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BUZZ-GlaxoSmithKline gains on first Citi 'buy' in three years

Reuters - UK Focus

** GlaxoSmithKline (Other OTC: GLAXF - news) up 1.4% as Citigroup (NYSE: C - news) puts "buy" rating on stock for first time in more than three years; previous rating "neutral"

** Citi analysts say company's drug pipeline is modest but credible and undervalued, especially within oncology, with near term focus on epigenetics and longer term immuno-oncology

** Planned appointment of a new CEO in 2017 increases the possibility of a value-enhancing divestment of the consumer business and increased cost reduction

(RM (LSE: RM.L - news) : ben.hirschler.thomsonreuters.com@reuters.net)