STOCKS NEWS EUROPE-BSkyB gets boost from UBS upgrade
Shares in BSkyB rise 4.1 percent, among the top gainers on the FTSEurofirst 300, as UBS upgrades the satellite television group to "buy" from "neutral" and adds the stock to its 'Most Preferred' list.
"For BSkyB, competitive concerns are priced in and market has underestimated growth upside from new initiatives, whilst M&A provides further upside," UBS says in a note in which it considers its preferences in the European media sector.
UBS's stance now sits above that of the broader market, where a majority of analysts rate BSkyB as a "hold", according to Thomson Reuters Starmine data.
News of an ongoing buyback of shares by BSkyB is also behind the rally on Tuesday, traders say.
UBS also adds professional information services firm Wolters Kluwer to its 'Most Preferred' list. Its shares rise 1.7 percent.
Meanwhile, it adds Vivendi, Informa and Lagardere to its 'Least Preferred' list. Their shares suffer respective falls of 0.4 percent, 0.9 percent, and 0.2 percent.
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