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BUZZ-Goldman sees USD tailwinds for testing companies

Reuters - UK Focus

** Goldman Sachs (NYSE: GS-PB - news) sees lower capex at commodities companies continuing to weigh on organic growth at testing and inspection companies

** But sees tailwinds from the stronger U.S. dollar vs the euro, with Intertek benefiting the most

** Keeps "neutral" rating on Intertek, with PT lifted to 2,548p vs 2,383p. Lifts its PT on Bureau Veritas (LSE: 0MH1.L - news) to 16.3 eur vs 15.7 eur, with a "sell" rating

** Cuts Exova's PT to 192p vs 230p but keeps its "buy" rating, saying its valuation suggests it is the only testing stock that has de-rated in line with current oil price level and corresponding capex level

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** Downgrades Switzerland's SGS (LSE: 0QMI.L - news) to "sell" from "neutral" and lowers its price target to 1,543 Sfr vs 2,022 Sfr, citing recent results and a stronger franc

** SGS shares are indicated 1.6 pct lower while the Swiss SMI is seen flat, according to pre-market data from Julius Baer (LSE: 0QO6.L - news) (RM (LSE: RM.L - news) : maria.sheahan.thomsonreuters.com@reuters.net)