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BUZZ-Johnson Matthey: Down on limited outlook, higher debt

Reuters - UK Focus

** Johnson Matthey (LSE: JMAT.L - news) down as much as 4.5 pct after analysts lower 2015/2016 expectations

** Stock 2nd-highest loser on bluechip FTSE 100 index in healthy volumes

** Poised for worst single-day loss in four months, also top loser on FTSE 350 Chemicals index

** "We estimate consensus needs to dial back its PBT expectations (currently £469.1m) for 2015/16 by 3-4 pct" Morgan Stanley (Shenzhen: 002588.SZ - news) analysts say in note

** JP Morgan Cazenove analysts lower 2015/16 pretax profit estimate from 463 mln stg to 445 mln stg, citing research chemicals unit disposal, higher pension service charge, and weakness in metals unit

** Net debt to EBITDA ratio at 1.7x also higher than expected, three analysts say. (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)