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STOCKS NEWS EUROPE-Loewe gains on Goldman upgrade

Wed Jun 3, 2009 3:41am EDT

Stocks

   

Shares in Loewe (LOEG.DE) rise 5 percent, topping Germany's smallcap index .SDAXI, after Goldman Sachs upgrades the German specialty electronics company to "buy" from "neutral".

"We expect the challenging macro environment to pressure earnings in 2009, but in our view Loewe is positioned to be a relative beneficiary in view of its net cash position (excluding pensions) and the more severe revenue declines experienced at key competitor Bang & Olufsen (BOb.CO)," the brokerage writes.

According to Reuters Estimates, Loewe's 2009 sales are expected at 362 million euros ($517.2 million), while net profit is seen at 13 million.

Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net ($1=.6999 Euro)


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