A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** 5-star ranked SocGen (Paris: FR0000130809 - news) analyst Victor Acitores downgrades Atlantia (LSE: 0I2R.L - news) to "hold" from "buy", saying the shares will pause and "consensus still needs to digest the M&A deals"
** Credit Suisse (IOB: 0QP5.IL - news) sees Roche as EU Major most exposed to U.S. proposed price reforms and price pressures, cutting co to "underperform" from "neutral" and decreasing PT by 10.4 pct to SFR 215
** 5-star Kepler Chevreux analyst Laurent Daure cuts Temenos to "hold" from "buy", noting that "after a 150% share price performance in less than two years, we think it is time for a breather"
** 4-star analyst Dominic Convey of Peel Hunt cuts Rotork (Swiss: OXRO.SW - news) to "hold" from "buy", saying "although we anticipate more upgrades through the course of this year... we feel the shares have run ahead of events in the short term"
INITIATIONS AND REINSTATEMENTS
(*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.)