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BUZZ-UK engineers: HSBC sees threats from low growth

Reuters - UK Focus

** UK engineers Rotork (LSE: ROR.L - news) , Spectris (Other OTC: SEPJF - news) and Halma all fall on Tuesday after HSBC downgrades the stocks

** Broker points to margin contraction and revenue declines in H1, with management teams sounding cautious over the low growth environment

** Adds FX tailwinds in the sector have pushed up valuations, making M&A difficult (Halma (LSE: HLMA.L - news) shares just off an all-time high)

** Rotork cut to "reduce" from "neutral", Spectris to "reduce" from "buy", Halma to "hold" from "buy"

** All three stocks among top fallers on FTSE 250

** HSBC prefers stocks with high cash generation and the potential to turn around their own fortunes - Bodycote (LSE: BOY.L - news) , Morgan Advanced Materials (Other OTC: MCRUF - news) and Vesuvius (Other OTC: CKSNF - news) all at "buy"