BUZZ-Top of the Street: Nokia, Societe Generale, E.ON

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

** Macquarie believes Zurich Insurance (IOB: 0QP2.IL - news) will struggle to achieve consensus forecasts for top-line growth and bottom-line profitability, downgrades to "underperform"

** J.P. Morgan (Other OTC: MGHL - news) sees limited scope for earnings upside risk for Rightmove (LSE: RMV.L - news) and turns "underweight" from "neutral"

** Nokia (Milan: 23568.MI - news) : 4-star ranked Goldman Sachs (NYSE: GS-PB - news) cuts the co to "neutral", citing wireless execution issues in U.S., mainly related to integration of Alcatel (Paris: FR0000130007 - news) base stations into the Nokia footprint

** J.P. Morgan cuts Societe Generale (Swiss: 519928.SW - news) to "neutral" on the basis of ongoing debate on cost management

** Goldman Sachs downgrades Temenos Group (IOB: 0QOA.IL - news) to "sell", believing "valuation is stretched on a number of fronts despite an unchanged positive fundamental stance".

** RBC's revised forecasts for E.ON "have been cut by 5 pct at the EPS level in the near term and by over 10 pct in the outer years, with lower returns now assumed for Swedish networks" therefore downgrades to "sector perform"

** 5-star rated Numis cuts Capital & Counties to "reduce", says "significant unquantifiable risk at Earls Court; slowing prime London resi market impacts GDV and profits estimates, and there is uncertainty as to the scope and scale of the final scheme"

INITIATIONS AND REINSTATEMENTS

** CYBG (Frankfurt: 42YA.F - news) 's heritage gives it a structural advantage over challenger peers, in Berenberg view, thus starts with "buy"

** Berenberg believes cost-efficiency targets are overstated and Metro Bank (Frankfurt: 6MB.F - news) may need to raise AT1 capital, reducing outer-year earnings by 10 pct, initiates with "sell"

** Numis reinstates Hammerson (Frankfurt: 876140 - news) and INTU (Swiss: OXIGTU.SW - news) with "hold", points out that merger more beneficial for INTU s/h than HMSO; as well as re-weighting exposure to the lower-growth UK market, it has reduced HMSO's relative exposure to high growth outlets business

** Goldman Sachs reinstates Atos (Paris: FR0000051732 - news) , Worldline and Gemalto (LSE: 0OGA.L - news) at "neutral"

(*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.)