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BUZZ-Bureau Veritas: Set to benefit from inflection in end markets - MS

Reuters - UK Focus

** Shares (Berlin: DI6.BE - news) in testing and inspection co rise 2.6 pct, topping Frances's SBF (Xetra: CY1K.DE - news) 120 index, after Morgan Stanley (Shenzhen: 002588.SZ - news) ups rating to "overweight" from "equal-weight"

** MS sees inflection in end markets, especially downstream oil & gas, supporting higher EPS growth

** Bureau Veritas (LSE: 0MH1.L - news) has high exposure to inflecting markets (around 46 pct), according to MS

** Brokerage believes market has tended to underestimate the level of change at capex inflection points

** MS sees organic/EPS growth accelerating through 2018-19; raises PT by 4.4 pct to 23.40 euros

** Brokerage says stock trades on a 15/21 pct and 21/23 pct discount on 2018/19 P/E compared to Intertek and SGS (LSE: 0QMI.L - news)