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BUZZ-Top of the Street: Telefonica Deutschland, Commerzbank, Eiffage, Equinor, Ocado

Reuters - UK Focus

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

** Credit Suisse (IOB: 0QP5.IL - news) cuts Telefonica Deutschland to "underperform" seeing co as poorly positioned to capture mobile data usage growth due to lower capex and network quality than rivals

** 5-Star rated HSBC upgrades Commerzbank (Xetra: CBK100 - news) to "buy" after shares dropped to a single-digit share price level post Q1 results

** Barclays (LSE: BARC.L - news) downgrades Eiffage (LSE: 0NPT.L - news) to "equal weight" as it believes momentum is slowing in French housing market where co has high exposure

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** Equinor: Jefferies raises to "hold" pointing to strong cash generation and less apparent catalysts for underperformance in higher Brent and NBP (Shanghai: 601018.SS - news) gas pricing environment

** 5-Star rated Goldman Sachs (NYSE: GS-PB - news) raises Ocado to "buy", says distribution partnership with Kroger was transformational - both in the number of distribution centres Kroger is looking to start building, and in the validation of Ocado's Smart Platform as an online grocery solution with a global addressable market

GS says that though the stock price moved materially to reflect this, its analysis at a local market level points to a U.S. opportunity more than double Kroger's initial commitment

** Experian (Other OTC: EXPGF - news) : Deutsche Bank (IOB: 0H7D.IL - news) downgrades to "hold" as it sees co's improved growth outlook as priced in

INITIATIONS AND REINSTATEMENTS

** Credit Suisse reiterates "outperform" rating on Deutsche Telekom, pointing to its sector-average valuation despite strong growth profile

** Credit Suisse repeats "outperform" rating on Vodafone , says current headwinds (among which tough fiscal Q1 in Spain and lliad Italy's launch) are temporary and stock can trade at slight premium given faster long-term growth

** "Unibail + Westfield = Category Killer" says Jefferies as it resumes coverage of WFD Unibail Rodamco with "hold" rating after merger

(*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.)