BUZZ-GlaxoSmithKline PLC: JP Morgan says bear thesis played out, upgrades to "neutral"

** JP Morgan changes prior call on GlaxoSmithKline (Amsterdam: GO8.AS - news) (GSK.N> and lifts British drugmaker's stock to "neutral"

** Earnings expectations now look achievable, pipeline review suggests upcoming R&D day has positive risk/reward and stock's 6-pct dividend yield provides near-term support with a cut unlikely for next 12 mths, analysts write in note

** Broker raises PT slightly to £13.70 (June 2016) from £13.20, implying 5-pct upside to stock's current levels

** Most of reasons for GSK downgrade at beginning of 2015 to "underweight" now priced into the shares, analysts say

** Expect well-anticipated Phase 3-go decisions, discussion of early-stage oncology pipeline and focus on partnered assets at Nov 3 R&D day

** Of 31 brokers covering stock, 6 recommend buying, 20 are neutral and 5 recommend selling; median PT lowered nearly 6 pct over last 3 mths

** U.S (Other OTC: UBGXF - news) .-listed shares currently trading up 0.2 pct at $40.31; Shares (Berlin: DI6.BE - news) closed down 0.3% at 1,306.65 pence on the London Stock Exchange (RM (LSE: RM.L - news) : lance.tupper.thomsonreuters.com@reuters.net)