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BUZZ-Thomas Cook: downgrades fail to halt rebound

Reuters - UK Focus

** Thomas Cook (Xetra: A0MR3W - news) rises 4.6 pct despite raft of broker downgrades and target price cuts

** Barclays (LSE: BARC.L - news) downgrades to "equal-weight", Morgan Stanley (Xetra: 885836 - news) , Citi, Panmure and Natixis (Paris: FR0000120685 - news) all cut TP

** Traders say Wednesday's sell-off - stock closed down 17.7 pct after the departure of CEO Harriet Cook - overdone, with majority of street remaining buyers

** Sentiment still positive: twelve "buy", six "hold" with no "sell" ratings

** Despite downgrading, Barclays says concern is short-term, stock remains cheap

** Forward P/E of 9.2 vs peer median of 14.2, a 62 pct discount

Chart: http://link.reuters.com/dep53w (RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)