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Top of the Street: Fresenius, Freenet, European tyremakers

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

** UBS upgrades mobile retailer and service provider Freenet FNTGn.DE to "buy" from "hold", saying it benefits from competitive tensions in the German mobile market that have pushed operators to give it longer term deals

** HSBC raises German healthcare group Fresenius FREG.DE to "buy" from "hold" and increases its TP by 23% to 38 euros


** Bernstein initiates German tyremaker Continental CONG.DE at "underperform" saying it is struggling with structural issues, with margins collapsing in its Automotive business

** Bernstein also starts France's Michelin MICP.PA at "outperform", pointing to its innovation capabilities that drive pricing power and margins

(*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 Alessandro Parodi and Antonis Pothitos


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