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STOCKS NEWS EUROPE-Agfa at 13-month high on solid Q3

Fri Oct 30, 2009 4:39am EDT

Stocks

   

Shares in Belgian imaging technology group Agfa-Gevaert (AGFB.BR) jump to their highest level since Oct. 1, 2008 after the group reports forecast-beating third-quarter earnings and says the market is bottoming out. [ID:nLU549848]

The stock gains as much as 12 percent to 4.48 euros and is the second highest gainer on Euronext Brussels.

"For the rest of the year, Agfa does not expect major changes in the market environment, which we interpret as positive given the solid third-quarter report," Bank Degroof analyst Siddy Jobe says in a note to clients.

Jobe raises his target price to 4.90 euros from 4.20 euros, and maintains his "accumulate" rating, while KBC Securities' Nico Melsens, with a "buy" rating, says he will probably slightly increase his full-year estimates.

Reuters Messaging rm://antonia.vandevelde.thomsonreuters.com@reuters.net


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