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STOCKS NEWS EUROPE-Continental AG seen down on JP Morgan downgrade

Reuters - UK Focus

Shares in Continental AG (Other OTC: CTTAY - news) are seen falling 1.5 percent, according to pre-market data, after JP Morgan (Other OTC: JPYYL - news) cuts its recommendation on the automotive supplier's stock to "neutral" from "overweight", citing recent share price gains.

"Despite Continental being among the best-managed, best-performing and highest-quality businesses in the industry, we are downgrading the stock to Neutral after seeing it pass our latest price target," the brokerage says in a note to clients.

Continental AG's stock has gained 77 percent so far this year, outperforming a 36 percent gain by the STOXX Europe 600 Automobiles & Parts index. In the last month alone, it has advanced by almost 15 percent.

"We would regard any correction in the stock as a buying opportunity, however," JP Morgan says.

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