Top of the Street: Schroders, Orkla, SEB, Ferrovial

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

** UBS upgrades British fund manager Schroders SDR to "buy" from "neutral," citing compelling valuation levels after the shares have been underperforming the STOXX 600 SXXP index YTD

** Bernstein raises Norwegian branded consumer goods company Orkla ORK to "market perform" from "underperform," pointing to its valuation and the group's ability to relatively fast rebuild profitability under current macroeconomic conditions

INITIATIONS AND REINSTATEMENTS

** Morgan Stanley starts Swedish lender SEB SEB_A with "equal-weight," seeing the bank's Baltic's division net interest income as a drag in the coming quarters, while fee income should support revenues

** Citi initiates Ferrovial FER with "buy" as it sees an upside to U.S. managed lanes pricing, with strong macroeconomic dynamics in the Dallas and Fort Worth regions offering good growth opportunities

(*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.)