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