Shares in Italy's biggest publishing house Mondadori rise more than 9 percent to a 10-day high as Mediobanca upgrades the stock to 'outperform' from 'neutral' citing strong prospects for its books business.
"At current market prices the downside risk related to the advertising collection should be limited, while the book division could provide nice surprises to investors," the broker says, citing best-selling titles offered by Mondadori such as the Fifty Shades trilogy.
Mediobanca, which cut its estimates for Mondadori's sales and profits for 2012, set a new price target of 1.42 euros a share.
Reuters messaging rm://danilo.masoni.thomsonreuters.com@reuters.net
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