BUZZ-Serco: seeing support as brokers upgrade on "compelling" value

** Serco rises 4.4 pct after upgrades from Exane and Berenberg

** Exane raises to "outperform" from "neutral", saying it now sees "compelling value" for those with the patience to ride out weakness

** Sees 30 pct upside with up to 100 pct in its "blue sky" scenario

** Berenberg upgrades to "hold" from "sell", saying the co's debt position now more sustainable after the sale of its BPO unit and a 30 pct fall in shares in the last six months

** Adds valuation now fair (fwd EV/EBITDA 10.2x)

** Fourth top riser on Stoxx 600

** The outsourcer has been rocked by a series of profit warnings which have seen its share price slump 80 pct from a peak in July 2013

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