BUZZ-PageGroup: top of Stoxx on post-update broker upgrades

** Recruitment company PageGroup (Frankfurt: 658848 - news) jumps >5 pct, top riser on Stoxx 600

** Stock has gained c 11 pct since co announced Q3 trading update on Tuesday; at least 5 brokers have raised PTs (Other OTC: PTSH - news) , adding to gains

** Kepler Cheuvreux upgrades to "hold" from "reduce", raises PT by 16.7 pct to 385p - saying co's earnings benefit from positive currency impacts (on today's rates, FX should have an 8% impact on PageGroup's gross profit and 11% on EBIT)

** It raises 2016-2018E EBIT by between 8-17 pct and also expects the div yield to stay at >5 pct

** HSBC ups PT by c.20 pct, JPM by c.16 pct, Barclays (LSE: BARC.L - news) c.15 pct, GS (KSE: 078935.KS - news) by c.4 pct

** "We believe that given the relatively limited impact of the UK's EU Referendum so far, it is too conservative to assume a material, rapid deterioration in 4Q. As such we have increased our FY16 EBIT and EPS by 3.9% to £98m/22.4p. We have also taken a more sanguine view on the outlook for FY17, which sees an 8% increase in our FY17 EBIT to £98m", say JPM analysts

** 5 of 18 brokerages rate the stock "buy" or higher, 8 rate "hold" and 5 rate "sell" or lower; median PT 360p