BUZZ-Lancashire: rallies after CS upgrades on valuation
** Lancashire Holdings among top risers on FTSE 250 , +1.9%, after Credit Suisse (IOB: 0QP5.IL - news) upgrades to "neutral" from "underperform" on valuation grounds
** Stock down by about a quarter from early Nov (intraday) high
** Broker flags potentially positive read across from a pick-up in M&A activity
** "While Lancashire may not offer the exposure to specialty business in the same way that Beazley (LSE: BEZ.L - news) or Hiscox (Swiss: 27373019.SW - news) do, it still has a portfolio of short-tail business that it is not easy or cheap to replicate and we therefore believe that it could potentially attract interest from companies looking for exposure in Lloyd's of London and/or catastrophe risks," CS says