EFTA01432866Set 10
2018-07-01106p17,893w
Bull
EFTA01432893
> Healthcare
11 Fresenius — Gunnar Romer, BUY, close €65.4, €83 tgt, 27% upside
IIStrong outlook — we expect defensive low-teens EPS growth to 2020,
given sound end market dynamics ... Energy, Materials & Industrials
18 Glencore — Liam Fitzpatrick, BUY, close 391p, 430p tgt, 10% upside.
IIStrong organic growth from return of suspended capacity. Group
volume growth ... next three years. Moreover, the dilutive scrip
dividend is gone, earlier than expected.