BUZZ-European Parcels: "Highly competitive and fragmented" - Berenberg
** According to Berenberg's survey data, growth may slow somewhat in 2019 for EU parcel markets but respondents are planning for c.6% volume growth this year
** The brokerage ups PostNL to "buy", saying domestic mail consolidation starts and synergies from the Sandd merger should be reflected in share price
** The analysts raise UPS's rating to "buy", saying returns and cash generation well ahead of its two main peers (FedEx and Deutsche Post-DHL)
** The brokerage says Royal Mail's letter volumes in FY 2020 are likely to decline and its competitive position is precarious in parcels, but ups the co to "hold" on valuation
** Brokerage thinks it is hard to see shares in FedEx outperforming due to market slowdown and indigestion from TNT Express acquisition; cuts the co to "hold"