UniCredit downgrades Gazprom (GAZP.RS) to hold from buy following the recent rally in Russian equities and on continued negative news flow on pricing and production volumes. Says the probable capex reduction in beginning of second half of this year could have helped the stock, but this is likely fully priced into the stock following much speculation. "Over the longer term, Gazprom's share price performance should lag that of its more focused and capital-efficient peers," says analyst Ilya Balabanovsky. Raises target price by 2% to $5.78 on lower near-term operating costs. Shares -2.9% at $5.03. (JGP)