We indicate where a rating is currently 'under review', 'suspended' or 'restricted'. An explanation of our ratings is provided below. 

Investment ratings

Davy ratings are indicators of the expected performance of the stock relative to its sector index (FTSE E300) over the next 12 months. At times, the performance might fall outside the general ranges stated below due to near-term events, market conditions, stock volatility or - in some cases - company-specific issues. Research reports and ratings should not be relied upon as individual investment advice. As always, an investor's decision to buy or sell a security must depend on individual circumstances, including existing holdings, time horizons and risk tolerance.

  • Outperform: Outperforms the relevant E300 sector by 10% or more over the next 12 months.
  • Neutral: Performs in-line with the relevant E300 sector (+/-10%) over the next 12 months.
  • Underperform: Underperforms the relevant E300 sector by 10% or more over the next 12 months.
  • Under Review: Rating is actively under review.
  • Suspended: Rating is suspended until further notice.
  • Restricted: The rating has been removed in accordance with Davy policy and/or applicable law and regulations where Davy is engaged in an investment banking transaction and in certain other circumstances.


    The ratings table also indicates if Davy has provided certain material investment banking services to any company under coverage in the past 12 months. The term 'material investment banking services' includes Davy acting as broker as well as the provision of corporate finance services, such as underwriting and managing or advising on a public offer.

    The list of individual ratings is updated each Monday, except for public holidays, when it is updated on the following Tuesday.

    Also provided is a summary of our ratings for all companies under research coverage, including those companies under coverage to which Davy has provided material investment banking services in the previous 12 months. This summary is updated on a quarterly basis.

    Please note that the table of individual stocks below is updated on an ongoing basis, while the quarterly summary table is updated at the end of each quarter.

    Please click here for other important disclosures.

    If you require further information, please contact research@davy.ie.

    Rating Count Percent Material Investment Banking Services/
    Past 12 Months
    Count Percent
    Outperform 71 53 29 74
    Neutral 38 28 4 10
    Underperform 12 9 0 0
    Under Review 3 2 2 5
    Suspended 5 3 0 0
    Restricted 4 3 4 10
    Stock Analyst(s) Rating* Market price** Date of issue
    Abbey Colin Sheridan CFA Outperform 655c 11/09/12
    Air France KLM Stephen Furlong Underperform 512c 27/01/17
        Neutral 494c 22/08/16
    Allied Irish Banks Stephen Lyons Under Review 529c 28/10/16
    Amadeus IT Holding Stephen Furlong/Ross Harvey Neutral 3159c 24/11/14
    Aminex Job Langbroek/Caren Crowley Outperform 1.6c 05/08/16
    A.P. Moeller-Maersk Allan Smylie Outperform DKK1008000 08/12/16
    Applegreen Allan Smylie Outperform 444c 23/07/15
    Ardagh Barry Dixon/Flor O'Dononghue Outperform 2110c 12/04/17
    ARYZTA John O'Reilly/Cathal Kenny Neutral 5260c 03/06/15
    Associated British Foods Jack Gorman/John O'Reilly Outperform 1086p 05/07/11
    Bank of Ireland Diarmaid Sheridan Outperform 16c 11/03/13
    Barratt Developments Colin Sheridan CFA Neutral 403p 24/03/14
    Bellway Colin Sheridan CFA Outperform 1582p 24/03/14
    Berkeley Group Colin Sheridan CFA Underperform 2173p 10/09/13
    Bovis Homes Colin Sheridan CFA Outperform 771p 10/09/13
    Breedon Group Aidan Murphy/Robert Gardiner Outperform 73.8p 06/03/17
        Neutral 73.8p 06/12/16
    Buzzi Unicem Robert Gardiner Outperform 1533c 04/04/16
    C&C Cathal Kenny/John O'Reilly Outperform 366c 07/01/15
    Cairn Energy Job Langbroek/Caren Crowley Outperform 159p 05/12/16
    Cairn Homes Colin Sheridan Outperform 116c 26/08/15
    Corbion Cathal Kenny Neutral 2568c 29/04/11
    CPL Resources Ross Harvey Outperform 134c 30/06/09
    Cranswick Declan Morrissey Outperform 2188p 09/11/16
    CRH Barry Dixon/Robert Gardiner Outperform 1435c 23/05/12
    Dalata David Jennings Outperform 304c 09/09/14
    Dalradian Resources Job Langbroek/Caren Crowley Outperform 70c 13/06/13
    Danone Cathal Kenny Neutral 5924c 09/02/17
    Datalex Ross Harvey Outperform 34c 13/12/11
    DCC Allan Smylie Outperform 1260p 30/06/09
    Deutsche Post DHL Stephen Furlong Outperform 2456c 01/09/15
    Donegal Investment Group John O'Reilly Outperform 365c 17/09/10
    DSM Declan Morrissey/John O'Reilly Outperform 4552c 11/02/15
    DS Smith Barry Dixon Neutral 344p 12/02/16
    DSV Stephen Furlong Outperform 27650dkk 08/04/16
    easyJet Stephen Furlong Underperform 995p 27/01/17
    Eland Oil and Gas Job Langbroek Outperform 115p 28/08/13
    EnQuest Caren Crowley Neutral 29.5p 19/07/16
        Outperform 36p 10/06/16
    Escher Group Ross Harvey Outperform 225p 19/06/13
    Falcon Oil and Gas Job Langbroek Outperform 25c 28/01/13
    FBD Holdings Emer Lang Neutral 625c 29/02/16
    Forterra plc Flor O'Donoghue Neutral 150p 19/08/16
    Frutarom Cathal Kenny Neutral 15850ILS 25/06/15
    Fyffes Declan Morrissey Outperform 99c 27/01/11
    GAN David Jennings Neutral 71p 05/11/14
    Geberit Flor O'Donoghue Neutral 29300chf 08/05/14
    Givaudan Jack Gorman Neutral 93500chf 21/06/12
    Glanbia John O'Reilly Outperform 308c 11/05/10
    Grafton Group Flor O'Donoghue Outperform 702p 15/12/15
        Neutral 740p 07/09/15
    Green REIT Stephen Lyons Outperform 131c 23/01/14
    Greencore Group Cathal Kenny Outperform 129p 20/06/13
    HeidelbergCement AG Robert Gardiner Neutral 5531c 05/02/14
    Hibernia REIT Stephen Lyons Outperform 109c 11/11/14
    Hostelworld Ross Harvey Outperform 224p 15/12/15
    Howden Joinery Michael Mitchell Outperform 425p 29/01/15
    IAG Stephen Furlong Outperform 461c 10/09/14
    Ibstockplc Flor O'Donoghue Outperform 170p 19/08/16
    ICON Jack Gorman/Declan Morrissey Outperform 3877c 01/05/14
    IFG Group Emer Lang Outperform 138p 28/03/14
    Independent News & Media David Jennings Outperform 12c 02/01/14
    IRES REIT Stephen Lyons Outperform 106c 08/05/15
    Irish Continental Group Stephen Furlong Outperform 102c 30/06/09
    Kenmare Caren Crowley/Job Langbroek Outperform 21c 06/04/10
    Kennedy Wilson Europe Stephen Lyons Outperform 1057p 01/12/14
    Kerry Group John O'Reilly Outperform 1610c 30/06/09
    Kingfisher Michael Mitchell Underperform 367p 26/06/15
    Kingspan Group Flor O'Donoghue Outperform 662c 12/05/11
    Kuehne + Nagel Stephen Furlong Outperform 13510chf 08/04/16
    Ladbrokes David Jennings Outperform 126p 18/04/17
    LafargeHolcim Robert Gardiner Underperform 5450chf 17/11/15
    Lansdowne Oil & Gas Job Langbroek Outperform 38p 03/05/12
    Lloyds Banking Group Diarmaid Sheridan Outperform 73p 13/11/15
    Lufthansa Stephen Furlong Outperform 1255c 27/01/17
    Malin Corporation Jack Gorman Outperform 1130c 29/09/15
    Mincon Group Colin Sheridan CFA Outperform 100c 14/02/14
    Mondi Barry Dixon Outperform 536p 19/06/12
    Naturex Jack Gorman Neutral 6291c 25/06/15
    Norwegian Air Stephen Furlong Neutral 37200NOK 01/09/15
    NTR Caren Crowley/Job Langbroek Under Review   12/11/10
    Ophir Energy Caren Crowley Neutral 91p 20/11/15
    Origin Enterprises John O'Reilly Outperform 232c 30/06/09
    Ormonde Mining Job Langbroek Outperform 4c 04/05/11
    Paddy Power Betfair David Jennings Outperform 7467c 18/09/15
    Panalpina Stephen Furlong/Ross Harvey Neutral 12170chf 01/09/15
    permanent tsb Group Emer Lang Outperform 206c 03/10/16
        Neutral 228c 11/05/16
    Persimmon Colin Sheridan CFA Underperform 1052p 10/09/13
    Petroneft Job Langbroek/Caren Crowley Outperform 5p 18/12/09
    Powerflute Barry Dixon Outperform 69p 18/06/15
    Premier Foods Declan Morrissey Neutral 52.3p 12/10/16
    Premier Oil Job Langbroek/Caren Crowley Neutral 343p 20/06/14
    Providence Resources Job Langbroek Outperform 278c 09/06/11
    Redrow Colin Sheridan CFA Neutral 236p 10/09/13
    Robertet Declan Morrissey Neutral 12029c 21/06/12
    Royal Mail Allan Smylie Neutral 422p 21/01/16
    Ryanair Holdings Stephen Furlong Outperform 418c 07/12/09
    Saint-Gobain Group Flor O'Donoghue/Robert Gardiner Outperform 3995c 07/09/15
    SIG Flor O'Donoghue Outperform 136p 15/12/15
    Smurfit Kappa Group Barry Dixon Outperform 377c 30/06/09
    Südzucker Jack Gorman Outperform 1478c 03/06/15
    Symrise Jack Gorman Outperform 2350c 21/06/12
    Tate & Lyle Jack Gorman Neutral 554p 17/02/16
    Taylor Wimpey Colin Sheridan CFA Outperform 106p 10/09/13
    Total Produce Declan Morrissey Outperform 37c 14/05/10
    Travis Perkins Flor O'Donoghue Neutral 1621p 20/10/14
    Trinity Biotech Declan Morrissey Outperform 914c 06/05/11
    Tullow Oil Job Langbroek/Caren Crowley Outperform 932p 30/06/09
    UDG Healthcare Jack Gorman/Declan Morrissey Outperform 165p 30/06/09
    Venn Life Sciences Jack Gorman/Declan Morrissey Outperform 28p 07/06/16
    Virgin Money Holdings Emer Lang Outperform 307p 20/10/16
    Whitbread David Jennings Outperform 4212p 01/06/16
    Wienerberger Flor O'Donoghue/Robert Gardiner Neutral 1701c 09/01/17
        Outperform 1281c 17/02/16
    William Hill David Jennings Neutral 353p 13/02/14
    Wizz Air Holdings Ross Harvey Neutral 1935p 21/06/16
    Wolseley Flor O'Donoghue Neutral 3653p 15/12/15

    * The validity period for all ratings is 12 months.

    ** Market price as of close of business preceding issue of rating.


    Last updated: April 18th 2017