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BUZZ-GSK dividend looks safe post-Brexit, even with new CEO

Reuters - UK Focus

** Jefferies analysts upgrade GlaxoSmithKline (Other OTC: GLAXF - news) to buy from hold with 2,000p PT on growing confidence in drugmaker's 4.9% dividend yield. Stock up 1.5% at 1,670p

** Say fears of a dividend cut linked to the appointment of a new CEO are "overdone" and estimate 2015 payout ratio of 132% will fall to around 88% in 2016 and 63% in 2020, assuming continued flat divi

** GBP weakness post Brexit makes divi more secure, allaying investor concerns about group's ability to pay a promised 80p/share this year and next, and maintaining payouts beyond 2017

(RM (LSE: RM.L - news) :ben.hirschler.thomsonreuters.com@reuters.net)