** Hikma Pharmaceuticals top of Stoxx 600 as Citi hikes rating to "buy" vs "neutral" on valuation grounds
** Stock, up 5.3 pct, poised for biggest one-day rise sinceearly January & bouncing clear of 7-mth lows
** Broker flags shares down >25% (since late Feb), exceedingconsensus EPS cuts
** Says Hikma's base business can deliver almost £1/share in2017e earnings on a near-normalised basis (excluding recentproduct shortage windfalls)
** Adds this can be boosted further by incremental shortageopportunities, ramp-up of Bedford products (co bought assets ofBedford Labs May 2014) & importantly, M&A (>$1bn firepower)
** Shares at 22x 2016e/19x 2017e provide what Citi sees asan attractive entry point in light of 5-yr organic earnings CAGRof 14%
(RM: tricia.wright1.thomsonreuters.com@reuters.net)