1102 GMT - FirstGroup completed a buy-in of its group pension liabilities valued at 90 million pounds that should reduce the U.K. transport provider's exposure to pension risk, RBC Capital Markets analysts Ruairi Cullinane and Jakub Glinkowski write. Some 17.5 million pounds of pension escrow funds are returning to the company as a result. "We view FirstGroup's valuation and capital allocation optionality favorably with 435 million pounds of free cash flow guided over three years," the analysts say. RBC holds an outperform rating on the stock and a 255 pence price target. Shares are 2.4% higher at 181.80 pence but are down 4.6% over the year to date.
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