Last checked at 
A round-up of notable broker activity this morning from Europe'stop-ranked* analysts:
** BTG: Deutsche Bank says that guidance andperformance for key unit Interventional Medicine were softerthan its expectations and sees the pharma business at risk ofgoing ex-growth; broker cuts stock to "hold"
** Barclays reviews ratings and PTs among integrated oil andrefining stocks to factor in some of the profitability thathigher prices are generating, with its top picks being still BP, Royal Dutch Shell and Total
Galp Energia's risks are now skewed to thedownside after its 12 pct run in the last three months, perbroker; Barclays cuts the stock to "underweight"
Broker upgrades Eni to "equal weight", saying thatthe higher oil price environment benefits the Italian companymore than most other companies under its coverage
** Solvay: UBS says that the recovery in aerospaceand oil & gas lifts EBITDA growth and free cash flow but addsthat soda ash is a drag; ups to "neutral"
INITIATIONS AND REINSTATEMENTS
** UDG Healthcare: "We believe the stock is fullyvalued and already bakes in some of the benefits of future M&A,"says Barclays, starting with "equal weight"
(*Analyst rankings from Thomson Reuters StarMine. Scale is from1-star to 5-star with 5 being best. Analysts ranked on earningsaccuracy as well as relative performance of recommendations overtrailing 12-month & 24-month periods.)
