BUZZ-Top of the Street: Deutsche Telekom, UK Grocers, IMI, Segro, ProSieben

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

** Top-ranked Barclays downgrades Deutsche Telekomto "equal weight", seeing slowdown in Germanoperating free cash flow (OpFCF) growth

** UK Food Retailers: "We believe we are now trading throughthe peaks of UK CPI pressures. The obvious benefits of reducinginput headwinds and of a less defensively minded consumer shouldprovide a more helpful backdrop to grocers from here," Jefferiessays

** Jefferies raises Morrison Supermarkets to "buy"as it is "best placed for outperformance" with an overlooked"nascent potential for growth in wholesale"

** Noting "strong accretive nature" of Bookeracquisition, broker upgrades Tesco to "buy" seeing itscash flow affected positively

** IMI: Two brokers upgrade their ratings of stock;Stifel ("buy" from "hold"), despite "slightly" weak numbers,sees scope for recovery as value is emerging "after heavy pricedeclines", while Numis ("hold" from "reduce") says "valuation islooking more sensible", although it still sees "littleexcitement" in shares

** Given "sector-beating" results, positive outlook and NAVand earnings f'casts growth, Stifel upgrades Segro to"buy"

INITIATIONS AND REINSTATEMENTS

** Credit Suisse reinstates coverage of ProSiebenwith "underperform" due to too high consensus expectations for2018 advertising and downside risk to margins

(*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.)