Ratings & estimate changes by Europe's top-ranked* analysts:
** Marks & Spencer : Goldman Sachs keeps sell rating,adds to conviction sell list, sees margin under pressure fromgrowing competition in UK food retail.
** Royal Mail : Deutsche initiates coverage on stockwith hold.
** Swiss Re : BarCap downgrades to equal-weight,rivals Munich Re & Hanover Re potentially greater levels ofsurplus capital.
** FirstGroup : Goldman Sachs cuts to neutral, cutsEBIT estimates on margin pressure at First Student unit.
** Aberdeen Asset Management : UBS, 5-star analyst,trims estimates following SWIP completion, keeps buy, saysoutlook remains tied to EM sentiment.
** ING : SocGen, 5-star analyst, ups estimates by5-6% & raises price target, improved credit quality outlook.
** Vodafone : Nomura, 4-star analyst, cuts to hold,enterprise unit remains weak. [Stock has seen 2014 EPS come offnearly 15% over past month.]
* Analyst rankings from Thomson Reuters StarMine. Scale isfrom 1-star to 5-star with 5 being best. Analysts ranked onearnings accuracy as well as relative performance ofrecommendations over trailing 12-month & 24-month periods.
(Stocks Buzz is a pilot project. Please send any feedback orsuggestions to vikram.subhedar@thomsonreuters.com) (RM: vikram.subhedar.thomsonreuters.com@reuters.net)