BUZZ-Top of the Street: easyJet, Dialog Semi, Pernod Ricard, Experian, Gemalto

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

** Davy raises easyJet to "outperform", believing that easing capacity conditions in its markets and exposure to events at Air Berlin (LSE: 0GPE.L - news) , Alitalia (Stuttgart: 2278962.SG - news) and Monarch will aid pricing momentum

** Gemalto (LSE: 0OGA.L - news) : Credit Suisse (IOB: 0QP5.IL - news) upgrades to "neutral", as Atos (Paris: FR0000051732 - news) offers EUR 4.3 bln to acquire the French security software maker in an all-cash deal

** In a note entitled 'Dialog in a tough spot', Stifel cuts Dialog Semi to "hold", as Apple (NasdaqGS: AAPL - news) 's intent to develop power management without direct use of Dialog’s silicon "is now undeniable"; Dialog’s ability to capture value in future iPhone releases is now in question

** Pernod Ricard (TLO: RI-U.TI - news) : the good news on growth, margins and cash largely reflected in the share price. Company is now trading at a small premium to peers, in a sector that is trading slightly above its long-term premium to the market; Bernstein cuts to "market-perform"

** UBS (LSE: 0QNR.L - news) downgrades Atlas Copco (LSE: 0R82.L - news) to "neutral"; following co's share outperformance in 2017 (up over 30% vs SXNP's 13%), brokerage now sees a more balanced risk/reward profile

** Experian (Other OTC: EXPGF - news) : co's U.S. B2B and B2C activities suggest scope for a sustained return to high-single-digit organic growth, following a period of relative underperformance; Exane BNP Paribas raises to "outperform"

INITIATIONS AND REINSTATEMENTS

** Berenberg initiates Electrocomponents (LSE: ECM.L - news) with "hold"; in the first half of this year all five of co's divisions grew revenues organically by double digits, thus brokers expect a continuation of the strong momentum seen over the past 12 months

** Morgan Stanley (Xetra: 885836 - news) resumes coverage of Mediclinic with "overweight" rating, betting on solid execution of Middle East strategy, which could unlock some long term growth

(*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.)

(katarzyna.zajaczkowska.thomsonreuters.com@reuters.net anita.kobylinska.thomsonreuters.com@reuters.net)