BUZZ-Ferrexpo: JPM cuts on second delay to FY results

** JP Morgan downgrades Ukraine-focused iron ore pellet producer Ferrexpo to "neutral" from "overweight"

** Co announced second delay to its FY results, as independent review committee (IRC) requires more time to make appropriate disclosures in the 2018 financial results

** JPM says acknowledges supportive pellet market outlook for FXPO, attractive brownfield growth options, but downgrades given increased sovereign risk and uncertainties with regards to near-term impact of ongoing accounting irregularities

** Says the delay implies irregularities are unresolved and with shares having exceeded its PT, now introduces asymmetric downside risk, particularly if irregularities are more complex than initially suggested

** JPM maintains price target of 270p (Reporting By Geetha Panchaksharam)