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CORRECTED - STOCKS NEWS EUROPE-Ashtead up ahead of Q1 results

Mon Sep 7, 2009 8:41am EDT

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(Corrects the spelling of company name in the headline) Shares in Ashtead (AHT.L) gain 3.5 percent after Investec securities upgrades the British equipment hire company to "buy" from "sell", and raises its target price to 105 pence from 40 pence, ahead of first-quarter results due on Tuesday.

"Although risks exist in the near-term, Ashtead is managing the cycle and generating cash, with investors showing greater willingness to look through the cycle," the broker says.

Investec reduces pretax profit forecasts in 2010 and 2011 by 31 percent and 65 percent respectively to reflect ongoing challenging conditions, but says the "long-term outlook for the industry remains positive and Ashtead is in a good position to strengthen its position within the equipment rental industry."

Reuters Messaging rm://david.brett.reuters.com@reuters.net


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