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BUZZ-Drax Group: Shares sink on RBC downgrade

Reuters - UK Focus

** Shares (Berlin: DI6.BE - news) in Drax Group (LSE: DRX.L - news) fall more than 5 pct after RBC downgrades co

** Stock top loser on FTSE All Share Utilities Index

** Drax pares last 20-day gains, which came in after co announced strategic review

** Heavyweight brokerages gave the move a thumbs up helping the beaten-down power station co's shares rally

** RBC Capital cuts TP on stock to 270p from 300p, changes rating to Underperform

** RBC (Other OTC: RBCI - news) sees few reasons to own Drax in light of continued weak power prices, falling dark green spreads, and extended uncertainty on biomass incentive mechanisms (aashika.jain@thomsonreuters.com)