STOCKS NEWS EUROPE-Deutsche Post up on report of new profit target

FRANKFURT, March 24 (Reuters) - Shares in Deutsche Post (Other OTC: DPSGY - news) rise 3.8 percent in early trade following a report that Chief Executive Frank Appel will present a new profit target of up to 1.6 billion euros ($2.21 billion) for the group's mail business.

"New ambitious mail earnings target should act positively for the shares. But keep in mind that positive news could also pave the way for a share placing," a local trader says.

German paper Welt am Sonntag cites supervisory board sources as saying that Appel will announce the new target when he presents Deutsche Post's new 2020 strategy on April 2.

Trading volumes in Deutsche Post come in at 41 percent of the stock's 3-month average - above those for the overall DAX index where volumes come in at 12.5 percent of the DAX's 3-month average volume.

Reuters messaging rm://edward.taylor.thomsonreuters.com@reuters.net