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STOCKS NEWS EUROPE-McBride jumps on profit upgrades

Wed Jun 24, 2009 3:49am EDT

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Shares in McBride (MCB.L) jump 9.6 percent to 134.75 pence after Europe's biggest maker of retailer own-brand household products says it will beat full-year profit forecasts after a pick up in fourth-quarter growth.

"We are increasingly confident about our forecasts for 2010, particularly as the company has won a material amount of new business," says KBC Peel Hunt analyst Charles Hall, raising his share price target to 175 pence from 150 pence and keeping a "buy" rating on the stock.

He raises his pretax profit forecasts by 2.5 million pounds to 29.5 million for 2008-9 and by 1.5 million to 33 million for 2009-10. For more double click on [ID:nLO598629] and [ID:nLO714045]

Reuters Messaging: rm://mark.potter.reuters.com@reuters.net


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