BUZZ-Top of the Street: Puma, Daimler, AB InBev, Fortum, Uniper

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

** Credit Suisse ups Puma to "neutral" from "underperform" as higher-than-expected sales growth offsets its prior concerns about costs

** Jefferies cuts Daimler to "underperform" from "hold" and Renault to "underperform" from "buy"; saying that both have unclear compliance roadmaps, below normal average earnings and balance sheet risk on potential cash burn

** Jefferies ups AB InBev to "hold" from "underperform" as the company pivots towards top-line driven model, accompanied by "a more balanced approach to growth between volumes and revenue per hectoliter"

INITIATIONS AND REINSTATEMENTS

** Credit Suisse starts coverage of Fortum and Uniper with "outperform" and "neutral" respectively; saying it prefers Fortum over Uniper due to higher earnings growth and more attractive valuation

** Morgan Stanley resumes coverage of Ocado Group with "equal-weight", saying recent developments at Ocado have been taken well by the market, but these attractions appear largely priced in

(*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.)