BUZZ-Top of the Street: Beiersdorf, Maersk, Pandora

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

** Jefferies downgrades Beiersdorf to "underperform" from "hold", citing doubts over the company's ability to execute the strategy it announced in February

** Maersk: Goldman Sachs ups to "buy" from "neutral" on 10% free cash flow yield, as it sees the company on track to generate $2 bln FCF in 2019

** Citigroup cuts Ferguson to "neutral" from "buy"

INITIATIONS AND REINSTATEMENTS

** Handelsbanken resumes coverage of Pandora with "buy", as it sees the company's core business stands on a solid economic foundation, with its large number of stores (2,700 units) giving it an advantage to the rest of the sector

** RBC initiates Genmab with "outperform", as its history of success supports a higher risk/reward pipeline strategy

(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.) (anita.kobylinska@tr.com; oben.mumcuoglu@tr.com)