BUZZ-Greggs: Investec gets behind revamped baker

** Greggs +6.1%, biggest one-day rise in 2 months as Investec (LSE: INVP.L - news) initiates stock with "buy" rating

** Investec sees more to go for Greggs (Stuttgart: 41G1.SG - news) which has spent 2.5 yrs transitioning towards the food-on-the-go market and delivering strong results (stock +83% 2015, +70% 2014)

** Cites store roll-out, churn away from high street, centralising systems & processes, transforming vertically integrated manufacturing/distribution network

** Broker says strength of cash generation could support a £20 mln+ capital return p.a. from 2017

** Shares (Berlin: DI6.BE - news) down by a fifth YTD (posted robust earnings start March spurring best day ever for shares (+c16%) but suffered early in yr as result of market rotation away from momentum/crowded trades )

** Stock second-top FTSE 250 riser on Thursday (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)