BUZZ-Mitie: Down after Jefferies cuts to "hold"
** Shares of British outsourcer Mitie Group Plc down >1 pct after Jefferies downgrades to "hold" from "buy"
** Says co's balance sheet developments were encouraging in H2 2019, but FY20 EBITA guidance disappointed
** Co last week warned its order book was set to weaken around 10 pct and CEO said short-term economic worries were impacting clients' capital programmes and willingness to enter into longer term contracts
** Jefferies says FY19 and FY20 EBITA guidance was weak due to more generous staff incentive schemes and early retender of seven large contracts
** "Given the flatter margin trajectory, we think investors will dwell on nearer-term valuation until there is concurrent improvement in organic revenue growth, EBITA margin, FCF, and net debt" - Jefferies
** Jefferies cuts FY20 EPS by 21%; also cuts price target to 150p from 260p