BUZZ-Ultra Electronics: dives after report of delay to UK defence review

** Military electronics maker falls 6.8 pct, on course for its biggest percentage drop since its profit warning in November, in heavy volume

** UK defence review delayed by political counterattack, according to the Financial Times

Link: http://on.ft.com/2CHWqqz

** Stock by far and away top UK midcap faller, in volume more than twice the 30-day daily avg volume after 1.5 hours of trade

** QinetiQ, an engineering co which operates in the defense markets, -1.3 pct

** Also, Berenberg cuts its TP for Ultra Electronics (Frankfurt: 909716 - news) to 1300p from 1550p, keeps "sell" rating

** Broker flags opportunity to short into post-close statement on January 11 following rally off 8-year low hit after the warning

** "We believe cautious 2018 guidance will be set," Berenberg says

** JPMorgan (LSE: JPIU.L - news) cuts TP for Ultra Electronics too, to 1735p from 1785p

(hanna.paul.thomsonreuters.com@reuters.net)