STOCKS NEWS EUROPE-Parmalat hits 18-mth high as results help

Shares in Italian dairy company Parmalat SpA (PLT.MI) hit an 18-month high, rising 4.4 percent, boosted by nine-month results and its upward revision of its target for 2009 earnings before interest, tax, depreciation and amortisation (EBITDA).

Parmalat is the best-performing stock in the DJ Stoxx food and beverage index .SX3P. The shares hit 1.988 euros, their high since May 2008, before paring gains.

Analysts largely called nine-month results, posted after markets closed on Friday, better than expected. Parmalat raised its target for 2009 EBITDA to 350 million euros from 310-320 million euros.

ESN/Banca Akros raises its price target to 2.06 euros from 1.90 euros. Evolution Securities raises its rating to "neutral".

The business is "stronger than we expected", Evolution says in a research note.

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