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 72 65 27 84
    Neutral 34 31 5 16
    Underperform 4 4 0 0
    Under Review 0 0 0 0
    Suspended 0 0 0 0
    Restricted 0 0 0 0
    Stock Analyst(s) Rating* Market price** Date of issue
    Abbey Colin Sheridan CFA Outperform 655c 11/09/12
    AerCap Ross Harvey Outperform $45.64 27/06/17
    AIB Group Stephen Lyons/Diarmaid Sheridan Neutral 498c 03/08/17
    Air France KLM Stephen Furlong Neutral 1295c 22/01/18
        Outperform 1210c 28/07/17
    Amadeus IT Holding Ross Harvey Neutral 3159c 24/11/14
    Aminex Job Langbroek Outperform 1.6c 05/08/16
    Amryt Pharma Andrew Young Outperform 25p 14/09/17
    Applegreen Allan Smylie Outperform 444c 23/07/15
    Ardagh Barry Dixon/Flor O'Dononghue Outperform 2110c 12/04/17
    ARYZTA Cathal Kenny/Roland French Neutral 5260c 03/06/15
    Associated British Foods Liz Coen Outperform 1086p 05/07/11
    Bank of Ireland Diarmaid Sheridan/Stephen Lyons 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 Robert Gardiner Neutral 85p 25/10/17
        Outperform 73.8p 06/03/17
    Buzzi Unicem Robert Gardiner Outperform 1533c 04/04/16
    C&C Cathal Kenny Outperform 366c 07/01/15
    Cairn Energy Job Langbroek 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 Roland French Outperform 2188p 09/11/16
    CRH Robert Gardiner/Barry Dixon Outperform 1435c 23/05/12
    Dalata Joseph Quinn Outperform 304c 09/09/14
    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 Allan Smylie/Stephen Furlong Outperform 2456c 01/09/15
    Donegal Investment Group Cathal Kenny Outperform 365c 17/09/10
    DSM Liz Coen Outperform 4552c 11/02/15
    DS Smith Barry Dixon Neutral 344p 12/02/16
    DSV Allan Smylie/Stephen Furlong Neutral 43860dkk 22/08/17
    easyJet Stephen Furlong/Ross Harvey Outperform 1439p 12/12/17
        Neutral 1325p 14/06/17
    Eland Oil and Gas Job Langbroek Outperform 115p 28/08/13
    Escher Group Ross Harvey Outperform 225p 19/06/13
    Falcon Oil and Gas Job Langbroek Outperform 25c 28/01/13
    FBD Holdings Stephen Lyons/Diarmaid Sheridan Outperform 825c 01/09/17
    Ferguson plc Michael Mitchell/Flor O'Dononghue Neutral 3653p 15/12/15
    Forterra plc Flor O'Donoghue Neutral 150p 19/08/16
    Frutarom Liz Coen Neutral 15850ILS 25/06/15
    GAN David Jennings Neutral 71p 05/11/14
    Geberit Flor O'Donoghue Neutral 29300chf 08/05/14
    Givaudan Liz Coen Neutral 93500chf 21/06/12
    Glanbia Cathal Kenny Outperform 308c 11/05/10
    Glenveagh Properties Colin Sheridan/Michael Mitchell Outperform 316c 10/11/17
    Grafton Group Flor O'Donoghue Outperform 702p 15/12/15
    Green REIT Colin Grant Outperform 131c 23/01/14
    Greencoat Renewables Michael Mitchell Outperform 105c 24/08/17
    Greencore Group Cathal Kenny/Roland French Outperform 129p 20/06/13
    GVC Holdings David Jennings Neutral 929p 13/12/17
    Hammerson Colin Grant Outperform 588p 20/07/17
    HeidelbergCement AG Robert Gardiner Outperform 8544c 16/06/17
    Hibernia REIT Colin Grant Outperform 109c 11/11/14
    Hostelworld Ross Harvey Outperform 224p 15/12/15
    Howden Joinery Michael Mitchell/Flor O'Donoghue Outperform 425p 29/01/15
    IAG Stephen Furlong Neutral 612p 22/08/17
    Ibstock plc Flor O'Donoghue/Michael Mitchell Neutral 250p 04/08/17
    ICON Andrew Young Outperform 3877c 01/05/14
    IFG Group Stephen Lyons/Diarmaid Sheridan Neutral 162p 01/09/16
    Independent News & Media Joseph Quinn Outperform 12c 02/01/14
    IRES REIT Colin Grant Outperform 106c 08/05/15
    Irish Continental Group Stephen Furlong Outperform 102c 30/06/09
    Kenmare Job Langbroek Outperform 21c 06/04/10
    Kerry Group Liz Coen Outperform 1610c 30/06/09
    Keywords Studios Joseph Quinn Neutral 1422c 18/10/17
    Kingfisher Michael Mitchell/Flor O'Dononghue Outperform 293p 02/10/17
    Kingspan Group Flor O'Donoghue/Michael Mitchell Outperform 662c 12/05/11
    Kuehne + Nagel Allan Smylie/Stephen Furlong Outperform 13510chf 08/04/16
    Ladbrokes Coral 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 Neutral 66p 14/02/18
    Lufthansa Stephen Furlong Outperform 1255c 27/01/17
    Mainstay Medical Andrew Young Outperform 1435c 14/09/17
    Malin Corporation Andrew Young Outperform 1130c 29/09/15
    Mincon Group Colin Sheridan CFA Outperform 100c 14/02/14
    Mondi Barry Dixon Outperform 536p 19/06/12
    Naturex Liz Coen/Katy Hutchinson Neutral 6291c 25/06/15
    Norwegian Air Ross Harvey/Stephen Furlong Neutral 37200NOK 01/09/15
    Origin Enterprises Cathal Kenny Outperform 232c 30/06/09
    Ormonde Mining Job Langbroek Outperform 4c 04/05/11
    Paddy Power Betfair David Jennings Neutral 6805p 29/08/17
    Panalpina Allan Smylie/Ross Harvey Neutral 15890chf 22/01/18
        Outperform 12330chf 22/08/17
    permanent tsb Group Diarmaid Sheridan Neutral 196c 03/08/17
    Persimmon Colin Sheridan CFA Underperform 1052p 10/09/13
    Petroneft Job Langbroek Outperform 5p 18/12/09
    Premier Foods Roland French Neutral 52.3p 12/10/16
    Premier Oil Job Langbroek Neutral 343p 20/06/14
    Providence Resources Job Langbroek Outperform 278c 09/06/11
    Redrow Colin Sheridan CFA Neutral 236p 10/09/13
    Ryanair Holdings Stephen Furlong Outperform 418c 07/12/09
    Saint-Gobain Group Robert Gardiner Outperform 3995c 07/09/15
    SIG Flor O'Donoghue/Michael Mitchell Neutral 111p 01/07/16
    Smurfit Kappa Group Barry Dixon Outperform 377c 30/06/09
    Südzucker Roland French/Cathal Kenny Neutral 1790c 10/10/17
    Symrise Liz Coen Outperform 2350c 21/06/12
    Tate & Lyle Liz Coen Neutral 554p 17/02/16
    Taylor Wimpey Colin Sheridan CFA Outperform 106p 10/09/13
    Total Produce Roland French Restricted 235c 01/02/18
    Travis Perkins Michael Mitchell/Flor O'Donoghue Underperform 1497p 01/07/16
    Tullow Oil Job Langbroek Outperform 932p 30/06/09
    UDG Healthcare Allan Smylie/Andrew Young Outperform 814p 12/06/17
    Venn Life Sciences Andrew Young Outperform 28p 07/06/16
    Virgin Money Holdings Stephen Lyons Neutral 281p 20/12/17
    Whitbread Joseph Quinn Outperform 4212p 01/06/16
    Wienerberger Flor O'Donoghue/Robert Gardiner Neutral 1701c 09/01/17
    William Hill David Jennings Neutral 353p 13/02/14
    Wizz Air Holdings Ross Harvey/Stephen Furlong Neutral 1935p 21/06/16

    * The validity period for all ratings is 12 months.

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


    Last updated: February 14th 2018