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BUZZ-Top of the Street: Bureau Veritas, Kingfisher, Zalando, Amundi

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


** Morgan Stanley (Xetra: 885836 - news) raises Bureau Veritas (LSE: 0MH1.L - news) to "overweight", pointing to strong level of organic revenue/EPS growth

** The same broker upgrades Kingfisher (Frankfurt: 812861 - news) by two notches to "overweight", analysts remain bearish on fundamentals but expect investors to start valuing co on its assets, not earnings

** 5-star rated Societe Generale (Swiss: 519928.SW - news) forecasts EPS decline for Marks & Spencer (Frankfurt: 534418 - news) and downgrades co to "sell"

** Jefferies upgrades Stora Enso (LSE: 0CX9.L - news) to "buy" on positive pulp outlook

** Exane BNP Paribas cuts Hays (LSE: HAS.L - news) to "neutral" as it sees more balanced risk/reward after shares' strong performance over last 12 mths

INITIATIONS AND REINSTATEMENTS


** Societe Generale starts coverage of Zalando (Swiss: OXZALG.SW - news) with "buy", saying "it looks ready to play a leading, behind-the-scenes role in the development of the fashion industry by bringing together brands and customers"

** Amundi (Berlin: 350155.BE - news) offers attractive earnings growth from organic flow momentum, with upside from Pioneer Investments acquisition, say JPMorgan (LSE: JPIU.L - news) analysts and resume with "overweight"

** RBC starts Bankia (Amsterdam: QU8.AS - news) with "underperform", believes it is too expensive with lower coverage than peers and "potentially significant" capital headwinds

** RBC analysts also initiate coverage on Bankinter (Amsterdam: BI6.AS - news) -- with "sector perform", pointing to priced in high interest rate sensitivity and low problematic assets

(*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)