UPDATE 2-Pirelli ups FY targets on strong tyre ops

* Year-end net debt target improved to 700 mln euros

* Q3 net profit at top of expectations

* Could add two tyre plants in Russia in 2010

* Shares up 3.89 percent

(Adds Russia, rubber price)

MILAN, Nov 5 (Reuters) - Italian conglomerate Pirelli & C SpA (PECI.MI) raised 2009 operating targets on Thursday on the back of strong tyre operations, after posting a third-quarter net profit at the top end of expectations.

Full-year sales are expected to top the target set in February for 4.3 billion euros ($6.4 billion), the company said in a statement. The margin for earnings before interest and tax is seen at 4.5 percent, even after higher-than-expected restructuring costs.

"In the light of the first nine months results it is foreseeable that the full year ... will conclude with Pirelli reaching and for some indicators improving on targets set in the business plan in February," it said.

This trend is "above all thanks to the positive trend in Pirelli Tyre", it said.

Third-quarter net profit of 11.9 million euros compared with three analysts' forecasts ranging from a 1 million euro loss to a profit of 12 million euros.

Pirelli further bettered its year-end net debt target to 700 million euros after improving this target to 800 million euros in first-half results.

Looking ahead to 2010, Pirelli could buy a "quite new" tyre plant in Russia during the first half while it also plans a second plant in the country, Chairman Marco Tronchetti Provera told a conference call.

"The second is a greenfield plant for truck tyres. We will not start building the plant until the second half of next year," he said.

"We expect a recovery (in Russia) at the end of 2010 or in first half of 2011. We start production at end of 2010, first half of 2011. We are in a joint venture. Our investment won't exceed 50 million euros," he said.

Russia tyre performance this year was "very negative" as the company focused on the recovery of customer receivables, tyre unit chief Francesco Gori said. On rubber prices, Gori said the fourth quarter would be similar to the rest of the year.

Pirelli shares closed up 3.27 percent at 0.411 euros day, outperforming the DJ Stoxx auto and parts sector index .SXAP which was up 0.92 percent. (Writing by Nigel Tutt, editing by Will Waterman and Elaine Hardcastle) ($1=.6734 Euro)