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BUZZ-Top of the Street: Offshore Oil & Gas, Straumann, Merlin Properties

Reuters - UK Focus

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

** Barclays (LSE: BARC.L - news) says that the Offshore Oil & Gas industry shows signs of life, and that the worst appears to be behind the subsea industry

** Barclays names Subsea 7 (LSE: 0OGK.L - news) its preferred stock and raises it to "overweight"; says stock offers the most attractive valuation across its peers and has been aggressive in offsetting market impact

** Broker reduces Saipem (LSE: 0NWY.L - news) , its least preferred stock, to "underweight", citing a very limited deleveraging potential and a lot of work to do

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** 5-star ranked UBS (LSE: 0QNR.L - news) raises Total (LSE: 524773.L - news) to "buy", saying weaker oil price to force strategic reflection & improvement in performance & in last 3 months stock -8% (v European sector -4%), not good reflection of co's H1 financial & strategic progress

** Straumann: Kepler raises dental implant maker to "hold" on potent H1 & acquisition of ClearCorrect (a US clear-aligner company), which gives co access to a new market with "attractive potential and double-digit growth"

INITIATIONS AND REINSTATEMENTS

** JPMorgan (LSE: JPIU.L - news) initiates Merlin Properties (Other OTC: MRZWF - news) as "overweight", points to compelling valuation and supportive environment of improving Spanish property sector

(*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)