BUZZ-Top of the Street: Vinci, Caixabank, UDG, RSA

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

** JPMorgan (LSE: JPIU.L - news) raises Vinci (LSE: 0NQM.L - news) to "overweight" on improvements over contracting margins and a potential takeover of Aeroports de Paris

** RBC Capital Markets downgrades Caixabank (Amsterdam: CB6.AS - news) to "underperform", based on its Quebec independence referendum case study; see Buzz: 'Spanish banks: Catalonia, history repeating?'

** Broker expects further negative share price reaction for the banks most exposed to the region

** Investec (LSE: INVP.L - news) upgrades Dixons Carphone (Frankfurt: CWB.F - news) to "buy", seeing valuation increasingly attractive

** Numis cuts healthcare co UDG to "reduce" based on the likelihood of very modest underlying growth in the key divisions (US Packaging/Ashfield Commercial)

** The brokerage raises Hikma Pharmaceuticals (Frankfurt: A0HG69 - news) to "buy", keeping FY17 forecasts

** Nordea Markes ups its rating on Grieg Seafood (LSE: 0GW8.L - news) to "hold" from "sell" after the co announced a surprise NOK 1 extraordinary dividend and provided growth outlook for 2018 and 2019

INITIATIONS AND REINSTATEMENTS

** Exane BNP Paribas starts coverage on RSA Insurance (LSE: RSA.L - news) with "outperform" rating based on value to be created from dividend growth fuelled by operational improvement and management track record

(*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)