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STOCKS NEWS EUROPE-Soitec soars on Exane BNP upgrade

Reuters - UK Focus

Shares in French semiconductor maker Soitec (Berlin: SOH.BE - news) soar as much as 22.7 percent to a five-month high in massive volumes after Exane BNP Paribas analysts raise their recommendation on the stock from underperform to outperform.

After 25 minutes of trading, the stock reaches more than 3.7 times its average traded volume of the past 90 days. Soitec shares, traditionally volatile, fell 39 percent in 2013 but are now up 37 percent so far this year.

"We expect the group to double its revenues within two years and to get back into the black," Exane BNP Paribas analysts write, raising their target price by 36 percent to 3 euros.

Reuters messaging rm://natalie.huet.thomsonreuters.com@reuters.net