BUZZ-Petrofac: Shares recover, up 3.3 pct on CS upgrade

** Petrofac shares recover from multi-year lows and are up as much as 3.3 pct after Credit Suisse (NYSE: CS - news) upgraded to 'outperform' from 'neutral'

** Shares (Berlin: DI6.BE - news) which last week hit their lowest level since May 2010 are undervalued Credit Suisse says.

** Brokerage keeps price target at 1340 pence, cites strong backlog and tendering pipeline and the company's limited exposure to offshore engineering and construction.

** The stock was the biggest percentage gainer on the FTSE-100 index.

** Credit Suisse said Petrofac shares have underperformed the sector by 12 pct since it lowered its 2014 net profit forecast to $580 to $600 million in May, and that "for once valuation alone should be sufficient reason to buy the shares."

** Of the 21 analysts who cover the stock, six have a 'strong buy' rating, seven each rate it 'buy' and 'hold,' and one has a 'sell' rating, according to Thomson Reuters data. (RM (LSE: RM.L - news) : abhiram.nandakumar.thomsonreuters.com@reuters.net)