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BUZZ-Melrose: UBS cuts to neutral after share price strength

Reuters - UK Focus

** Engineering turnaround specialist Melrose (LSE: 136541.L - news) 's shares down 2.5 pct, second-largest FTSE mid-250 loser, after UBS (LSE: 0QNR.L - news) cuts rating on co to "neutral" from "buy"

** Analysts say shares have hit their 385p PT; stock first hit that level on April 19, and has been trading in a range of 370p-403p since

** UBS adds a 2 bln stg deal in which co doubles equity over 3-4 years is now being priced in

** Melrose buys businesses by raising money from the market with the intention of selling them at a profit and then returning cash to investors

** A quarter of co's daily avg vols gone through in the first hour of trade (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)