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Top of the Street: BMW, Vestas, Aviva, Equinor

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

** J.P.Morgan upgrades German auto maker BMW BMWG.DE to "overweight" from "neutral" saying the stock offers the highest yoy premium growth rate

** Berenberg raises Danish wind turbine maker Vestas VWS.CO to "buy" from "hold" citing better margins, expected improvement in 2024 order intake, and potential for market share gains from challenged competitors

** Deutsche Bank cuts Aviva AV.L to "hold" from "buy" seeing small earnings headwinds, questions around the British insurer's excess capital return, and positive catalysts skewing in the favour of rivals Legal and General Group LGN.L and M&G MNG.L (both upgraded to "buy")

** RBC downgrades French electrical installations firm Legrand LEGD.PA to "underperform" from "sector perform" citing the risk from declining core end-markets in 2024 and waning pricing boost

** Jefferies cuts Equinor EQNR.OL to "underperform" from "hold" and TotalEnergies TTEF.PA to "hold" from "buy", expecting lower gas prices and market normalisation to hit the two energy majors

(*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 Dagmarah Mackos and Mateusz Rabiega


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