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STOCKS NEWS EUROPE-Logica higher; Deutsche upgrades

Wed Jun 17, 2009 4:18am EDT

Stocks

   

Shares in Logica (LOG.L) gain 3.8 percent, supported by a Deutsche Bank upgrade to "buy" from "hold" with an increased target price of 100 pence, up from 77 pence.

The broker points out that Logica shares are sitting close to their trough valuation on realistic forecasts.

Deutsche Bank says while it has not divorced from its view the fact that IT services is late-cycle, it believes this is now the consensual view and is discounted.

The broker says it is signaling now that it should be looking through the down-cycle, with Logica's valuation notably undemanding.

Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net


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