Small & Mid Cap Focus List : Lottomatica (LTO.MI, OUTPERFORM) M. Gerard (Pg. 2) / April & May AAMS data; Wagering declines but spend resilient
Estimate / Target Price Changes : EEMEA Fertilisers S. Mironov (Pg. 2)
Good value, but not time yet; TP changes : Unibail Rodamco (UNBP.PA, OUTPERFORM) J. Kownator (Pg. 3)
Partnering with PWREF through MFI to create a German platform; TP cut to €165 from €167 : Philip Morris International (PM, NEUTRAL) R. Fujimori (Pg. 3)
Staying ahead of the pack post investor day; EPS estimates cut due to unfavorable FX : Carnival Corp. (CCL, NEUTRAL) J. Simkins (Pg. 4)
TP up to $33 from $30 post Q2 results; EPS estimates up : Kazkommertsbank (KKGByq.L, NEUTRAL) H. Swann (Pg. 4)
Still struggling for growth; TP cut to $5.2 from $6.6 / Company Updates : BNP Paribas (BNPP.PA, OUTPERFORM) M. Le Gouvello (Pg. 5) => Keep on moving; Solid investment case, low valuation
