Top of the Street: Galp, Reckitt, Legrand, Biomerieux

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

** Morgan Stanley upgrades Portugal's Galp GALP to "equal-weight" from "underweight", saying its call on Galp has been unsuccessful as the Namibia exploration campaign results have consistently exceeded assumptions

** Jefferies ups Reckitt RKT to "hold" from "underperform" as they expect the Enfamil maker to be more supported in H2, when the group will be taking ownership of what is already now expected: visibility on settling legal liability and investment plans

** Goldman Sachs upgrades French electrical equipment maker Legrand LR to "buy" from "neutral", citing the group's highest exposure to data centers as a growth driver in the medium term and an opportunity to buy the stock

INITIATIONS AND REINSTATEMENTS

** Deutsche Bank starts coverage of French diagnostics specialist Biomerieux BIM with "buy" rating, citing the company's class-leading earnings growth, its leadership in attractive niche, rich product pipeline, and its high quality management team

(*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.)