STOCKS NEWS EUROPE-Impregilo down after poor results

Shares in Italian construction company Impregilo SpA (IPGI.MI) fall 3 percent in a rising market, after negative broker comment and a downgrade from Cheuvreux prompted by a cut its 2009 margin target and lower nine-month results reported on Friday.

Revenues in Impregilo's construction sector were impacted by delays in major new infrastructure projects in Italy and the substantial completion of major projects started in previous years, Cassa Lombarda says in a note.

"Performance at the engineering division (Fisia) was negatively affected by ongoing difficulties relating to waste projects in the Campania region," the broker says, citing other project losses.

French broker Cheuvreux downgrades Impregilo to "underperform" from "outperform", reducing its price target to 2.3 euros from 3 euros.

For more on Impregilo's results on Friday double click on [ID:nL6108576]

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