Top of the Street: Banca Mediolanum, Equinor, Orsted, Pernod Picard, Tenaris

About this update from Banca Mediolanum Spa

A round-up of notable broker activity this morning from Europe's top-ranked* analysts:** Jefferies downgrades Italy's Banca Mediolanum MIL:BMED to "hold" from "buy", expecting downside risks to consensus EPS** RBC cuts Norwegian energy company Equinor OSL:EQNR to "underperform" from "sector perform", citing that its free cash flow and distributions are set to lag peers amid rising gearing and softer gas prices** Barclays upgrades Pernod Ricard EURONEXT:RI to "equal weight" from "underweight", saying it sees risks skewing to the upside for the French spirits maker** Barclays cuts Danish wind power developer Orsted OMXCOP:ORSTED to "underweight" from "equal-weight", citing continued pressure from the U.S. tariffs, Inflation Reduction Act (IRA) and legislative uncertainties impacting both offshore and onshore windINITIATIONS AND REINSTATEMENTS** Exane BNP Paribas initiates coverage of Tenaris MIL:TEN with "outperform" rating, as it sees the Italian steel pipe maker well equipped to navigate "choppier" market conditions this year, citing its unique exposure to LATAM upstream growth(*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.)

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