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BUZZ-Top of the Street: IWG, GEA Group, GKN, Severn Trent

Reuters - UK Focus

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

** 5-star ranked RBC cuts IWG Plc (LSE: IWG.L - news) to "sector perform" as recent profit warning raises questions about management control and systems

** Top ranked JPMorgan (LSE: JPIU.L - news) cuts GEA Group (IOB: 0MPJ.IL - news) to "neutral" after "Q3 shortfall and prospect of slower progress in Q4"

** GKN (Frankfurt: 694194 - news) : New (KOSDAQ: 160550.KQ - news) management team leads Investec (LSE: INVP.L - news) to upgrade to "buy" as co should focus on improving operations in the near term

** HSBC upgrades Severn Trent (Other OTC: STRNY - news) to "buy", with its analysis indicating the likelihood of continued regulatory outperformance beyond 2020 given the progress Severn Trent has made to date

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** Oerlikon: Credit Suisse (IOB: 0QP5.IL - news) downgrades to "neutral"; it does not see meaningful upside from current levels

** UBS (LSE: 0QNR.L - news) says ConvaTec is "currently pricing in an overly bearish base case scenario" and upgrades its rating on the stock to "buy"

INITIATIONS AND REINSTATEMENTS

** 4-star ranked Deutsche Bank (IOB: 0H7D.IL - news) resumes coverage of Engie (Brussels: ENGI.BR - news) as "hold"; DB says co has good organic investment opportunities and this, together with a more supportive commodity pricing environment, should allow earnings to return to growth from 2018 after a decade of compression

(*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)