STOCKS NEWS EUROPE-Johnston Press up; UBS ups target price

Shares in Johnston Press (JPR.L) rise 2.8 percent to 37 pence as UBS ups its target price to 42 pence from 32 pence and keeps its "neutral" rating, saying the newspaper publisher offers value providing the economic recovery is V-shaped.

"JPR may outperform in a 'V' shaped recovery given the higher gearing and the valuation of 6 times 2010 estimated EBITDA looks undemanding," the broker says in a note.

UBS says the company is the the most structurally challenged in the sector. "(It) needs to de-lever to avoid incurring higher interest costs, which may prove challenging, and costly longer term," the broker says.

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