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: 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.

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Material Investment Banking Services/Past 12 Months

Rating Count Percent Count (past 12 months) Percent (past 12 months)
Outperform 63 61 32 89
Neutral 33 32 3 8
Underperform 3 3 0 0
Under Review 2 2 0 0
Suspended 0 0 0 0
Restricted 1 2 1 3

Research Ratings

Abbey Colin Sheridan CFA Outperform 655c 11/09/12
AerCap Ross Harvey Outperform $45.64 27/06/17
AIB Group Stephen Lyons/Diarmaid Sheridan Outperform 396c 23/01/19
Air France KLM Stephen Furlong Neutral 1295c 22/01/18
Aminex Job Langbroek Outperform 1.6c 05/08/16
Amryt Pharma Andrew Young Restricted 82p 29/07/19
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 120c 30/11/18
Associated British Foods Katy Hutchinson 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
Buzzi Unicem Robert Gardiner Outperform 1533c 04/04/16
C&C Cathal Kenny/Roland French Outperform 366c 07/01/15
Cairn Energy Job Langbroek Outperform 159p 05/12/16
Cairn Homes Colin Sheridan Outperform 116c 26/08/15
Corbion Katy Hutchinson/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
CYBG Diarmaid Sheridan Neutral 188p 28/05/19
Dalata Hotel Group Michael Mitchell Outperform 304c 09/09/14
Danone Cathal Kenny/Katy Hutchinson Outperform 7280c 18/06/19
Datalex Ross Harvey Under Review 244c 15/01/19
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 Katy Hutchinson Outperform 4552c 11/02/15
DS Smith Barry Dixon Neutral 348p 03/04/19
easyJet Stephen Furlong/Ross Harvey Neutral 1770p 20/06/18
Eland Oil and Gas Job Langbroek Outperform 115p 28/08/13
Falcon Oil and Gas Job Langbroek Outperform 25c 28/01/13
FBD Holdings Stephen Lyons/Diarmaid Sheridan Outperform 825c 01/09/17
Ferguson plc Robert Gardiner Neutral 3653p 15/12/15
Flutter Entertainment Michael Mitchell Outperform 6238p 08/05/19
Forterra plc Flor O'Donoghue Neutral 150p 19/08/16
GAN Michael Mitchell Neutral 88p 13/09/19
Geberit Flor O'Donoghue Neutral 29300chf 08/05/14
Givaudan Katy Hutchinson Neutral 93500chf 21/06/12
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 702p 15/12/15
Green REIT Colin Grant Restricted 153c 15/04/19
Greencoat Renewables Michael Mitchell Outperform 105c 24/08/17
Greencore Group Roland French/Cathal Kenny Neutral 183p 13/03/18
GVC Holdings Michael Mitchell 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 Flor O'Donoghue Neutral 553p 26/09/19
IAG Stephen Furlong Outperform 707p 31/08/18
Ibstock plc Flor O'Donoghue Neutral 250p 04/08/17
IPL PLastics Flor O'Dononghue Outperform 1320CADc 17/07/18
IRES REIT Colin Grant Outperform 106c 08/05/15
Irish Continental Group Ross Harvey/Stephen Furlong Outperform 535c 30/08/18
Kenmare Job Langbroek Outperform 21c 06/04/10
Kerry Group Cathal Kenny/Katy Hutchinson Outperform 1610c 30/06/09
Kingfisher Flor O'Dononghue Neutral 271p 20/08/18
Kingspan Group Flor O'Donoghue Outperform 662c 12/05/11
LafargeHolcim Robert Gardiner Neutral 4205chf 09/01/19
Lansdowne Oil & Gas Job Langbroek Outperform 38p 03/05/12
Lloyds Banking Group Diarmaid Sheridan Outperform 58.5p 28/05/19
Lufthansa Stephen Furlong Neutral 1255c 30/10/18
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
Norish Katy Hutchinson Outperform 74p 04/05/18
Norwegian Air Ross Harvey/Stephen Furlong Neutral 37200NOK 01/09/15
Open Orphan Andrew Young Under Review 7.7p 15/07/19
Origin Enterprises Roland French/Cathal Kenny Outperform 232c 30/06/09
Ormonde Mining Job Langbroek Outperform 4c 04/05/11
Permanent tsb Group Diarmaid Sheridan Neutral 158c 06/03/19
Persimmon Colin Sheridan CFA Underperform 1052p 10/09/13
Petroneft Job Langbroek Outperform 5p 18/12/09
Premier Foods Roland French/Katy Hutchinson Neutral 52.3p 12/10/16
Premier Oil Job Langbroek Neutral 343p 20/06/14
Providence Resources Job Langbroek Outperform 278c 09/06/11
RBS Stephen Lyons Neutral 239p 11/02/19
Redrow Colin Sheridan CFA Neutral 236p 10/09/13
Ryanair Holdings Stephen Furlong Outperform 418c 07/12/09
Saint-Gobain Group Robert Gardiner Neutral 2967.5c 09/01/19
SIG Flor O'Donoghue Neutral 111p 01/07/16
Smurfit Kappa Group Barry Dixon Outperform 3324c 30/06/09
S├╝dzucker Roland French Neutral 1790c 10/10/17
Symrise Katy Hutchinson Neutral 7000c 15/01/19
Tate & Lyle Roland French/Cathal Kenny Neutral 554p 17/02/16
Taylor Wimpey Colin Sheridan CFA Outperform 106p 10/09/13
Total Produce Roland French Outperform 240c 14/05/10
Travis Perkins 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
Uniphar Allan Smylie/Andrew Young Outperform 114c 27/08/19
VR Education Holdings  Shane Reilly Outperform 11.3p 07/12/18
Whitbread Michael Mitchell Outperform 4212p 01/06/16
Wienerberger Flor O'Donoghue/Robert Gardiner Outperform 2190c 09/05/18
William Hill Michael Mitchell Neutral 353p 13/02/14
Wizz Air Holdings Ross Harvey/Stephen Furlong Neutral 3649p 09/09/19



* The validity period for all ratings is 12 months.

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

Last updated: September 26th 2019