Friday Morning View From Europe

by: Dealing Floor

From DealingFloor:

** UPS & DOWNS **

+ RYANAIR RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
+ ADIDAS RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
+ XSTRATA PRICE ESTIMATE RAISED 10% TO 2200P AT MORGAN STANLEY
+ CABLE & WIRELESS PRICE EST. RAISED TO 100P AT MORGAN STANLEY
+ AVIVA PRICE ESTIMATE RAISED TO 926P FROM 896P AT LEHMAN
+ LVMH SHARE-PRICE ESTIMATE RAISED TO EU90 VS EU85 AT JPMORGAN
+ AVIVA SHARE-PRICE ESTIMATE RAISED TO 850P VS 800P AT JPMORGAN
+ TOTAL ADDED TO `FOCUS LIST’ AT ING
+ MUNICH RE ADDED TO `FOCUS LIST’ AT ING
+ AVIVA SHARE-PRICE ESTIMATE RAISED TO 871P FROM 767P AT HSBC
+ LLOYDS TSB PRICE ESTIMATE RAISED TO 530P FROM 470P AT HSBC
+ ROYAL BANK OF SCOTLAND PRICE ESTIMATE RAISED TO 2100P AT HSBC

- ADIDAS SHARE-PRICE ESTIMATE CUT TO EU163 VS EU167 AT JPMORGAN
- SWISS RE PRICE ESTIMATE CUT TO SF105 FROM SF110 AT JPMORGAN
- ENI CUT FROM `FOCUS LIST’ AT ING
- LLOYDS TSB CUT TO `UNDERPERFORM’ FROM `IN’LINE’ AT GOLDMAN
- SBM OFFSHORE CUT TO `IN LINE’ FROM `OUTPERFORM’ AT GOLDMAN
- DEUTSCHE TELEKOM PRICE ESTIMATE CUT TO EU17.1 VS EU17.7 AT UBS

** HEADLINES **

- European Services Growth Probably Accelerated, Economists’ Survey Shows
- Adecco Fourth-Quarter Net Income Jumps 63 Percent on Qualified Placements
- Credit Suisse to Buy 30 Percent Stake in Woori Asset for $55.7 Million
- Glaxo-Funded Vaccine May Prevent Ear Infections in Infants, Doctor Says
- Detroit’s Loss Is Gains for China, Slovakia as Car Industry Jobs Move East
- Fortis Says 2005 Profit Rose 32 Percent to $4.7 Billion on Banking Gains
- Chirac to Seek Energy, Defense Contracts for France in Saudi Arabian Visit

** IN PLAY TODAY **

- Adecco SA, the world’s largest provider of temporary workers, said
fourth-quarter profit jumped 63 percent after the company sold a unit and placed
more professionals in work. Net income rose to 171 million euros from 105
million euros a year earlier. Analysts forecast profit of 131 million euros, the
median of six estimates in a Bloomberg News survey showed. Sales climbed 4
percent to 4.9 billion euros.

- Fortis said 2005 profit rose 32 percent to 3.9 billion euros and banking
earnings surged. Fortis, based in Brussels and the Dutch city of Utrecht,
released its earnings six days earlier than scheduled because of “the theft of
a briefcase including a draft of the annual results release,'’ the company said
today in an e-mail. Banking net profit before results on divestments increased
53 percent to 2.4 billion euros. Earnings per share gained 31 percent to 3.07
euros and the total proposed dividend is 1.16 euros a share in cash, an increase
of 12 percent. Company said full details will only be available the 9th of
March. Numbers look broadly in line with consensus.

- BT Group is being examined as a potential bid target by a number of global
private equity firms in a move that could value the telecoms group at a minimum
of GBP20 billion, The Times says.