Top of the Street: Gjensidige Forsikring, Elisa, CVC, Holcim, BMW, DHl, Nexans, Prysmian, Ayvens and Tate & Lyle

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

Citigroup raises Norway-based insurance provider company Gjensidige Forsikring GJFG.OL to "neutral" from "sell", expecting pricing measures to improve profitability and seeing an improved market backdrop

It also raises Finland-based ICT services company Elisa ELISA.HE to "neutral" from "sell", seeing improvement in the MSR trend and limited near term catalysts that would drive underperformance

Barclays upgrades private markets manager company CVC Capital Partners CVC.AS to "overweight" from "equal-weight", noting its great exposure to the benefits of the Secondaries market

Morgan Stanley raises Switzerland-based cement maker Holcim HOLN.S to "overweight" from "equal weight," seeing an attractive bull case upside

Exane BNP Paribas cuts German automobile manufacturing company BMW BMWG.DE to "underperform" rating, as it expects near flat margins until 2028

UBS cuts German logistics company DHL DHLn.DE as the broker is sceptical on the tariff headwinds and mid-term Express volume growth potential

INITIATIONS AND REINSTATEMENTS

Deutsche Bank starts Italy's Prysmian PRY.MI and France's Nexans NEXS.PA with "buy" on strong earnings momentum for both cable maker firms, underpinned by structural electricity demand growth

UBS initiates French car leasing company Ayvens AYV.PA with "buy" as it has scope for turning into an outstanding capital return story

It also starts British food ingredients maker Tate & Lyle TATE.L with "neutral" as the brokerage expects limited upside to consensus estimates for FY26 and FY27

(*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.)