BUZZ-Fenner: languishes at 4-year low post UBS downgrade
** Fenner (LSE: FENR.L - news) falls more than 8 pct, making it the top percentage loser on FTSE 250, after UBS (NYSEArca: FBGX - news) cuts its rating on the stock to "neutral" from "buy" citing negative outlook for its engineering conveyor solutions unit.
** The brokerage also cuts its target price on Fenner's stock to 300 pence from 380 pence - news that pushes shares of the maker of conveyor belts for the mining industry to a more than four-year low of 264.2 pence.
** Last week, Fenner posted a decline in FY pretax profit as its engineering conveyor solutions unit bore the brunt of the slowdown in mining activity in Australia.
** "With further fears around deteriorating pricing in Australia and an outlook for flat earnings growth as a base case, we find it hard to remain positive on a 12-month view," UBS analysts say in a note. (RM (LSE: RM.L - news) : esha.vaish.thomsonreuters.com@reuters.net)