STOCKS NEWS EUROPE-Weir up on improved 2009 guidance

Shares in Weir Group Plc (WEIR.L) rise as much as 5 percent after the pump maker says full-year results will come in at the top end of a range of between 140 million and 169 million pounds.

Analysts at both KBC Peel Hunt and Arbuthnot say they are upgrading 2009 forecasts following the statement.

KBC's Jonathan Hurn now forecasts underlying pretax profit of 170.4 million pounds and EPS of 57.8p in 2009. He also raises his target price on the company to 690 pence from 550.

Michael Blogg from Arbuthnot also says he expects to increase 2009 forecasts and the target price for Weir.

"Weir has done well in H1 2009, against mixed market conditions, and has beaten our estimates with a bit to spare," Blogg says.

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