Shares in German tourism group TUI AG (Xetra: TUAG00 - news) hit 9.80 euros, their highest level since February 2011, after JP Morgan Cazenove increases the target price on the stock to 10 euros from 8.80 euros.
The analysts say the group's strategy update from last week was "much bolder" than expected. "The focus on cash means a full rerating is now in sight," they write in a note to clients.
The MDax index of medium-size shares in Germany also hits a record high of 14,245.450 points.
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