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STOCKS NEWS EUROPE-Belgacom at 7-month high after Citi upgrade

Reuters - UK Focus

Shares of Belgian telecoms group Belgacom (Other OTC: BGAOF - news) rise as much as 4 percent to a seven-month high after analysts at Citigroup (NYSE: C - news) upgrade the stock to "buy" from "neutral", traders say.

Citigroup says Belgacom's shares have underperformed the market even though low leverage and a high dividend yield make the stock attractive.

"We believe that Belgacom will remain at a structural advantage vs. its competitors when it comes to network quality as its is the only operator in Belgium with a strong fixed and mobile network," Citigroup writes in a note to clients.

At 0720 GMT Belgacom's shares trade 3.07 percent higher at 20.31 euros, making them by far the strongest performers on the STOXX 600 European Telecoms Index which trades 0.1 percent lower.

Reuters messaging rm://robert-jan.bartunek.thomsonreuters.com@reuters.net