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BUZZ-Royal Mail: falls on bearish Morgan Stanley note

Reuters - UK Focus

** Royal Mail (LSE: RMG.L - news) falls 3.6 pct as Morgan Stanley (Xetra: 885836 - news) reiterates "underweight", says further earnings risk from lower mail volume and lack of growth in parcels division

** Says valuation too generous: 2015e FCF yield of 6.6 pct in line with peers, not justified given consensus EPS has fallen 15 pct in last two months

** Lowers EPS by c. 20 pct, cuts TP to 340p vs 350p

** Top faller and most traded on FTSE 100

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)