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BUZZ-Top of the Street: BTG, Integrated oil and refining, Solvay, UDG Healthcare

Reuters - UK Focus

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

** BTG (Frankfurt: 908827 - news) : Deutsche Bank (IOB: 0H7D.IL - news) says that guidance and performance for key unit Interventional Medicine were softer than its expectations and sees the pharma business at risk of going ex-growth; broker cuts stock to "hold"

** Barclays (LSE: BARC.L - news) reviews ratings and PTs (Other OTC: PTSH - news) among integrated oil and refining stocks to factor in some of the profitability that higher prices are generating, with its top picks being still BP , Royal Dutch Shell (LSE: 0LN9.L - news) and Total (LSE: 524773.L - news)

Galp Energia's risks are now skewed to the downside after its 12 pct run in the last three months, per broker; Barclays cuts the stock to "underweight"

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Broker upgrades Eni (LSE: 0N9S.L - news) to "equal weight", saying that the higher oil price environment benefits the Italian company more than most other companies under its coverage

** Solvay (LSE: 0NZR.L - news) : UBS (LSE: 0QNR.L - news) says that the recovery in aerospace and oil & gas lifts EBITDA growth and free cash flow but adds that soda ash is a drag; ups to "neutral"

INITIATIONS AND REINSTATEMENTS

** UDG Healthcare (LSE: UDG.L - news) : "We believe the stock is fully valued and already bakes in some of the benefits of future M&A," says Barclays, starting with "equal weight"

(*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.)