STOCKS NEWS EUROPE-Lanxess gains on positive broker note

Shares in Lanxess (LXSG.DE) rise 5 percent, making them one of the top gainers among German midcaps .MDAXI, as JP Morgan raises its stance on the chemicals company to "overweight" from "neutral" and lifts its price target to 20 euros per share from 17 in a sector note. Looking at Lanxess' recent first-quarter earnings, JP Morgan says that while sales came in 19 percent lower than its estimates, Lanxess' EBITDA surprised on the upside.

"(This reflects the company's) portfolio strength and stringent price-before volume strategy, in addition to management's proactive stance on cost management," the brokerage says in a note to clients.

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