STOCKS NEWS EUROPE-Sports Direct up on bullish BofA-ML note-traders

Sportswear retailer Sports Direct (Frankfurt: A0MK5S - news) sprints up to the top of the FTSE 100's leaderboard, which traders attribute to a bullish analyst note on the stock issued by Bank of America Merrill Lynch (BofA-ML) on Wednesday.

The U.S. investment bank sticks a "buy" rating on Sports Direct and expects solid earnings growth from the company in coming years, traders say, citing the note.

According to traders, the note says that Sports Direct has potential to grow its top line at a compound annual growth rate (CAGR) of 7 percent over the next ten years, driven by online sales and expansion into Europe.

Sports Direct shares are up by 6.2 percent at 791.50 pence by 0925 GMT, outperforming a 0.4 percent rise on the FTSE 100.

Trading volumes in Sports Direct come in at around 86 percent of the stock's average 90-day volume - above those for the FTSE, where volumes come in at around 20 percent of the index's 90-day volume.

Reuters messaging rm://sudip.kargupta.thomsonreuters.com@reuters.net