** Jefferies analysts upgrade GlaxoSmithKline to buyfrom hold with 2,000p PT on growing confidence in drugmaker's4.9% dividend yield. Stock up 1.5% at 1,670p
** Say fears of a dividend cut linked to the appointment ofa new CEO are "overdone" and estimate 2015 payout ratio of 132%will fall to around 88% in 2016 and 63% in 2020, assumingcontinued flat divi
** GBP weakness post Brexit makes divi more secure, allayinginvestor concerns about group's ability to pay a promised80p/share this year and next, and maintaining payouts beyond2017
(RM:ben.hirschler.thomsonreuters.com@reuters.net)