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BUZZ-Top of the Street: Burberry, Paddy Power, Heineken, Next

Reuters - UK Focus

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

** BofA Merrill Lynch raises Burberry Group (Frankfurt: BB2A.F - news) to "neutral" from "underperform", as the brand's "heat" starts to build

** Paddy Power Betfair (Other OTC: PDYPF - news) : Barclays (LSE: BARC.L - news) downgrades to "equal weight" from "overweight", reflecting lower growth forecasts and the Betfair Exchange being under continued pressure

** While Q4 demonstrated how well managed Next (Frankfurt: 779551 - news) is, Credit Suisse (IOB: 0QP5.IL - news) sees no end to the gradual margin attrition; cuts to "underperform" from "neutral"

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** Kepler Cheuvreux downgrades both Legrand (LSE: 0MW7.L - news) and Schneider Electric (EUREX: SND1.EX - news) to "hold" from "buy"

** Heineken (LSE: 0O26.L - news) : Morgan Stanley (Xetra: 885836 - news) cuts to "underweight" from "equal-weight", as brokers expect margins to disappoint and believe consensus expectations are too high

** UBS (LSE: 0QNR.L - news) downgrades GN Store Nord (LSE: 0K9P.L - news) to "sell" from "neutral", as it believes GN's Quattro is unlikely to drive share gains & expects 24% of audiologists to switch away from GN

(*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@tr.com; anita.kobylinska@tr.com)