** Shares of apparel retailer Children's Place up 3.8% at $15.7

** UBS raises PT for PLCE stock to $18 from $12 and maintains "neutral" rating

** PLCE made surprising progress reducing expenses in Q2 - brokerage

** PLCE will continue to benefit from reduced reliance on third party logistics providers for online orders and lower marketing expenses, offset slightly by increased payroll expenses - UBS

** PLCE has fallen 31.7%, YTD

(Reporting by Juby Babu in Mexico City)

((Juby.Babu@thomsonreuters.com;))