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** Goldman Sachs sees lower capex at commodities companies continuing toweigh on organic growth at testing and inspection companies
** But sees tailwinds from the stronger U.S. dollar vs the euro, withIntertek benefiting the most
** Keeps "neutral" rating on Intertek, with PT lifted to 2,548p vs 2,383p.Lifts its PT on Bureau Veritas to 16.3 eur vs 15.7 eur, with a "sell"rating
** Cuts Exova's PT to 192p vs 230p but keeps its "buy" rating, saying itsvaluation suggests it is the only testing stock that has de-rated in line withcurrent oil price level and corresponding capex level
** Downgrades Switzerland's SGS to "sell" from "neutral" andlowers its price target to 1,543 Sfr vs 2,022 Sfr, citing recent results and astronger franc
** SGS shares are indicated 1.6 pct lower while the Swiss SMI isseen flat, according to pre-market data from Julius Baer (RM: maria.sheahan.thomsonreuters.com@reuters.net)
