STOCKS NEWS EUROPE-Luxottica jumps after Q1 results

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Fri May 8, 2009 9:12am BST

Shares in Italy's Luxottica SpA (LUX.MI) jump to a new high for this year following the eyewear maker's first-quarter results and several broker target price changes.

At 0809 GMT, shares are up more than 13 percent at 16.37 euros after touching a high of 17.16 euros. The DJ Personal Goods index .SXQP is up 1.01 percent.

Luxottica said after market close on Thursday the second quarter had started better than the trend of the last few months. [ID:nL775016]

Its first-quarter sales, core and operating profit were "significantly better than expected", Citigroup says in a note. It raises its target price to 13 euros from 11.4 euros.

Exane BNP Paribas raises its target price to 14 euros from 9 euros.

rm://cristina.carlevaro.reuters.com@reuters.net
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