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STOCKS NEWS EUROPE-Schneider rises; ICAP positive

Wed Jun 24, 2009 6:00am EDT

Stocks

   

Shares in French electrical engineering group Schneider (SCHN.PA) rise 1.2 percent after ICAP says it offers attractive upside up to 67 euros, some 30 percent above the current price.

"We believe the market is focusing on the risk of the commercial construction slowdown but is not currently crediting Scnheider with any of the benefits from it structural shift into energy-efficient products and green technology," says the broker in a note, reiterating its "buy" rating.

The broker says in terms of its valuation against its electricals sub-sector peers, Schneider looks very attractive, and has the highest dividend yield in the sector.

Reuters Messaging rm://brian.gorman.thomsonreuters.com@reuters.net


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