1242 GMT [Dow Jones] Standard Life Investments upgrades UK telecoms to heavy from neutral. Says telecom companies have demonstrated resilience in the face of the economic slowdown and as growth resumes, thinks mobile spending in particular has the potential to recover stronger than expected - good news for companies like Vodafone (VOD.LN). Says the regulatory environment appears to have shifted from favoring unbundled providers like Carphone Warehouse (CPW.LN) and British Sky Broadcasting (BSY.LN) towards fixed line operator BT (BT.A.LN). Adds that there is a significant valuation gap between telecoms and other defensives such as food and beverage companies where opportunities for outperformance appear limited. News Corp., which owns Dow Jones & Co., the publisher of this newswire, has a stake of about 39% in BSkyB. (andrea.tryphonides@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires July 14, 2010 08:42 ET (12:42 GMT)