Top of the Street: Santander, Vonovia, European telecoms, Rightmove

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

** Jefferies downgrades Spanish bank Santander SAN.MC to "hold" from "buy" as the bank's transformational phase and strong EPS momentum are already priced into consensus

** Morgan Stanley cuts German real estate firm Vonovia VNAn.DE to "underweight" from "equal-weight", stating higher rates and profit risks to its Berlin portfolio are "difficult to 'price' and set to linger"

** Barclays raises Sweden's Telia TELIA.ST to "overweight" from "equal-weight", saying its Nordic footprint and lower consumer exposure limit AI and satellite disruption, while a 2027 strategy update could support mid-term FCF growth

** It also cuts British peer Vodafone VOD.L to "underweight" from "equal-weight" on high consumer exposure and particular vulnerability in Germany, where AI-driven switching risks threaten earnings

** Panmure Liberum cuts UK property listings website Rightmove PLC RMV.L to "hold" from "buy", citing a worsening housing market outlook, as a simultaneous slowdown in estate agency and housebuilding activity could create an unusual headwind in 2027

(*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.)