** JP Morgan cuts Swedish telecom operator Telia  TELIA.ST 
to "underweight" from "neutral", saying a significant cashflow
improvement is already priced in, but execution is not a given
    ** The broker says the downgrade is mostly driven by the
larger negative value it ascribes to other operations, and
higher longer term capex assumptions
    ** Telia's ambitious financial targets set out at its recent
capital markets day imply a dramatic turnaround in the company's
fortunes, JPM says, adding they are "too much too fast"
    ** It also says the goals are too ambitious because Telia
expects a cashflow improvement to come mainly from better
execution rather than a different strategy

 ((joanna.wodzicka@tr.com))