BUZZ-Top of the Street: Bayer, Great Portland Estates, WM Morrison

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:

** Bernstein cuts WM Morrison to "market-perform", pointing out that co is a good income stock but it sees a fairer balance between risks and opportunities

** According to traders, Citi upgrades Imperial Brands and British American Tobacco to "buy"

INITIATIONS AND REINSTATEMENTS

** RBC initiates Great Portland Estates with "underperform" rating, forecasting that the downward pressure on risk-adjusted returns is likely to persist

** Liberum initiates Bayer with "buy" recommendation and PT of 90 euros, believing the co's shares should recover to level previous to glyphosate legal process risk in the U.S.

(*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.) (Berna.Suleymanoglu@thomsonreuters.com; masha.trybus@thomsonreuters.com)