𝘁𝗲𝗿 𝗜𝗣𝗢 / 𝗭𝗶𝗻𝘀𝗲𝗻𝘁𝘀𝗰𝗵𝗲𝗶𝗱𝘂𝗻𝗴 / 𝗥𝗮𝘂𝘀 𝗮𝘂𝘀 𝗱𝗲𝗿 𝗞𝗿𝗶𝘀𝗲 / 𝗕𝗶𝘁𝗰𝗼𝗶𝗻-𝗦𝗰𝗵𝗼𝗼𝗹𝘀

𝗜𝗣𝗢𝘀 🔔

Rivian - The electric vehicle startup, which is 20 percent owned by Amazon ($AMZ (-3.47%)), is seeking $8.4 billion in funding by going public. That would make it the third-largest IPO in the U.S. in the last decade. This would give Rivian a valuation of $53 billion and would be almost as big as Honda ($HDM (-6.42%)). A share is expected to cost between $57 and $62.

As recently as October, Amazon ordered 100,000 electric delivery vehicles from Rivian, which is building a brand of electric SUVs and pickups alongside that production.

𝗘𝘅-𝗗𝗮𝘁𝗲𝘀 📅

As of today, Armstrong World Industries ($91A (+1.23%)), Banco Bradesco ($BRE (-3.38%)), Banco Santander (Mexico) ($BSMX), Cambridge Bancorp ($CATC), Fomento Económico Mexicano ($FOMC (-4.07%)), Hess Midstream ($HESM), Hope Bancorp. ($NRB (-3.15%)), NextEra Energy ($1NG), S&T Bancorp, Inc. ($STBA) and WSFS Financial Corporation ($WSFS (-2.99%)) traded ex-dividend.

𝗤𝘂𝗮𝗿𝘁𝗮𝗹𝘀𝘇𝗮𝗵𝗹𝗲𝗻 📈

Things are really busy again, so here are the main companies presenting their figures today. Today, Acerinox ($ACE1 (-10.99%)), Ansys ($AKX (-7.1%)), BMW ($BMW (-5.51%)), Geberit AG ($GBRA (-2.95%)), Klöckner & Co ($KCO (-7.72%)), Lufthansa ($LHA (-6.02%)), Marriott International ($MAQ (-3.68%)), MetLife ($MWZ (-8.48%)), Norma Group ($NOEJ (-12.21%)), Novo Nordisk ($NOVC), Qualcomm ($QCI (-7.67%)), Raiffeisen ($RAW (-4.99%)), Teamviewer ($TMV (-2.63%)) and Zalando ($ZAL (-7.88%)) presented their figures.

𝗠𝗮𝗿𝗸𝗲𝘁𝘀 🏛️

Fed - The Federal Reserve holds its interest rate meeting today, at which the U.S. central bank is likely to announce a cut in its bond-buying program. Therefore, speculation of a possible rate hike next year is already in the room.

In the run-up, the markets present themselves in a very positive mood and continue to be on a strong course. According to analyst Jochen Stanzl of CMC Markets, this monetary policy change no longer represents a supporting burden for the stock markets. The reason for this is the consistently very positive quarterly figures.

Lufthansa ($LHA (-6.02%)) - In the third quarter, Deutsche Lufthansa almost doubled its revenue and returned to operating profit since the beginning of the crisis. Revenue rose 96 percent to 5.2 billion euros in the months from July to September. Adjusted loss before interest and taxes narrowed to 17 million from 1.262 billion in the same period last year. It was a "milestone" out of the crisis, said Group CEO Carsten Spohr. The Group expects to be able to continue increasing its sales in the full year 2021.

𝗖𝗿𝘆𝗽𝘁𝗼 💎

El Salvador - The country plans to build 20 new "Bitcoin Schools" from the surplus of El Salvador's Bitcoin Trust. After another bitcoin purchase of 420 BTC ($BTC-EUR (+2.66%)), the government currently holds 1,120 BTC in its Bitcoin Trust account. Back in mid-October, President Nayib Bukele announced spending four million US dollars from the Bitcoin trust on a new veterinary hospital.

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