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STOCKS NEWS EUROPE-SkyD outperforms on Berenberg upgrade

Reuters - UK Focus

Shares in Sky Deutschland (Other OTC: SKDTY - news) rise 2.1 percent in a downward market, as traders cite a note by Berenberg which raises its recommendation on the stock to "buy" from "hold", citing the launch of Sky's new online video service Snap.

"While dilutive in the near term, this service offers the company the ability to tap into a larger market than that to which the full price, all singing and dancing Sky bouquet appeals," Berenberg analysts say in a note, keeping their price target of 7.60 euros.

With the launch of Snap on Dec. 12, Sky Deutschland took on online video providers such as Amazon's Lovefilm and ProSiebenSat.1's Maxdome and got ahead of U.S.-based Netflix (NasdaqGS: NFLX - news) , should it expand to the German market.

Shares in Sky Deutschland have gained 12 percent over the past six months, outperforming a 10 percent gain by the MDAX index.

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