BUZZ-Top of the Street: Galapagos, Jeronimo Martins, Danone, Heineken, Just Eat

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

** 5-star Jefferies analyst cuts Galapagos NV to "hold" from "buy", seeing the Gilead deal as an "impressive endorsement" of Galapagos's pipeline and platform

** Jeronimo Martins: Deutsche Bank cuts to "hold" from "buy", saying the risk-to-reward ratio has become more balanced for the distribution group with operations in Portugal, Poland and Colombia

** Davy Research raises Danone to "outperform" from "neutral" on improving execution

** Heineken: 5-star brokerage Bryan Garnier cuts to "neutral" from "buy" on weak first-half profit figures

** Goldman Sachs downgrades Clariant to "neutral" from "buy", seeing increased uncertainty regarding the company's future direction

** Citi ups Pearson to "buy", says the stock is trading at significant market/sector discount despite superior earnings per share growth and better relative earnings security

** J.P Morgan upgrades Just Eat to "neutral" from "underweight" after discussions about possible merger with Takeaway.com; it believes the new entity can bring strong improvement in tech and meaningful disposals to local operators

INITIATIONS AND REINSTATEMENTS

** Jefferies initiates Balfour Beatty with "hold", saying it expects the company to return to cash-backed profit in 2019, also sees risks in UK business and investment portfolio

(*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.)