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STOCKS NEWS EUROPE-Interserve higher on contract wins

Wed Oct 14, 2009 5:24am EDT

Stocks

   

Shares in Interserve (IRV.L) rise 2.2 percent after the building and maintenance firm announces contract wins in the UK and the Middle East, which Panmure Gordon says helps allay fears over the prospect of slowing demand.

"Further contract wins in the UK education sector and industrial work in Dubai show that the world has not stopped investing," the broker says in a note, adding the wins give it greater confidence in its forecasts.

Panmure says Interserve's share price has been held back of late on concerns over public sector spend, Middle East exposure and pensions

"The latter is being addressed while today's contract wins help alleviate concerns about the first two," it says.

The broker repeats its "buy" rating and a 280 pence target price.

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


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