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STOCKS NEWS EUROPE-Hochtief drops 3 pct after UBS downgrade

Reuters - UK Focus

Shares in German construction group Hochtief (Other OTC: HOCFY - news) drop 3.2 percent, the biggest faller among German mid-cap stocks, after UBS (Xetra: UB0BL6 - news) downgrades the stock to 'sell' from 'neutral', traders say.

"While Hochtief is on a promising path to restructure the European operations and has successfully disposed of assets, we believe this is now more than reflected in the share price," the UBS analysts write in a note.

Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net