** UBS analysts say investors in healthcare stocks shouldseek exposure to oncology and new expensive drugs which displaceolder expensive drugs; avoid therapy areas at risk of becomingcrowded and new drugs with high budget impact
** Brokerage double upgrades to "buy" from "sell" NovoNordisk +2.5%, upgrades to "buy" from "neutral" BayerAG +1.3% and Galenica +2.2%
** UBS expects increased confidence in Novo's growth aspayers publish their reimbursement formularies in 2017
** On Bayer, UBS says patience should be rewarded as FCFnumbers play out
** Brokerage expects Galenica's pharma revenue to double by2022 to nearly CHF 2.4 bln with two blockbuster drugs to treatpotassium disorders and anaemia
** Brokerage cuts to "neutral" from "buy" Shire -1.9%, Actelion -2.2%
** On Shire, UBS sees tougher environment for expensiveorphan drugs constraining performance
** On Actelion, UBS says putting aside the potential M&A,stand-alone biz fully valued
** Shire, Actelion biggest drags on Stoxx Europe 600 HealthCare, Novo Nordisk biggest boost (Reuters Messaging:pranav.kiran@thomsonreuters.com@reuters.net)