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BUZZ-Meggitt: civil aerospace growth and cost cutting boosts stock

Reuters - UK Focus

** Meggitt (Other OTC: MEGGF - news) rises 5.6 pct after in-line Q1 results, with traders pointing to promising performance in its civil aerospace division, as well as an on-track cost-cutting program

** Aerospace components maker says plans to cut 400 jobs proceeding as planned, after a profit warning in October 2015

** Traders also point to promising growth in the company's civil aerospace division, with revenues growing 6 pct organically (7 pct including aftermarket)

** Valuation seen as attractive: fwd PE of 11.5x against 15.6x for the peer group

** StarMine relative valuation score at its highest levels since early 2010

** Third top riser on Stoxx 600 and among most traded by average 30-day volumes (Other OTC: UBGXF - news)