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BUZZ-Weir: hit by broker downgrade amid focus on US rig count

Reuters - UK Focus

** Weir top FTSE 100 loser & down 3 pct, comes off 6-mth highs as it retraces some of the 3.4 pct gains made Tuesday

** Deutsche Bank (Xetra: 514000 - news) downgrades the stock to "hold" from "buy", citing the imminent bottoming in US rig count

** "Six months ago we said that a bottoming in the US rig count should drive Weir shares higher; with that bottom now seemingly imminent, the question is: what's next?," the brokerage writes in a note

** Weir shares climbed on Tuesday after Jefferies flagged rig count data out Friday that showed the slowest pace of weekly decline since late 2014 as a potential positive for sentiment towards Weir

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** Co, which makes valves & pumps for energy & mining industries, also top loser on the FTSE All Share Industrial Engineering Index

** Out of 22 analysts covering Weir, 12 have a "hold" rating on the stock, Reuters data (which captured the situation up until Tuesday) shows (RM (LSE: RM.L - news) : esha.vaish.thomsonreuters.com@reuters.net)