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BUZZ-TP ICAP: falls after Macquarie downgrades

Reuters - UK Focus

** UK-based interdealer broker TP ICAP shares down 1.9 pct after Macquarie cuts to "neutral" on valuation and its outlook for margins

** Broker says although its revenue outlook remains above consensus on further benefits for US base rate increases, it remains more conservative on the operating margin outlook in near/medium term vs. consensus (17% vs. 19% by 2019e)

** Analysts increase 2017e e 2018e earning estimates by 6 pct and 10 pct to reflect higher revenue base

** Stock among top fallers on FTSE 250 & Stoxx 600

** For recent View from the Buyside on TP ICAP: