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BUZZ-Top of the Street: Standard Life, Aareal Bank, airlines, Telefonica

Reuters - UK Focus

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

** RBC Capital Markets raises Standard Life (LSE: SL.L - news) (SL) to "outperform"; disposal of SL's insurance business now more likely, RBC says, after merger prospectus published this week shows CEO of insurance business loses seat on board

** Equinet Bank cuts Aareal Bank AG (Xetra: 540811 - news) to "neutral", despite strong Q1 results, broker sees earnings growth rather limited in 2017-2018

** 5-star ranked Barclays (LSE: BARC.L - news) analyst Mathieu Robilliard cuts Telefonica (LSE: 826858.L - news) to "underweight" seeing in Spain early signs of consumer fatigue over price increases, views Telefonica unattractive versus peers

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** Airlines: Kepler Cheuvreux raises IAG to "buy", Lufthansa (Xetra: LHAB.DE - news) to "hold"

"Based on solid start to the year, positive recent market data on Q2 forward bookings for long-haul flights into Europe and some optimism from AF-KLM (Shanghai: 600686.SS - news) 's, IAG's and Lufthansa's management, we revise up revenue expectations", brokerage said

** Goldman Sachs (NYSE: GS-PB - news) raises Intu Properties (LSE: INTU.L - news) to "neutral" as there are sustained levels of investment by tenants in stores in Intu’s centers, believes further share price underperformance unlikely

** Equinet Bank reinitiates coverage on Symrise (Swiss: SY1.SW - news) with "neutral", saying shares do not offer compelling upside at current price levels; yet advises all long-term oriented investors to make use of any share price drawback and to consider a build-up of a position (*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)