October 2, 2009 / 11:14 AM / 8 years ago

STOCKS NEWS EUROPE-Tod's rises after UBS upgrade

Italy’s Tod’s (TOD.MI) rises as much as 3.5 percent to levels last reached in December 2007 after UBS upgrades the luxury shoe and bag maker to “buy” from “neutral”, traders say.

The DJ STOXX personal goods sector .SXQP is down 1.4 percent.

UBS says it sees potential benefits from increased store traffic and expects the negative sales trend of handbags to reverse next year.

The broker raises its target price to 52.80 euros from 44 euros, noting that its estimates are now above consensus.

Italian jeweller Bulgari BULG.MI rises 0.6 percent after Bank of America Merill Lynch on Thursday adds the stock to its “most preferred list” of European consumer goods companies.

Reuters Messaging rm://danilo.masoni.thomsonreuters.com@reuters.net

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