Top of the Street: Glencore, Anglo American, Carmila

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

** J.P. Morgan upgrades British commodities trader Glencore GLEN.L to "overweight" from "neutral", citing more than 30% growth in projected copper production through 2031 and the earnings support provided by its trading and coal businesses

** The same broker also raised global miner Anglo American AAL.L to "neutral" from "underweight", lifting its fair value estimate to 3,850 pence per share, as it awaits final Chinese regulatory approval for the proposed Teck merger

INITIATIONS AND REINSTATEMENTS

** Berenberg starts French real estate firm Carmila CARM.PA with a "buy" rating, citing its diversified shopping-centre portfolio, improving profitability and valuation that it believes does not reflect the company's growth potential

(*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.)