UPDATE 2-Pernod Ricard H1 net meets forecast, ups 2008 target

(Adds details, management, analyst quote, share price)

By Noelle Mennella and Astrid Wendlandt

PARIS, Feb 28 (Reuters) - Pernod Ricard (PERP.PA), the world's second-biggest wines and spirits group, said the U.S. slowdown was not hurting top brands after first-half earnings met forecasts and it lifted its full-year target again.

The French maker of Chivas whisky, Martell cognac and Mumm champagne said on Thursday that overall the economic environment remained "very positive" and Europe was not "doing too badly."

"In the United States, there is a slight slowdown which is not preventing our brands such as Jameson, Glenlivet and our wines from continuing to grow and rapidly," Pernod Managing Director Pierre Pringuet told Reuters in an interview.

The company said first-half sales had been boosted by growth in emerging markets.

"The increase in profit was such that we decided to accelerate the growth in advertising and marketing expenditure, thus strengthening our growth prospects," Chief Executive Patrick Ricard said in a statement.

The company raised its full-year forecast for the third time in four months. It now expects growth in like-for-like operating profit from ordinary activities of "at least" 12 percent, up from its previous 12 percent target and 10 percent before that.

"We did not expect them to upgrade their forecast again," said Simon Hales, analyst at Dresdner Kleinwort.

The news lifted shares in the French wine and spirits group by nearly 3 percent. By 0844 GMT, the stock had gained 2.58 percent at 72.77 euros.

Pernod made a net attributable profit of 588 million euros in the six months to Dec. 31, up from 500 million in the same period last year.

Net profit from ordinary activities reached 594 million euros, up 18.6 percent at constant exchange rates.

The net profit result compared with expectations of 595 million euros according to the average of five forecasts available to Reuters Estimates on Feb. 27.

First-half operating profit from ordinary activities increased by 15.3 percent to 966 million euros, up from 886 million euros in the same period last year and in line with the average forecast from five analysts of 966 million euros.

The company's operating profit margin was 26 percent, a 1.40 percentage point improvement on the same period a year ago and beating expectations of less than 1 percentage point.

Pernod declined to comment on its ongoing bid for Vin & Spirit, the group that makes Absolut vodka.

(Writing by Astrid Wendlandt; Editing by Erica Billingham)