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STOCKS NEWS EUROPE-Aperam jumps to 3 year-high after Q1 beat

Reuters - UK Focus

Shares of stainless steel producer Aperam (Other OTC: APEMY - news) rise as much as 19 percent to a three-year high after the group posts forecast beating first-quarter results late on Wednesday.

Core (Frankfurt: LJ1.F - news) profit (EBITDA) doubled in the first quarter, year-on-year, to $129 million and comfortably beat consensus expectations of $100 million, with the company guiding for a further improvement in the second quarter.

Credit Suisse (NYSE: CS - news) upgrades the stock to "outperform" from "neutral".

"The earnings outlook for Aperam is very strong at this point," Credit Suisse writes in a note to clients.

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Analysts at SocGen (Paris: FR0000130809 - news) increase their target price, saying that the shares are trading on an attractive forward 2015 EV/EBITDA multiple of 4.6 times, compared to 8.5 times for Spanish peer Acerinox (Frankfurt: ACE1.F - news) .

At 0740 GMT, Aperam's shares are 18.9 percent higher, making them the best performer on the Amsterdam Midcap Index which is up 1.4 percent.

For more on Aperam's Q1 results, please click Reuters messaging rm://robertjan.bartunek.thomsonreuters.com@reuters.net