STOCKS NEWS EUROPE-Opera Software up; Google deal renewal

Shares in Norwegian browser maker Opera Software (OPERA.OL) rise 3.7 percent after renewing agreements to integrate Google (GOOG.O) as the default search partner for Opera's desktop and mobile browsers.

The stock is still down 52 percent since its July 1 year-high. Eight analysts have on average cut 2010 operating earnings estimates by 51 percent since Opera's third-quarter report on Nov. 16, a Reuters survey showed.

Analyst Martin Hoff at Arctic Securities says the extended agreement for desktop browsers on unchanged terms is important as most of Opera's revenue on desktop comes from sponsored searches.

"There's always a risk when extending such a contract that terms will be changed," Hoff says.

For more on the company, click on [OPERA.OL-E].

Reuters Messaging rm://richard.solem.reuters.com@reuters.net