BUZZ-Serco: seeing support as brokers upgrade on "compelling" value

** Serco rises 4.4 pct after upgrades from Exane andBerenberg

** Exane raises to "outperform" from "neutral", saying itnow sees "compelling value" for those with the patience to rideout weakness

** Sees 30 pct upside with up to 100 pct in its "blue sky"scenario

** Berenberg upgrades to "hold" from "sell", saying the co'sdebt position now more sustainable after the sale of its BPOunit and a 30 pct fall in shares in the last sixmonths

** Adds valuation now fair (fwd EV/EBITDA 10.2x)

** Fourth top riser on Stoxx 600

** The outsourcer has been rocked by a series of profitwarnings which have seen its share price slump 80 pct from apeak in July 2013

(RM: alasdair.pal.thomsonreuters.com@reuters.net)

Serco