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BUZZ-UK Engineering firms: UBS note on sector

Reuters - UK Focus

** Melrose up 2.3 pct; Spectris (LSE: SXS.L - news) down 3.4 pct; Morgan Advanced down 3.6 pct

** UBS (NYSEArca: FBGX - news) cuts Spectris to "sell" from "neutral", TP to 2000p from 2100p; cuts Morgan Advanced to "sell" from "neutral"; raises Melrose to "buy" from "neutral", TP to 300p from 265p

** Spectris, Morgan Advanced top losers on FTSE Midcap Index ; Melrose among top midcap gainers

** UBS analysts say margins have peaked in UK engineering sector, forecasting a small decline in 2015

** Analysts cite Melrose's increasing margins over the last two years for upgrade

** "Spectris may struggle in a low growth, high multiple world", analysts say

** Melrose stock top gainer on FTSE 350 Industrial Engineering Index, while Morgan Advanced and Spectris biggest drags on FTSE 350 Electronic and Electrical Equipment Index (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)