Shares in Italian jeweller Bulgari BULG.MI rise more than 4 percent after the company returns to a net profit in the third quarter and analysts raise their price targets on the stock.
The Rome-based jeweller said after market close on Thursday that sales in its own stores rose more than 10 percent in October at constant exchange rates and that it expects the fourth quarter to be the best of the year. [ID:nLC512824]
The results “together with positive hints on current trading and reassuring message on 2010 -- although no guidance was provided -- should support the share price in the short term,” one analyst says.
Natixis raises its price target to 5.2 euros from 4 euros with a “reduce” rating while JPMorgan raises its price target to 5.70 euros from 5.40 euros with a “neutral” rating.
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