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Top of the Street: Mondi, Boliden, Akzo Nobel, BAE Systems, Yara

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

** 5-star ranked BofA's analyst Benjamin Heelan downgrades British defence company BAE Systems BAES.L to "neutral" from "buy," seeing limited near-term valuation upside after a "very strong run"

** UBS cuts Boliden BOL.ST to "sell" from "neutral," as the broker flags challenges to metal prices and elevated capex risk for the Swedish smelting and mining group

** Akzo Nobel AKZO.AS: "In our opinion this discount is too wide", says UBS as it raises the Dutch paints and coatings maker to "buy" from "neutral" noting that shares trade at about 20% discount to average EV/EBITDA of the last five years (11.7x)

** J.P.Morgan cuts Norwegian fertilizer maker Yara YAR.OL to "underweight" from "neutral," citing near-term cyclical and structural mid-term headwinds


** Citi resumes coverage of British paper and packaging group Mondi MNDI.L with "neutral," seeing recovery prospects as largely understood by the market and expecting the rising old corrugated containers (OCC) and wood costs to dampen margin expansion for the recycled and virgin packaging offering

(*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 Clement Martinot & Elsa Ohlen


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