STOCKS NEWS EUROPE-Remy boosted by upbeat Barclays note

Shares in French spirits group Remy Cointreau (Frankfurt: RMC.F - news) rise 4.1 percent as traders cite a recommendation upgrade by Barclays (LSE: BARC.L - news) analysts, who lift the stock to 'overweight' from 'equal weight'.

"Remy Cointreau is by far the most geared spirits play on cognac and China. After a 12-month period which has seen 2014 earnings-per-share forecasts cut by 46 percent, our analysis suggests the downgrade cycle is ending," the analysts write.

"Although visibility on Chinese cognac depletions and stock levels remains limited, our analysis suggests consensus estimates are already discounting the complete loss of government-gifted volumes."

Like global rivals Diageo (LSE: DGE.L - news) and Pernod Ricard (Frankfurt: PER.F - news) , Remy has been hit by a Chinese government crackdown on gift-giving and personal spending by civil servants, as well as slowing growth in the world's second-biggest economy.

Remy's stock has tumbled 40 percent in the past 12 months.

"The medium-term growth story in China remains intact, underpinned by low penetration rates and attractive wealth demographics, leaving risk/reward finally looking attractive," the analysts write.

Reuters Messaging: blaise.robinson.thomsonreuters.com@reuters.net