BUZZ-Top of the Street: Morrisons, Tesco, Schneider, Adecco, Randstad

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

** 5-star analyst Exane BNP Paribas raises Wm Morrison Supermarkets to "outperform", pointing out attractive format exposure, solid B/S and the prospect of buybacks

** At the same time, Exane BNP Paribas raises Tesco (Swiss: TSCO.SW - news) to "neutral" as the risk/rewards looks better balanced, however B/S remains a concern

** Kepler Cheuvreux raises Schneider Electric (EUREX: SND1.EX - news) to "buy" seeing expansion in earnings estimates continuing in the coming 12 months

** Deutsche Bank (IOB: 0H7D.IL - news) says investors should use any near-term strength from better Q2 per working day to sell shares of both Adecco (Swiss: ADEN.VX - news) and Randstad, downgrading cos to "sell" and ruling out material re-rating on Europe unemployment rates, as shares should have already done so by now

(*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)