STOCKS NEWS EUROPE-UBM higher; expects to meet FY targets

Shares in British media group United Business Media (UBM) (UBM.L) gain 1.6 percent after saying it is on course to meet its 2009 full-year forecasts, which Altium Securities describes as "encouraging", while repeating its "buy" rating.

"Overall we are encouraged by this morning's update which appears consistent with our view that 2009 will be the trough year for the group's end markets and do not believe the group's current valuation adequately reflects a number of key positives," the broker says in a note.

Altium points to a strong portfolio of events, journals and databases, strong cash generation and a solid balance sheet, keen cost control and an attractive dividend yield as reasons to buy the shares. For more double click on [ID:nL4141101]

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