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08:45GMT 09Oct2008-Astra up in weak pharma after Citi support
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AstraZeneca shares are up 1.8 percent after Citi raises share price
target to 27 pounds from 25.82 but European pharma stocks overall retreat as
investors switch funds out of the defensive sector in a stronger stock market.
GlaxoSmithKline falls 1.9 percent, Novartis 1.7 percent and Roche 1
percent.
Citi says results next month from the Jupiter study of AstraZeneca's
cholesterol drug Crestor should be good news. It forecasts global 2012 Crestor
sales of $6.8 billion versus consensus of $5.6 billion. AstraZeneca CEO David
Brennan told Reuters last month Jupiter would be "very important".
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08:43GMT 09Oct2008-Carillion up on strong order growth
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Shares in British building and support services group Carillion rise 5
percent to 281.25 pence after the company says its main businesses are winning
plenty of good quality good orders, and it expects "materially enhanced"
earnings in 2009.
"Carillion continues to perform well with earnings being driven by
support services and healthy margins of between four and five percent," says
Grant Daniel at FinnCap in a research note.
"We feel the company has positioned itself well in these uncertain global
markets but we remain mindful of the fact that the level of gearing is high and
one should keep a watchful eye on their debt."
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08:37GMT 09Oct2008-Air Berlin rises on Morgan Stanley upgrade
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Shares in German airline Air Berlin advance 2 percent in Frankfurt's
small-cap index after Morgan Stanley upgrades the company to "equalweight" from
"underweight", upping its price target to 3.80 euros per share from 3.10 euros.
"Although we are cautious on the sector, we have decided to move two of
our Underweight-V rated stocks -- Air Berlin and Vueling -- back to
Equal-weight-V, as both have fallen below our base case targets and are now
trading at historical lows," Morgan Stanley writes in a note. Vueling is also up
2 percent.
Shares in Air Berlin have fallen 75 percent so far this year, as the
airline industry came under extreme pressure by soaring oil prices that have
fallen again in recent weeks.
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08:35GMT 09Oct2008-K+S higher after Monsanto boosts 2012 outlook
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Shares in K+S AG rise 10.5 percent, taking a top spot among gainers on
Germany's DAX index, as the fertilizer and industrial salts company benefits
after sector peer Monsanto Co released solid quarterly figures and significantly
boosted its 2012 outlook.
"The solid quarterly numbers, but especially the raised outlook is
helping K+S," says analyst Heinz Mueller from DZ Bank.
"Monsanto said it sees fundamental strong demand in the agricultural
sector. This is good news for fertilizer producers such as K+S," Mueller adds.
Monsanto raised its gross profit target for 2012 to between $9.5 billion
and $9.75 billion, up from about $8 billion.
It said optimism was boosted by internal surveys that found tight credit
markets should not weaken the company's ability to sell seeds and herbicides to
farmers.
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