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Umeco upgraded to buy from neutral at UBS, TP raised to 350p from 210p

By BFN News | 01:33 PM | Friday 30 October, 2009


While trading will remain tough near-term and the threat of Airbus/Boeing production cuts lingers, UBS thinks there are enough green shoots appearing in the rest of Umeco?s end-markets to take a more positive view on the stock long-term. 'The civil aftermarket should improve into 2010 given the recent increase in global flight hours. Formula One/supercars should also have a better year. 'Wind has been tough but China improving helps near-term, while we are also confident of a return to the 15%+ growth rates in Europe in 2010. 'It is tough to think that Marine gets much worse next year, while Umeco?s industrial exposure (machine parts/auto components) should also rebound.'

Story provided by Business Financial Newswire