BUZZ-Top of the Street: Chr Hansen, ASML, Adecco, Intertek

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

** Goldman Sachs cuts Intertek to "sell" from "neutral", forecasting a slowdown in EBITA margin expansion over 2019-23 period

** GS also downgrades Adecco to "sell" from "buy", sees negative organic growth for two consecutive quarters

** Berenberg cuts Chr Hansen to "sell" from "hold" after Q4 decline and a low organic growth forecast of 7%

** Berenberg downgrades Just Eat to "hold" from "buy", citing tough market competition, delivery costs and its 2020 EBITDA estimate being 10% below consensus

** Kepler Cheuvreux notes improved LafargeHolcim balance sheet and increasing EBITDA margin, upgrades to "buy" from "hold"

** Citi upgrades Babcock to "neutral" from "sell", says shares already capture its 7-9% margin range

INITIATIONS AND REINSTATEMENTS

** Societe Generale expects ASML's gross and EBIT margins to rise on the back of the semiconductor industry's next spending wave, initiates with "buy"

(*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.)