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STOCKS NEWS EUROPE-Umeco up; UBS upgrades to "buy"

Wed Jun 3, 2009 9:06am EDT

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Shares in Umeco (UMC.L), one of the top small cap risers, extend previous session's gains, up 8.2 percent, as UBS ups its recommendation to "buy" from "neutral", following the company's full-year results on Tuesday.

UBS says the aerospace parts company's strong cashflow suggests the company can avoid any covenant issues and, despite a mixed outlook, "Supply Chain is holding up well and will benefit from company specific factors in full-year 2010," it says.

The broker, however, nudges its forecasts for 2010 and 2011 by 2 percent and 4 percent respectively but it says "importantly ... our full-year 2010 debt forecast falls to 94 million pounds from 114 million pounds (2.6 time net debt/EBITDA)."

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