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STOCKS NEWS EUROPE-Salzgitter up after Citigroup upgrade

Reuters - UK Focus

Shares in Salzgitter (Other OTC: SZGPY - news) rise 2.9 percent to 31.32 euros, among only a few gainers on the German midcap index MDAX, receiving a boost after Citigroup (NYSE: C - news) analysts raise their rating on the steelmaker to "buy" from "neutral", traders say.

An analysis of European construction related steel demand points to sizeable upside risk to consensus expectations, the analysts write in a note to clients, adding that they see Salzgitter as one of the key beneficiaries.

They increase the target price for Salzgitter shares to 36 from 31 euros.

Citigroup also revised its three-months sector view to "overweight", citing "bullish near-term indicators".

Reuters messaging rm://kirsti.knolle.thomsonreuters.com@reuters.net