RBC downgrades Acciona on exposure to GDP downturns, premium vs listed parts

** RBC cuts Spain's Acciona ANA to "underperform" from "sector perform", saying it is one of the European utilities most exposed to GDP downturns

** RBC notes Acciona is trading at about 5% premium compared to the market price of its listed parts Acciona Energia ANE and Nordex NDX1

** "We believe the current premium looks excessive to gain exposure to the non-listed concessions business," the broker says

** Acciona is the main shareholder of Acciona Energia and Nordex

** RBC cuts Acciona's PT to 115 euros from 125 euros, while keeping Acciona Energia at "outperform"

** Shares in Acciona are down 2.4% as of 0903 GMT