BUZZ-Top of the Street: Beverage, testing cos, StanChart

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

** 4-star rated Credit Suisse analyst Sanjeet Aujla reiterates his preference for spirits over beer, among EU beverages, saying higher exposure to US discretionary spend, improving momentum in Scotch and Cognac should help

Cuts Heineken to "underperform" and has the 2nd most bearish PT on the stock (Eikon data)

Top picks: Pernod Ricard, Diageo

Downgrades Remy Cointreau to "neutral" (valuation)

** Testing and inspection cos SGS (cut to "neutral"), Intertek and Bureau Veritas (to "underperform") downgraded by CS due to headwinds to near-term growth (ongoing pressure in O&G markets) and high valuation

** Banco Popular : In a note titled "New Management, New Times", Citi upgrades stock to "buy", saying market was "too bearish". The 2nd "buy" upgrade in less than a week, takes overall count to 9 -- tripled since Sept.

** Standard Chartered : Gets first "buy" rating in 6 mths; BAML upgrades expecting higher returns on bank's excess deposits

** Eni SA : Jefferies upgrades to "buy", taking the overall "buy" to the highest in 2 yrs and double vs. same time last yr

"We believe Eni's Upstream cash cycle is at an inflection point with the anticipated swing in Upstream cash flow driving one of the greatest swings in operational momentum amongst the EU IOCs (Integrated Oil Companies)," Jefferies says

** Glencore : Canaccord's 5-star analyst Tim Huff (ups to "buy") says since coal pricing once again surpassed the broker's 2017 forecasts, he remains "structurally more positive on coals." (5 "buy" ratings since Q3 trading update)

(*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.)