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 67 52 28 73
    Neutral 33 25 4 10
    Underperform 15 11 0 0
    Under Review 4 3 2 5
    Suspended 5 3 0 0
    Restricted 4 3 4 10

    Analyst(s) Stock Current rating Date of issue Previous rating Date of issue Material Investment Banking Services
    Colin Sheridan CFA Abbey Outperform 11/09/12

    Stephen Furlong Air France KLM Outperform 25/01/16 Neutral 11/12/12 Y
    Stephen Lyons Allied Irish Banks Underperform 21/08/15

    Stephen Furlong/Ross Harvey Amadeus IT Holding Neutral 24/11/14 Outperform 16/07/13 N
    Job Langbroek/Caren Crowley Aminex Neutral 28/03/13 Outperform 30/06/09 Y
    Robert Stokes Applegreen Outperform 23/07/15

    John O'Reilly/Cathal Kenny ARYZTA Neutral 03/06/15 Outperform 14/06/10 Y
    Jack Gorman/John O'Reilly Associated British Foods Outperform 05/07/11 Neutral 03/11/10 N
    Diarmaid Sheridan Bank of Ireland Outperform 11/03/13 Neutral 14/08/12 Y
    Colin Sheridan CFA Barratt Developments Neutral 24/03/14 Outperform 10/09/13 N
    Colin Sheridan CFA Bellway Outperform 24/03/14 Neutral 10/09/13 N
    Colin Sheridan CFA Berkeley Group Underperform 10/09/13

    Colin Sheridan CFA Bovis Homes Outperform 10/09/13 Underperform 08/04/11 N
    Robert Gardiner Buzzi Unicem Outperform 04/04/16 Neutral 05/08/15 N
    Cathal Kenny/John O'Reilly C&C Outperform 07/01/15

    Job Langbroek/Caren Crowley Cairn Energy Neutral 24/03/14 Outperform 10/10/12 N
    Colin Sheridan Cairn Homes Outperform 26/08/15

    Job Langbroek Circle Oil Neutral 07/05/15

    Cathal Kenny Corbion Neutral 29/04/11 Outperform 01/09/10 N
    Ross Harvey CPL Resources Outperform 30/06/09

    Barry Dixon/Robert Gardiner CRH Outperform 23/05/12 Neutral 12/01/12 Y
    Florence O'Donoghue Dalata Outperform 09/09/14

    Job Langbroek/Caren Crowley Dalradian Resources Outperform 13/06/13

    Cathal Kenny Danone Outperform 16/04/15 Neutral 05/12/14 N
    Ross Harvey Datalex Outperform 13/12/11 Neutral 30/06/09 N
    Allan Smylie DCC Outperform 30/06/09

    Stephen Furlong Deutsche Post DHL Outperform 01/09/15 Neutral 28/01/15 N
    John O'Reilly Donegal Investment Group Outperform 17/09/10 Underperform 30/06/09 N
    Declan Morrissey/John O'Reilly DSM Outperform 11/02/15 Neutral 16/07/14 N
    Barry Dixon DS Smith Neutral 12/02/16 Underperform 19/06/12 N
    Stephen Furlong DSV Outperform 08/04/16 Neutral 01/09/15 N
    Stephen Furlong easyJet Neutral 22/01/15 Outperform 17/06/14 N
    Job Langbroek Eland Oil and Gas Outperform 28/08/13

    Caren Crowley EnQuest Outperform 10/06/16

    Ross Harvey Escher Group Outperform 19/06/13

    Job Langbroek Falcon Oil and Gas Outperform 28/01/13

    Job Langbroek/Caren Crowley Fastnet Equity plc Outperform 22/05/13 Neutral 18/12/12 N
    Emer Lang FBD Holdings Neutral 29/02/16 Underperform 11/11/14 N
    Cathal Kenny Frutarom Neutral 25/06/15 Outperform 21/06/12 N
    Declan Morrissey Fyffes Outperform 27/01/11

    David Jennings GAN Neutral 05/11/14

    Flor O'Donoghue Geberit Neutral 08/05/14 Underperform 09/11/12 N
    Jack Gorman Givaudan Neutral 21/06/12

    John O'Reilly Glanbia Outperform 11/05/10

    Flor O'Donoghue Grafton Group Outperform 15/12/15 Neutral 07/09/15 N
    Flor O'Donoghue/Ray Crowley Green REIT Outperform 23/01/14

    Cathal Kenny Greencore Group Outperform 20/06/13 Neutral 05/12/11 N
    Robert Gardiner HeidelbergCement AG Neutral 05/02/14 Outperform 03/09/13 N
    Ray Crowley/Flor O'Donoghue Hibernia REIT Outperform 11/11/14

    Ross Harvey Hostelworld Outperform 15/12/15 Y
    Michael Mitchell Howden Joinery Outperform 29/01/15 N
    Stephen Furlong IAG Outperform 10/09/14 Neutral 15/01/14 N
    Jack Gorman/Declan Morrissey ICON Outperform 01/05/14 Neutral 27/10/11 Y
    Emer Lang IFG Group Outperform 28/03/14 Neutral 20/03/13 Y
    Robert Stokes Independent News & Media Outperform 02/01/14

    Ray Crowley/Flor O'Donoghue IRES REIT Outperform 08/05/15

    Stephen Furlong Irish Continental Group Outperform 30/06/09

    Robert Gardiner Italcementi Neutral 19/03/14 Underperform 05/02/10 N
    Caren Crowley/Job Langbroek Kenmare
    Restricted 19/05/16

    Ray Crowley/Flor O'Donoghue Kennedy Wilson Europe Outperform 01/12/14

    John O'Reilly Kerry Group Outperform 30/06/09

    Michael Mitchell Kingfisher Underperform 26/06/15 N
    Flor O'Donoghue Kingspan Group Outperform 12/05/11 Neutral 30/06/09 N
    Stephen Furlong Kuehne + Nagel Outperform 08/04/16 Neutral 10/09/14 N
    David Jennings Ladbrokes Neutral 28/07/15 Underperform 13/02/14 N
    Robert Gardiner LafargeHolcim Underperform 17/11/15 Neutral 29/07/14 N
    Job Langbroek Lansdowne Oil & Gas Outperform 03/05/12

    Diarmaid Sheridan Lloyds Banking Group Outperform 13/11/15

    Stephen Furlong Lufthansa Neutral 16/10/15 Underperform 22/01/15 N
    Jack Gorman Malin Corporation Outperform 29/09/15

    Jack Gorman Merrion Pharmaceuticals Under Review 02/04/12

    Colin Sheridan CFA Mincon Group Outperform 14/02/14

    Barry Dixon Mondi Outperform 19/06/12

    Jack Gorman Naturex Neutral 25/06/15 Underperform 01/04/15 N
    Stephen Furlong Norwegian Air Neutral 01/09/15 Underperform 22/01/15 N
    Caren Crowley/Job Langbroek NTR Under Review 12/11/10

    Caren Crowley Ophir Energy Neutral 20/11/15

    John O'Reilly Origin Enterprises Outperform 30/06/09

    Job Langbroek Ormonde Mining Outperform 04/05/11

    David Jennings Paddy Power Betfair Outperform 18/09/15

    Stephen Furlong/Ross Harvey Panalpina Neutral 01/09/15 Underperform 25/01/13 N
    Emer Lang permanent tsb Group Neutral 11/05/16 Outperform 08/06/15 Y
    Colin Sheridan CFA Persimmon Underperform 10/09/13

    Job Langbroek/Caren Crowley Petroneft Outperform 18/12/09

    Stephen Furlong/Ross Harvey PostNL Outperform 01/09/15 Neutral 11/09/13 N
    Barry Dixon Powerflute Outperform 18/06/15

    Declan Morrissey Premier Foods Outperform 12/11/15 Neutral 01/10/15 N
    Job Langbroek/Caren Crowley Premier Oil Neutral 20/06/14 Outperform 03/04/12 N
    Job Langbroek Providence Resources Outperform 09/06/11

    Colin Sheridan CFA Redrow Neutral 10/09/13 Underperform 08/04/11 N
    Declan Morrissey Robertet Neutral 21/06/12

    Allan Smylie Royal Mail Neutral 21/01/16 Underperform 17/04/15 N
    Stephen Furlong Ryanair Holdings Outperform 07/12/09 Neutral 02/11/09 Y
    Flor O'Donoghue/Robert Gardiner Saint-Gobain Group Outperform 07/09/15 Neutral 03/09/14 N
    Flor O'Donoghue SIG Outperform 15/12/15 Neutral 12/07/10 N
    Barry Dixon Smurfit Kappa Group Outperform 30/06/09

    Job Langbroek/Caren Crowley Sovereign Mines of Africa Neutral 21/02/14

    Jack Gorman Symrise Outperform 21/06/12

    Jack Gorman Südzucker Outperform 03/06/15 Neutral 17/05/13 N
    Jack Gorman Tate & Lyle Neutral 17/02/16 Underperform 13/02/14 N
    Colin Sheridan CFA Taylor Wimpey Outperform 10/09/13

    Declan Morrissey Total Produce Outperform 14/05/10 Neutral 30/06/09 Y
    Flor O'Donoghue Travis Perkins Neutral 20/10/14 Outperform 04/12/12 N
    Declan Morrissey Trinity Biotech Outperform 06/05/11 Neutral 30/06/09 N
    Job Langbroek/Caren Crowley Tullow Oil Outperform 30/06/09

    Jack Gorman/Declan Morrissey UDG Healthcare Outperform 30/06/09

    Jack Gorman/Declan Morrissey Venn Life Sciences Outperform 07/06/16

    Robert Stokes/David Jennings Whitbread Outperform 01/06/16

    Flor O'Donoghue/Robert Gardiner Wienerberger Outperform 17/02/16 Neutral 12/09/11 N
    David Jennings William Hill Neutral 13/02/14 Outperform 16/02/11 N
    Robert Stokes Wireless Group Neutral 30/06/09

    Ross Harvey Wizz Air Holdings Neutral 21/06/16

    Flor O'Donoghue Wolseley Neutral 15/12/15 Outperform 03/06/15 N

    Last updated:

    June 21st 2016