BUZZ-European equity strategy: cyclicals and value over defensives and growth

** JPM, Morgan Stanley (Xetra: 885836 - news) and Barclays (LSE: BARC.L - news) strategists all pushing value stocks to clients at the expense of growth names

** MS notes continuing rally in cyclicals v defensives but says unusual that value v growth yet to catch up. Chart: http://link.reuters.com/myc34w

** Its highest-conviction names dominated by oil stocks, along with Tesco (Xetra: 852647 - news) and Mitchells & Butlers (LSE: MAB.L - news)

** Upgraded oil services sector on valuation grounds on Feb. 16

** JPM says to rotate into laggards: moves overweight value, adds to banks, upgrades energy

** Barclays keen on value theme, but also suggests rally in cyclicals still has further to run

** US investors favour value over quality when rotating into Europe. Chart: http://link.reuters.com/qyc34w

** Barclays notes fund flows show move into cyclicals only half done. Chart: http://link.reuters.com/pyc34w (RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)