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

** UBS upgrades French retailer Carrefour CARR.PA to "buy" from "neutral", stating the stock is "too cheap to ignore" and an overlooked value play

** UBS upgrades Danish jewellery maker Pandora PNDORA.CO to "neutral" from "sell" as expectations have reset, while execution is improving

INITIATIONS AND REINSTATEMENTS

** J.P. Morgan expects the European sporting goods sector to face another challenging quarter as promotional pressures continue to act as a headwind, partly offset by the ongoing World Cup

** JPM resumes JD Sports JD.L with "neutral", saying the promotional environment and the sizeable exposure to Nike NKE.N will continue to weigh on its profit outlook

** The broker also initiates Puma PUMG.DE with "neutral", saying the stock largely prices in the downside risks in the near term

** It resumes Adidas ADSGn.DE with "overweight", expecting the solid momentum to continue with consistent delivery of earnings growth over the coming quarters

** Kepler Cheuvreux initiates UK construction group Balfour Beatty BALF.L at "buy," citing a significant reduction in project risk and a record order book

(*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.)