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BUZZ-Royal Mail: hits 11-month high on broker upgrade

Reuters - UK Focus

** Royal Mail (LSE: RMG.L - news) rises 2.2 pct as Cantor Fitzgerald upgrades to "hold" from "sell"

** Lifts TP to 500p from 440p

** Says 1 pct rise in FY revenues a solid result

** Upgrades on valuation grounds: notes 2016E calendar P/E of 10.6x a 30 pct discount to sector average of 15x

** Twice-covered 4.4 pct div yield also supportive (FTSE 100 average: 3.7 pct)

** Cantor forecasts low-growth scenario but sees improvement in FCF

** Stock top riser on FTSE 100 on Tuesday

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)