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STOCKS NEWS EUROPE-CTS Eventim seen up on Berenberg upgrade

Reuters - UK Focus

FRANKFURT, Feb 13 (Reuters) - Shares in CTS Eventim (Xetra: EVD.DE - news) are indicated to rise 1.6 percent to the top of Germany's small-caps index after Berenberg hikes its recommendation on the stock to "buy" from "hold", citing the growth potential of its online ticketing business.

"Given its scale, both online and offline, and its distribution power, CTS (Shenzhen: 000551.SZ - news) occupies the sweet spot in the live-entertainment value chain because all other participants (artists, managers, promoters and venue operators) rely on an essential link to end-customers' wallets - ticketing," Berenberg analyst Gunnar Cohrs says in a note to clients.

Berenberg says that while CTS Eventim's stock is not cheap after a strong performance in 2013 and is trading above its long-term average, it sees consensus as being too low and raises its target price to 48 from 32 euros.

Shares in CTS Eventim have gained 18 percent over the past six months, compared with a 17 percent gain by Germany's SDAX index.

Reuters messaging rm://maria.sheahan.thomsonreuters.com@reuters.net