BUZZ-Top of the Street: BCP, Henkel, Intesa Sanpaolo, Ferguson, TUI

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

** Jefferies ups BCP to "buy" from "underperform" as the "normalization" of provisions is now in sight with lower-for-longer rates supporting a balance sheet clean-up

** Citigroup cuts Standard Chartered to "neutral" from "buy"

** Goldman Sachs expects Henkel's recovery in the second half of the year to set up a growth platform for 2020 ; raises to "buy" from "neutral"

** Jefferies cuts Intesa Sanpaolo to "underperform" from "hold" as the broker does not see downside risks to earnings fairly reflected in premium valuation

** Barclays cuts Assa Abloy to "equal weight" from "overweight" as it finds quality growth stocks look vulnerable

** Canaccord Genuity cuts Ferguson PLC to "hold" from "buy" on valuation grounds in the context of slowing growth in the U.S.

INITIATIONS AND REINSTATEMENTS

** Jefferies initiates TUI with an "underperform" rating due to near-term headwinds including a high fixed cost business model, defense of market share in the UK and overcapacity in the German cruise market (*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.) (Oben.Mumcuoglu@thomsonreuters.com ; bruno.dubrulle@thomsonreuters.com)