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STOCKS NEWS EUROPE-Lanxess rises on Berenberg upgrade

Reuters - UK Focus

Shares in synthetic rubber maker Lanxess (Other OTC: LNXSF - news) gain 1.7 percent, at the top of Germany's blue-chip index, as traders point to Berenberg Bank's "buy" recommendation, with the brokerage citing a recovery in replacement tyre markets in Europe and North America.

The shares gain 1.7 percent to 48.94 euros amid a 1.1 percent decline in the broader German market as Berenberg lifts its rating to "buy" from "hold" and ups its price target to 61 euros from 52 euros.

The brokerage's analysts say that among favourable longer-term factors, the current supply overhang in synthetic rubber markets will mainly affect low-end rubber grades while there remains "a big gulf" between Lanxess and its Asian rivals when it comes to quality and consistency of certain high-performance rubber types.

Reuters messaging rm://ludwig.burger.thomsonreuters.com@reuters.net