STOCKS NEWS EUROPE-Ladbrokes up on bullish update

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13:09GMT 13Nov2008-Ladbrokes up on bullish update

------------------------------------------------- Shares in Ladbrokes (LAD.L) climb 1.4 percent as the company's robust trading update outweighs its cautious outlook, with Investec Securities keeping its "hold" recommendation and 150 pence target price.

Investec analyst Matthew Gerard says in a note: "To Ladbrokes' credit, not many companies are reporting revenue growth of 12 percent in the current market conditions."

The broker says full-year 2008 estimates are well underpinned but 2009 will be more difficult as regulatory and tax environments deteriorate.

Paddy Power (PAP.L), also reporting today, slides 5 percent in London as it says it expects operating profit to be cut next year due to a rise in Ireland's betting tax rate.

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