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BUZZ-Hikma: top of Stoxx on Citi upgrade

Reuters - UK Focus

** Hikma Pharmaceuticals (LSE: HIK.L - news) top of Stoxx 600 as Citi hikes rating to "buy" vs "neutral" on valuation grounds

** Stock, up 5.3 pct, poised for biggest one-day rise since early January & bouncing clear of 7-mth lows

** Broker flags shares down >25% (since late Feb), exceeding consensus EPS cuts

** Says Hikma's base business can deliver almost £1/share in 2017e earnings on a near-normalised basis (excluding recent product shortage windfalls)

** Adds this can be boosted further by incremental shortage opportunities, ramp-up of Bedford products (co bought assets of Bedford Labs May 2014) & importantly, M&A (>$1bn firepower)

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** Shares (Berlin: DI6.BE - news) at 22x 2016e/19x 2017e provide what Citi sees as an attractive entry point in light of 5-yr organic earnings CAGR of 14%

(RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)