A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** 4-star Bernstein analyst cuts Koninklijke Ahold Delhaize to "market-perform", says Stop&Shop strikes are likely to impact short-term sentiment
** KBC Securities cuts Umicore to "accumulate", says the profit warning is disappointing, even if part of it is due to timing issues
** UBS downgrades BHP Group to "neutral" as falling iron ore and met-coal prices over the next 6-12 months are likely to cap the miner's share price upside
** Inderes cuts Konecranes and Wartsila to "reduce"
INITIATIONS AND REINSTATEMENTS
** Berenberg starts Man Group with "buy", broker believes co reached an inflection point in its growth, forecasts earnings CAGR of 17 percent in 2019-23
(*Analyst rankings from Thomson Reuters StarMine. Scale is from 1-star to 5-star with 5 being best. Analysts ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.)