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STOCKS NEWS EUROPE-Osram gains as Citi starts with 'buy'

Reuters - UK Focus

Shares in Osram Licht AG (Other OTC: OSAGF - news) rise 1.8 percent to the top of Germany's mid-cap index after Citigroup (NYSE: C - news) initiates coverage of the stock with a "buy" recommendation, traders say.

"We rate Osram 'buy' as we believe the market undervalues the growth potential of Osram's LED lighting business," Citi analysts say in a note to clients. Citi sets price target for stock at 50 euros.

Since Osram was spun off from engineering group Siemens last year, its stock has advanced by around 78 percent on hopes for the lighting group's restructuring programme.

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