BUZZ-Stobart: Jefferies starts with "buy", expects progression
** Jefferies initiates infrastructure and support services company with "buy" rating and price target of 174p
** Jefferies expects progress on several issues that can drive valuation higher, including Connect deal approval, energy plants commissioned and success for new summer routes
** Says ticking off any of these issues should add useful increments to the market's perception of value and reduce risks
** Last week, Stobart reported 39% surge in FY revenue on back of strong performances in aviation and energy, also said its principal asset, London Southend Airport, saw 33% increase in passenger numbers
** "Our Buy case rests on the ever-clearer visibility of Aviation/Energy value as they progress and obscuring weeds are removed" says Jefferies
** In a separate note, HSBC upgrades STOB to "hold" from "reduce," cuts PT to 117p from 133p
** The stock is down 29% so far this year (Reporting By Geetha Panchaksharam)