BUZZ-Jefferies upgrades Legence to 'buy', raises PT on strong Q3

** Jefferies upgrades engineering and maintenance services provider Legence LGN.O to "buy" from "hold"; raises PT to $49 from $39

** Shares of LGN rise about 1% to $40.55 in premarket trading

** Brokerage cites strong third-quarter performance, acceleration in M&A activity and data center exposure, a high growth area, as reasons for the upgrade

** Jefferies notes LGN is growing faster than peers

** "We see this continued working capital tailwind to support change in net working capital below mgmt's target of 9% of revenue," says Jefferies

** Brokerage sees more room to run because the market has not fully priced-in M&A benefits and cash flow upside, despite LGN's recent 22% share price jump

** Stifel also raised PT to $47 from $36

** 14 of the 15 brokerages rate stock "buy" or higher, one "hold"; median PT is $46

** As of last close, LGN was up 43.3% from IPO price since debut in September

(Reporting by Anuj T in Bengaluru)

((anuj.t@thomsonreuters.com))