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

** Morgan Stanley cuts Ryanair RYA.I to "equal-weight" from "overweight", citing a rise of carbon-related costs and a slowing seat growth which make margin expansion challenging

** J.P.Morgan raises Poste Italiane PST.MI to "overweight" from "neutral" and increases its PT by 19% to 18.5 euros, citing strong free cash flow outlook that supports a higher dividend payout

** In a note where Deutsche Bank says the positive trend for Spanish banks may face temporary headwinds after a strong rally in late 2024 and early 2025, the broker cuts Banco Sabadell SABE.MC to "hold" from "buy"

** UBS cuts Campari CPRI.MI to "neutral" from "buy", citing weaker revenue trends

(*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 Tiago Brandao and Michela Stasio)

((Michela.stasio@thomsonreuters.com))