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STOCKS NEWS EUROPE-Remy Cointreau sags on UBS downgrade

Mon Jun 15, 2009 8:43am EDT

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Shares in French wines and spirits group Remy Cointreau (RCOP.PA) fall 3.8 percent, featuring among the biggest losers on France's broad SBF 120 .SBF120 index, after UBS downgrades its rating on the stock to "sell" from "neutral", citing the stock's recent sharp outperformance.

"Remy has outperformed the market by 23 percent since the market low in March ... While management is rightly sticking to its strategy of taking price to build brand equity, we believe that it remains the most vulnerable stock in the sector to trading down," UBS analysts write.

Remy Cointreau is still up 60 percent since reaching a floor in early March, while bigger rival Pernod Ricard (PERP.PA) has risen about 20 percent from mid-March lows.

Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net


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