A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** J.P. Morgan downgrades international media conglomerate RTL Group AUDK.LU to "neutral" from "overweight", noting that its acquisition of Sky Deutschland may give the group 'years of indigestion' due to the German media company's continuing losses
** Jefferies cuts British property firm Land Securities LAND.L to "underperform" from "hold", citing a 'debt drag' on the sector and execution risk in the company's strategy to recycle capital into the build-to-rent market
** BofA Securities raises Dutch insurer NN Group NN.AS to "buy" from "neutral", pointing to an attractive valuation, strong operational outlook, and buyback expectations that are ahead of market consensus
(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.)
(Reporting by Rafal Nowak and Marta Frąckowiak)
((marta.frackowiak@thomsonreuters.com;rafal.nowak@thomsonreuters.com))
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