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STOCKS NEWS EUROPE-ProSieben gains on expected strong Q3

Wed Nov 4, 2009 5:06am EST

Stocks

   

Shares in ProSieben (PSMG_p.DE) gain 9.8 percent, making them the best performer among German midcaps .GMDAXI and one of the top gainers in the German stock universe (PG.DE), as investors are positioning ahead of third-quarter results on Thursday, which are expected to be strong. "ProSieben has gained considerably since it saw lows of less than one euro a share in March. Many investors appear to believe that this trend can continue and the company appears to be ready to produce continued strong quarterly sales," says a Frankfurt-based trader.

Morgan Stanley analyst Jullen Rossi says in a note to clients that important catalysts should unlock further value in ProSieben shares.

"We expect that a solid third quarter will pave the way for an important fourth quarter. We see German net adds revenue down -5.0 percent in the third quarter after a -6.4 percent in the first half of the year. This is encouraging as the comparable eases in fourth (-11 percent vs. -9 percent in third quarter) and late money should boost ad spending," Rossi says.

Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net


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