STOCKS NEWS EUROPE-John Menzies gains after update

Shares in John Menzies (MNZS.L) gain more than 7 percent after the newspaper distribution and aviation services firm issues a trading update, with both Numis Securities and Brewin Dolphin hiking their price targets for the firm.

John Menzies says it expects full-year results will now be well above current market expectations, and that year end net debt, at current exchange rates, will continue to reduce in line with its expectations. [ID:nPRrAEBC3a]

"The Q3 trading update was positive with further progress in both divisions and again primarily driven by self-help," says Numis in a note.

The broker moves its target price to 423 pence from 411, saying the shares are still "significantly undervalued". It repeats its "buy" rating on the stock.

Brewin Dolphin's target price moves to 478 pence from 430. It also has a "buy" recommendation on the firm.

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