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BUZZ-United Utilities: Bernstein upgrades on attractive valuation

Reuters - UK Focus

** Utilities company's shares up 2.5 pct, among top FTSE 100 gainers after Bernstein raises to "outperform" from "market-perform", PT to 1050p from 1040p

** Analysts say valuation gap has opened between co and its peer Severn Trent (Other OTC: STRNY - news) since June, when both cos were cut to "market-perform"

** United Utilities (LSE: UU.L - news) trades at 19.3 times its 12 mth forward earnings, according to Thomson Reuters (Dusseldorf: TOC.DU - news) data, compared with Severn Trent's ratio of 22.3; both at premium to their peers

** Analysts also upgrade Centrica (LSE: CNA.L - news) to "outperform" from "market-perform", keep PT of 280p; downgrade RWE (Amsterdam: RW6.AS - news) to "market-perform" from "outperform", cut PT in half to 14 euro

** United Utilities top of Stoxx 600 Utilities Index in decent volumes (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)