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

** Kepler Chevreux downgrades Dutch insurer NN Group NN.AS to "reduce" from "hold" citing a "too low capital ratio"

** KBC cuts grid operator Elia Group ELI.BR to "accumulate" from "buy" citing inadequate capex strategy in the face of recent political changes

** Bernstein cuts London-based media group Pearson PSON.L to "market perform" from "outperform" citing a "slow and burdensome" transition from print to digital

** Peel Hunt raises UK housebuilder Persimmon PSN.L to "buy" from "hold" saying the stock's recent weakness offers an attractive entry point for investors

** Deutsche Bank also upgrades Persimmon PSN.L to "buy" from "hold"

** DB cuts Beiersdorf BEIG.DE to "sell" from "hold" on headwinds to premiumisation, especially for the Nivea brand

** Kepler upgrades German software developer Nemetschek NEKG.DE to "buy" from "hold" citing a "visible growth acceleration" through 2024 and into 2025

** Kepler raises Italian truck maker Iveco IVG.MI to "buy" from "hold", saying end-market diversification should continue to support earnings

** Kepler raises the German business application software provider SAP SAPG.DE to "buy" from "hold", seeing more room for earnings momentum

INITIATIONS AND REINSTATEMENTS

** Goldman Sachs initiates UK-based student accommodation developer Unite Group UTG.L at "buy" citing its well positioned portfolio, favourable supply/demand dynamics and value-accretive investment 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.)

(Reporting by Dimitri Rhodes and Antonis Pothitos)

((dimitri.rhodes@thomsonreuters.com; antonis.pothitos@thomsonreuters.com))