<div id="readability-page-1"><div>A round-up of notable broker activity this morning from Europe's top-ranked* analysts:** Kepler Cheuvreux cuts Evonik to &#34;reduce&#34; from &#34;hold&#34;, expecting more profit warnings from the chemical company as EU bureaucracy, energy costs, Chinese competition and rigid internal processes put the firm's earnings under pressure from** RBC cuts homebuilder Berkeley to &#34;underperform&#34; from &#34;outperform&#34; over mansion tax and rental income tax impact** UBS raises Bachem to &#34;buy&#34; from &#34;neutral&#34; as it sees current valuation as attractive vs peers, backed by the biotechnology firm's organic growth investmentsINITIATIONS AND REINSTATEMENTS** Deutsche Bank initiates online trading provider IG Group with &#34;buy&#34;, deeming the shares cheap compared to the firm's outlook, but also underpinned by the value from the core OTC/ETD businesses and the surplus capital ** Equita initiates coverage of Orsted with &#34;buy&#34;, flagging the Danish energy company's de-risked balance sheet and a more visible pipeline until 2028 (*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 &amp; 24-month periods.)</div></div>

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Kepler Cheuvreux downgrades Evonik to "reduce" due to profit warnings. RBC downgrades Berkeley to "underperform" over tax impacts. UBS upgrades Bachem to "buy" for attractive valuation. Deutsche Bank initiates IG Group with "buy" for its cheap shares and strong outlook. Equita initiates Orsted with "buy" for its de-risked balance sheet and visible pipeline.

Top of the Street: Evonik, Berkeley, IG Group, Orsted and Ageas