A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
    
    ** Societe Generale cuts German reinsurer Munich Re
 MUVGn.DE  to "hold" from "buy", citing uncertainty around
pandemic-related insurance claims and the stock's valuation
    
    INITIATIONS AND REINSTATEMENTS
    ** Barclays starts coverage of six food ingredient
companies, saying the COVID-19 pandemic is accelerating global
megatrends towards health, wellness and sustainability
    ** However, the recession is also likely to destabilize
order patterns and pandemic-related increased safety
requirements might weigh on returns, Barclays says
    ** The broker says it prefers stocks with reasonable
valuation as well as improving structural growth and returns
prospects, and starts the Irish Kerry  KYGa.I  and Glanbia
 GL9.I  at "overweight"
    ** Together with Dutch rivals Corbion  CORB.AS  and DSM
 DSMN.AS , Kerry seems particularly well-positioned to benefit
from megatrends, Barclays adds
    ** At the same time, Chr Hansen's  CHRH.CO  quality of
growth has been slipping from historical standards, Barclays
says, and initiates the Danish company at "underweight"
    ** The broker also starts Swedish AAK  AAK.ST , Swiss Barry
Callebaut  BARN.S  and British Tate & Lyle  TATE.L  with "equal
weight", citing priced-in growth prospects, balanced risk/reward
and pricing challenges, respectively
       
    
(*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.)


 ((clement.martinot@thomsonreuters.com;
anna.banacka@thomsonreuters.com))