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BUZZ-Reed Elsevier: rallying on Barclays upgrade

Reuters - UK Focus

** Reed Elsevier (LSE: REL.L - news) bouncing clear of 6-mth lows hit last wk as Barclays (LSE: BARC.L - news) upgrades to "overweight" vs "equal-weight"

** Stock, up 2.1 pct, top UK blue-chip performer & 2nd most actively traded stock on FTSE 100

** Publisher looks good value vs its peer group in other sectors (the more predictable businesses within staples, leisure & business services), Barclays says

** Broker says signals to buy cyclicals (powerful at start of 2015) becoming less strong, & it is now more comfortable that the best value defensives can outperform the market as a whole

** Reed trades on 17.7x next yr's earnings, vs Unilever & Diageo both on c.21x, according to Thomson Reuters data

** Only a small incremental positive at 1H results in July should support a rerating for Reed's shares, says broker (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)