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STOCKS NEWS EUROPE-Johnson Matthey up; BofA ML upgrades

Fri Nov 13, 2009 6:05am EST

Stocks

   

Shares in British platinum specialist Johnson Matthey (JMAT.L) rise 1.4 percent, outperforming a flat FTSE 100 .FTSE, boosted by higher platinum prices and a BofA Merrill Lynch upgrade.

"I would say the platinum price is part of it and there's also their interim results due on Nov. 25, which I think may represent the trough," says Charles Stanley analyst Jeremy Batstone-Carr.

He says the catalytic converter supplier's next reporting period could benefit from higher auto sales, although he adds the automotive recovery is entirely down to stimulus measures and the going could get tough when these come to an end.

BofA Merrill Lynch upgrades the company to "buy" from "neutral", lifting its target price to 1,730 pence from 1,600. Platinum struck a 14-month high of $1,379 in early trade on Thursday XPT=.

Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net


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