STOCKS NEWS EUROPE-OMV up as Q3 beats estimates

Austrian oil and gas group OMV (OMVV.VI) rises 2.3 percent, one of the top gainers in the FTSEurofirst 300 .FTEU3 after it reports third-quarter results that beat expectations.

Shares are at 29.49 euros, outperforming the DJ Stoxx European oil and gas sector index .SXEP which is flat. "OMV is best placed amongst the European integrated oils to benefit from a global economic recovery," BofA Merrill Lynch analyst Hootan Yazhari writes in a note, citing OMV's leverage to oil prices and diesel margins.

He says OMV's plans to expand in Turkey also made the company attractive and reiterates his "buy" recommendation and 30 euros price objective on the stock.

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