Research Ratings

The following table lists current ratings and their dates of issue for companies covered by Davy Research. Where a rating has been updated in the previous 12 months, we also show the previous rating and its date of issue.

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: Davy is currently unable to provide a rating for this security. This is due to market events, corporate change or 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.

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Material Investment Banking Services/Past 12 Months

Rating Count Percent Count (past 12 months) Percent (past 12 months)
Outperform 69 71 29 97
Neutral 21 21 1 3
Underperform 6 6 0 0
Under Review 1 1 0 0
Suspended 0 0 0 0
Restricted 1 1 0 0

Research Ratings

AerCap Ross Harvey Outperform $45.64 27/06/17
AIB Group Diarmaid Sheridan Outperform 396c 23/01/19
Air France KLM Stephen Furlong Underperform 418c 11/05/20
Aminex Colin Grant Outperform 1.6c 05/08/16
Amryt Pharma Andrew Young Outperform 82p 29/07/19
Ardagh Flor O'Dononghue Outperform 2110c 12/04/17
ARYZTA Cathal Kenny/Roland French Neutral 120c 30/11/18
Associated British Foods Roland French Outperform 1086p 05/07/11
Avation Ross Harvey Outperform 278p 01/11/19
Bank of Ireland Diarmaid Sheridan Outperform 16c 11/03/13
Barratt Developments Colin Sheridan CFA Outperform 499p 20/06/20
Bellway Colin Sheridan CFA Outperform 1582p 24/03/14
Berkeley Group Colin Sheridan CFA Underperform 2173p 10/09/13
Breedon Group Robert Gardiner Outperform 65p 22/11/19
Bunzl David Greenall Neutral 2664p 06/08/21
    Outperform 2338p 01/04/21
Buzzi Unicem Robert Gardiner Outperform 1533c 04/04/16
C&C Cathal Kenny/Roland French Outperform 366c 07/01/15
Cairn Homes Colin Sheridan Outperform 116c 26/08/15
Cazoo David Reynolds Neutral 936USc 09/09/21
Clinigen Andrew Young Outperform 822p 15/06/20
Corbion Cathal Kenny Neutral 2568c 29/04/11
Cranswick Roland French Outperform 2188p 09/11/16
CRH Robert Gardiner Outperform 1435c 23/05/12
CVS Group Allan Smylie Outperform 1705p 09/03/21
Dalata Hotel Group Colin Grant Outperform 304c 09/09/14
Danone Cathal Kenny Outperform 7280c 18/06/19
Datalex Ross Harvey Under Review 244c 15/01/19
DCC Allan Smylie Outperform 1260p 30/06/09
Dole Roland French/Cathal Kenny Outperform 1605c 24/08/21
DraftKings Michael Mitchell/Jack O'Halloran Neutral 7172USc 23/03/21
DSM Cathal Kenny Outperform 14380c 09/10/20
    Neutral 11790c 13/02/20
DS Smith Allan Smylie Neutral 348p 03/04/19
easyJet Stephen Furlong/Ross Harvey Neutral 900p 14/07/21
    Outperform 826p 22/01/21
Electrocomponents David Greenall Underperform 997p 01/04/21
Entain Michael Mitchell Neutral 929p 13/12/17
Falcon Oil and Gas Colin Grant Outperform 25c 28/01/13
FBD Holdings Diarmaid Sheridan Outperform 825c 01/09/17
Flutter Entertainment Michael Mitchell Outperform 6238p 08/05/19
Forterra plc Flor O'Donoghue Neutral 150p 19/08/16
Gamesys Jack O'Halloran/MIchael Mitchell Outperform 1070p 25/11/20
Givaudan Cathal Kenny Outperform 287200chf 24/03/20
Glanbia Cathal Kenny/Roland French Outperform 308c 11/05/10
Glenveagh Properties Colin Sheridan Outperform 316c 10/11/17
Grafton Group Flor O'Donoghue Outperform 675p 07/10/20
    Neutral 645p 21/05/20
Greencoat Renewables Michael Mitchell Outperform 105c 24/08/17
Greencore Group Roland French/Cathal Kenny Neutral 183p 13/03/18
Hays David Greenall Outperform 150p 01/04/21
HeidelbergCement AG Robert Gardiner Neutral 6128c 04/02/20
Hibernia REIT Colin Grant Outperform 109c 11/11/14
Holcim Robert Gardiner Outperform 3708chf 20/04/20
HomeServe David Greenall Outperform 1203p 01/04/21
Hostelworld Ross Harvey Outperform 224p 15/12/15
Howden Joinery Flor O'Donoghue Neutral 553p 26/09/19
IAG Stephen Furlong Neutral 202p 12/08/20
Ibstock plc Flor O'Donoghue Neutral 250p 04/08/17
Intertek David Greenall Underperform 5626p 01/04/21
IRES REIT Colin Grant Outperform 106c 08/05/15
Irish Continental Group Ross Harvey/Stephen Furlong Outperform 535c 30/08/18
ITM Power Colin Grant Outperform 521p 23/02/21
IWG David Greenall Outperform 340p 01/04/21
Kenmare Colin Grant Outperform 21c 06/04/10
Kerry Group Cathal Kenny Outperform 1610c 30/06/09
Kingspan Group Flor O'Donoghue Outperform 662c 12/05/11
Lansdowne Oil & Gas Colin Grant Outperform 38p 03/05/12
Lufthansa Stephen Furlong Underperform 1070c 08/06/20
Malin Corporation Andrew Young Outperform 1130c 29/09/15
Mincon Group Colin Sheridan CFA Outperform 100c 14/02/14
Mondi Allan Smylie Neutral 1354p 05/05/20
Norish Roland French Outperform 74p 04/05/18
Norwegian Air Ross Harvey/Stephen Furlong Neutral 37200NOK 01/09/15
Open Orphan Andrew Young Restricted 25p 30/10/20
Origin Enterprises Roland French/Cathal Kenny Outperform 232c 30/06/09
Ormonde Mining Colin Grant Outperform 4c 04/05/11
PageGroup David Greenall Outperform 475p 01/04/21
Permanent tsb Group Diarmaid Sheridan Outperform 158c 04/02/21
Persimmon Colin Sheridan CFA Neutral 2534p 17/08/20
Providence Resources Colin Grant Outperform 278c 09/06/11
Redrow Colin Sheridan CFA Neutral 236p 10/09/13
Rentokil Initial David Greenall Outperform 487p 01/04/21
RWS Holdings David Greenall Outperform 615p 01/04/21
Ryanair Holdings Stephen Furlong Outperform 418c 07/12/09
Saint-Gobain Group Robert Gardiner Outperform 4161c 29/01/21
    Neutral 3350c 02/11/20
Serco David Greenall Outperform 137p 01/04/21
Smurfit Kappa Group Allan Smylie Outperform 3324c 30/06/09
Symrise Cathal Kenny Outperform 8294c 24/03/20
Taylor Wimpey Colin Sheridan CFA Outperform 106p 10/09/13
THG Roland French Outperform 607p 06/05/21
Travis Perkins Flor O'Donoghue Neutral 1135p 28/05/20
Treatt Cathal Kenny Neutral 924p 08/04/21
Tullow Oil Colin Grant Outperform 59p 15/01/20
Tyman Robert Gardiner Outperform 376p 24/03/21
Uniphar Allan Smylie/Andrew Young Outperform 114c 27/08/19
Vistry Group Colin Sheridan CFA Outperform 771p 10/09/13
VR Education Holdings  Shane Reilly Outperform 11.3p 07/12/18
Watkin Jones Colin Sheridan Outperform 215p 26/03/21
Wizz Air Holdings Ross Harvey/Stephen Furlong Underperform 4877p 21/04/21
Yew Grove Colin Grant Outperform 88.5c 20/04/20



* The validity period for all ratings is 12 months.

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

Last updated: September 9th 2021