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BUZZ-TUI: Exane downgrade pushes shares to bottom of FTSE 100

Reuters - UK Focus

** TUI Group bottom of the FTSE 100 as Exane BNP Paribas downgrade to "neutral" vs "outperform" following H1 numbers on Wednesday

** Broker says H1 numbers strong, but guidance only confirmed for FY 2015, & investor day does not provide any surprises on longer-term guidance either; says capex commitments, & hence cash generation, worse than expected

** After strong rally, Exane sees no real attractions for stock

** Shares (Frankfurt: DI6.F - news) , up c.73 pct since October low, outperformed Thomas Cook (Xetra: A0MR3W - news) (with which it competes in the European holiday market) up c.58 pct in period

** Co a product of last yr's merger of London-listed TUI Travel & German owner TUI AG (LSE: TUI.L - news) (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)