BUZZ-Top of the Street: Roche, Orsted, European Insurers, Euronext

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

** Deutsche Bank upgrades Roche to "buy," pointing to re-rating potential and pipeline supports

** RBC cuts Orsted to "sector perform," citing sustained outperformance

** Deutsche Bank cuts Novo Nordisk to "hold", as it sees shares' recent strong performance and current premium to peers fairly reflecting company's growth potential

** Boliden: JP Morgan raises to "overweight" on strong balance sheet capable of weathering lower copper/zinc prices better than peers

** JP Morgan ups Zurich Insurance to "overweight", as it sees the insurer benefiting most from hardening commercial lines pricing

** The same broker also cuts Generali to "neutral" from "overweight", due to a better risk-reward ratio at peers; removes stock from its analyst focus list

** RBC raises CYBG to "outperform" after the company pledged to make an additional 50 million pounds in annual savings from the Virgin Money deal; places it among preferred stocks

INITIATIONS AND REINSTATEMENTS

** Credit Suisse initiates Barry Callebaut with an "outperform" rating on growth prospects

** Euronext: BOFA Merrill Lynch resumes the company's coverage with a "buy," saying the acquisition of Oslo Bors adds scale and diversification

(*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.)