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BUZZ-Vesuvius: UBS upgrade buoys ceramic moulds maker

Reuters - UK Focus

** Vesuvius Plc (Other OTC: CKSNF - news) 's shares rise as much as 5.3 percent, after brokerage UBS (NYSEArca: FBGX - news) upgrades its rating on the stock to "buy" from "sell" citing a positive outlook for European steel production and benefits of "self-help" initiatives.

** UBS analysts Mark Fielding and Robbie Capp say they expect Vesuvius' self-help measures to push margins up by 180 basis points over 2015-2016

** The maker of ceramic moulds and lining for steel makers and foundries dumped non-core businesses last year to focus on the foundry and steel market.

** UBS also ups its target price on the stock to 560 pence from 420 pence, in line with the mean target price of 460.43 pence that analysts' have on the stock, according to Thomson Reuters data.

** Vesuvius shares last trading off their highs, up 2.5%, but still the top gainers on the FTSE 250 midcap index.

(RM (LSE: RM.L - news) : esha.vaish.thomsonreuters.com@reuters.net)