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BUZZ-Aveva: software developer hit by Goldman downgrade

Reuters - UK Focus

** Aveva bruised by Goldman Sachs (NYSE: GS-PB - news) downgrade to "sell", broker slashes its target price to 1,420p vs 1,950p.

** Stock down 3.4 pct & top faller on 0.2 pct firmer FTSE 250 index.

** Goldman expects co's primary end market of oil & gas - about 50 pct of group sales - to experience prolonged multi-year slowdown resulting in significant capex reductions.

** Aveva slide weighs on sector. Telecity, which issued a trading update on Monday, slips 1.3 pct as investors lock in profits after strong run up which had left margin for disappointment high.

** Citi highlights revenue growth at lower end of guidance, no improvement on margins over previous year, and lack of reduction on original capex guidance.

** Analyst recommendations for Telecity still skewed to the upside as of last Friday; of 16 analysts that cover the stock, 11 have "buy"/"strong buy" ratings, StarMine shows. (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)