WWD : Vince IPO Raises $200M

Vince IPO Raises $200M

NEW YORK — Vince is now a $1 billion brand.

That is the valuation the stock market gave the contemporary brand Friday as it became the first U.S. apparel firm to go public since Michael Kors Holdings Ltd. in December 2011. Vince’s initial public offering raised $200 million.

The brand late Thursday night priced 10 million shares at $20 each, higher than the original expected range of $17 to $19 a share. On Friday morning the shares surged 47 percent to $29.50 at the open of trading. The shares climbed as high as $30.48 before settling back to the $28 trading range for the day. Vince shares closed at $28.66.

Private equity firm Sun Capital Partners picked up its ownership of Vince when it acquired Kellwood Co. in 2008, which already had the brand under its umbrella. Following the IPO, Sun still retains a 68.1 percent stake, or 24.7 million shares, in Vince.

Although the opening bell at the New York Stock Exchange trading floor was at 9:30 a.m., it took nearly an hour before Vince shares actually traded on the Big Board as brokers were trying to find the proper opening point. During that waiting period, the expected range kept rising, first to $24 to $26, and then to between $28 and $30. When the range finally narrowed to between $29 and $30, excitement began to rise among the Vince management team as NYSE officials said the shares were getting close to their debut. That drew a thumbs-up from Vince chief executive officer Jill Granoff.

Granoff said afterward that the shares priced at $20 because of significant interest in the stock from investors during the just-completed, two-week road show. As for her thoughts during that nearly one-hour wait, Granoff said, “Lisa kept saying, ‘It’s going to go up.’ I’ve run a public company, but I’ve never taken one public. It was exciting to see the price going up.”

Lisa Klinger became Vince’s chief financial officer in December 2012, and earned high marks for her handling of The Fresh Market Inc.’s 2010 stock market listing, where she was cfo. She and Karin Gregersen, president and chief creative officer, were also on the trading floor Friday.

The public listing marked the end of a yearlong process for Vince. There was one hiccup when the federal government shut down on Oct. 1. “I didn’t know if the Securities and Exchange Commission would be able to approve our S-1 filings. That was a nail biter,” Granoff said.

Now the task is to build out Vince’s business. According to Granoff, the vision to optimize growth for Vince across each channel of distribution includes “evolving the brand from a U.S. wholesale business to a global, dual-gender lifestyle brand.”

The apparel mix is still dominated by women’s at 85 percent and men’s at just 15 percent. Categories outside of apparel include footwear. Gregersen noted that accessories, such as handbags and small leather goods, are set to launch in 2015. And there’s the store expansion ahead, with a goal of 100 freestanding stores in the U.S., up from the current store count of 27, according to Klinger. The company is planning seven to eight store openings a year over the next 10 years.

Klinger said the company will file its first quarterly filing as a public firm with the SEC in mid-December, but won’t hold a conference call until March, when it reports fourth-quarter and year-end results.

(BFW) European Equities Have 9%-12% Upside Potential in 2014: BofAML

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European Equities Have 9%-12% Upside Potential in 2014: BofAML 2013-11-25 09:15:19.783 GMT

By Nadine Skoczylas Nov. 25 (Bloomberg) -- BofAML staying “structurally bullish” on European equities, says ECB action on deflation key to positive equity view in Europe, John Bilton writes in strategy note today. * Reflation will be main theme for 2014, meaning scope for EPS growth, rising stocks: BofAML * Overweight sectors have three themes: cash return and div. growth for telcos, energy, aerospace and pharma; macro stabilization for banks; operating leverage for food retail * Underweight chemicals, staples, tech and PHH * “Hard cyclicals” may struggle to perform * BofAML sets yr-end 2014 forecast for Stoxx 600 of 360, Euro Stoxx 50 target of 3,400 * NOTE: BofAML had yr-end 2013 target of 315 for Stoxx 600 as of Jan.; Index currently at 324.34, up 16% from 2012 close of 279.68 * NOTE: JPMorgan wrote Nov. 18 European equities are on track for a rebound in 2014; Goldman wrote Nov. 20 European equities may return ~15%

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

--Editor: Andrew Rummer

To contact the reporter on this story: Nadine Skoczylas in Jerusalem at +972-2-640-1103 or nelsibai@bloomberg.net

To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net

>>> White House Releases Iran Deal Fact Sheet

Full Fact Sheet: A Comprehensive Solution During the six-month initial phase, the P5+1 will negotiate the contours of a comprehensive solution. Thus far, the outline of the general parameters of the comprehensive solution envisions concrete steps to give the international community confidence that Iran’s nuclear activities will be exclusively peaceful. With respect to this comprehensive resolution: nothing is agreed to with respect to a comprehensive solution until everything is agreed to. Over the next six months, we will determine whether there is a solution that gives us sufficient confidence that the Iranian program is peaceful. If Iran cannot address our concerns, we are prepared to increase sanctions and pressure. Conclusion In sum, this first step achieves a great deal in its own right. Without this phased agreement, Iran could start spinning thousands of additional centrifuges. It could install and spin next-generation centrifuges that will reduce its breakout times. It could fuel and commission the Arak heavy water reactor. It could grow its stockpile of 20% enriched uranium to beyond the threshold for a bomb's worth of uranium. Iran can do none of these things under the conditions of the first step understanding. Furthermore, without this phased approach, the international sanctions coalition would begin to fray because Iran would make the case to the world that it was serious about a diplomatic solution and we were not. We would be unable to bring partners along to do the crucial work of enforcing our sanctions. With this first step, we stop and begin to roll back Iran's program and give Iran a sharp choice: fulfill its commitments and negotiate in good faith to a final deal, or the entire international community will respond with even more isolation and pressure. The American people prefer a peaceful and enduring resolution that prevents Iran from obtaining a nuclear weapon and strengthens the global non-proliferation regime. This solution has the potential to achieve that. Through strong and principled diplomacy, the United States of America will do its part for greater peace, security, and cooperation among nations.   ############# Fact Sheet: First Step Understandings Regarding the Islamic Republic of Iran’s Nuclear Program The P5+1 (the United States, United Kingdom, Germany, France, Russia, and China, facilitated by the European Union) has been engaged in serious and substantive negotiations with Iran with the goal of reaching a verifiable diplomatic resolution that would prevent Iran from obtaining a nuclear weapon. President Obama has been clear that achieving a peaceful resolution that prevents Iran from obtaining a nuclear weapon is in America’s national security interest. Today, the P5+1 and Iran reached a set of initial understandings that halts the progress of Iran's nuclear program and rolls it back in key respects. These are the first meaningful limits that Iran has accepted on its nuclear program in close to a decade. The initial, six month step includes significant limits on Iran's nuclear program and begins to address our most urgent concerns including Iran’s enrichment capabilities; its existing stockpiles of enriched uranium; the number and capabilities of its centrifuges; and its ability to produce weapons-grade plutonium using the Arak reactor. The concessions Iran has committed to make as part of this first step will also provide us with increased transparency and intrusive monitoring of its nuclear program. In the past, the concern has been expressed that Iran will use negotiations to buy time to advance their program. Taken together, these first step measures will help prevent Iran from using the cover of negotiations to continue advancing its nuclear program as we seek to negotiate a long-term, comprehensive solution that addresses all of the international community's concerns. In return, as part of this initial step, the P5+1 will provide limited, temporary, targeted, and reversible relief to Iran. This relief is structured so that the overwhelming majority of the sanctions regime, including the key oil, banking, and financial sanctions architecture, remains in place. The P5+1 will continue to enforce these sanctions vigorously. If Iran fails to meet its commitments, we will revoke the limited relief and impose additional sanctions on Iran. The P5+1 and Iran also discussed the general parameters of a comprehensive solution that would constrain Iran's nuclear program over the long term, provide verifiable assurances to the international community that Iran’s nuclear activities will be exclusively peaceful, and ensure that any attempt by Iran to pursue a nuclear weapon would be promptly detected. The set of understandings also includes an acknowledgment by Iran that it must address all United Nations Security Council resolutions – which Iran has long claimed are illegal – as well as past and present issues with Iran’s nuclear program that have been identified by the International Atomic Energy Agency (IAEA). This would include resolution of questions concerning the possible military dimension of Iran’s nuclear program, including Iran’s activities at Parchin. As part of a comprehensive solution, Iran must also come into full compliance with its obligations under the Non-Proliferation Treaty (NPT) and its obligations to the IAEA. With respect to the comprehensive solution, nothing is agreed until everything is agreed. Put simply, this first step expires in six months, and does not represent an acceptable end state to the United States or our P5+1 partners. Halting the Progress of Iran’s Program and Rolling Back Key Elements Iran has committed to halt enrichment above 5%: · Halt all enrichment above 5% and dismantle the technical connections required to enrich above 5%. Iran has committed to neutralize its stockpile of near-20% uranium: · Dilute below 5% or convert to a form not suitable for further enrichment its entire stockpile of near-20% enriched uranium before the end of the initial phase. Iran has committed to halt progress on its enrichment capacity: · Not install additional centrifuges of any type. · Not install or use any next-generation centrifuges to enrich uranium. · Leave inoperable roughly half of installed centrifuges at Natanz and three-quarters of installed centrifuges at Fordow, so they cannot be used to enrich uranium. · Limit its centrifuge production to those needed to replace damaged machines, so Iran cannot use the six months to stockpile centrifuges. · Not construct additional enrichment facilities. Iran has committed to halt progress on the growth of its 3.5% stockpile: · Not increase its stockpile of 3.5% low enriched uranium, so that the amount is not greater at the end of the six months than it is at the beginning, and any newly enriched 3.5% enriched uranium is converted into oxide. Iran has committed to no further advances of its activities at Arak and to halt progress on its plutonium track. Iran has committed to: · Not commission the Arak reactor. · Not fuel the Arak reactor. · Halt the production of fuel for the Arak reactor. · No additional testing of fuel for the Arak reactor. · Not install any additional reactor components at Arak. · Not transfer fuel and heavy water to the reactor site. · Not construct a facility capable of reprocessing. Without reprocessing, Iran cannot separate plutonium from spent fuel. Unprecedented transparency and intrusive monitoring of Iran’s nuclear program Iran has committed to: · Provide daily access by IAEA inspectors at Natanz and Fordow. This daily access will permit inspectors to review surveillance camera footage to ensure comprehensive monitoring. This access will provide even greater transparency into enrichment at these sites and shorten detection time for any non-compliance. · Provide IAEA access to centrifuge assembly facilities. · Provide IAEA access to centrifuge rotor component production and storage facilities. · Provide IAEA access to uranium mines and mills. · Provide long-sought design information for the Arak reactor. This will provide critical insight into the reactor that has not previously been available. · Provide more frequent inspector access to the Arak reactor. · Provide certain key data and information called for in the Additional Protocol to Iran’s IAEA Safeguards Agreement and Modified Code 3.1. Verification Mechanism The IAEA will be called upon to perform many of these verification steps, consistent with their ongoing inspection role in Iran. In addition, the P5+1 and Iran have committed to establishing a Joint Commission to work with the IAEA to monitor implementation and address issues that may arise. The Joint Commission will also work with the IAEA to facilitate resolution of past and present concerns with respect to Iran’s nuclear program, including the possible military dimension of Iran’s nuclear program and Iran’s activities at Parchin. Limited, Temporary, Reversible Relief In return for these steps, the P5+1 is to provide limited, temporary, targeted, and reversible relief while maintaining the vast bulk of our sanctions, including the oil, finance, and banking sanctions architecture. If Iran fails to meet its commitments, we will revoke the relief. Specifically the P5+1 has committed to: · Not impose new nuclear-related sanctions for six months, if Iran abides by its commitments under this deal, to the extent permissible within their political systems. · Suspend certain sanctions on gold and precious metals, Iran’s auto sector, and Iran’s petrochemical exports, potentially providing Iran approximately $1.5 billion in revenue. · License safety-related repairs and inspections inside Iran for certain Iranian airlines. · Allow purchases of Iranian oil to remain at their currently significantly reduced levels – levels that are 60% less than two years ago. $4.2 billion from these sales will be allowed to be transferred in installments if, and as, Iran fulfills its commitments. · Allow $400 million in governmental tuition assistance to be transferred from restricted Iranian funds directly to recognized educational institutions in third countries to defray the tuition costs of Iranian students. Humanitarian Transactions Facilitate humanitarian transactions that are already allowed by U.S. law. Humanitarian transactions have been explicitly exempted from sanctions by Congress so this channel will not provide Iran access to any new source of funds. Humanitarian transactions are those related to Iran’s purchase of food, agricultural commodities, medicine, medical devices; we would also facilitate transactions for medical expenses incurred abroad. We will establish this channel for the benefit of the Iranian people. Putting Limited Relief in Perspective In total, the approximately $7 billion in relief is a fraction of the costs that Iran will continue to incur during this first phase under the sanctions that will remain in place. The vast majority of Iran’s approximately $100 billion in foreign exchange holdings are inaccessible or restricted by sanctions. In the next six months, Iran’s crude oil sales cannot increase. Oil sanctions alone will result in approximately $30 billion in lost revenues to Iran – or roughly $5 billion per month – compared to what Iran earned in a six month period in 2011, before these sanctions took effect. While Iran will be allowed access to $4.2 billion of its oil sales, nearly $15 billion of its revenues during this period will go into restricted overseas accounts. In summary, we expect the balance of Iran’s money in restricted accounts overseas will actually increase, not decrease, under the terms of this deal. Maintaining Economic Pressure on Iran and Preserving Our Sanctions Architecture During the first phase, we will continue to vigorously enforce our sanctions against Iran, including by taking action against those who seek to evade or circumvent our sanctions. · Sanctions affecting crude oil sales will continue to impose pressure on Iran’s government. Working with our international partners, we have cut Iran’s oil sales from 2.5 million barrels per day (bpd) in early 2012 to 1 million bpd today, denying Iran the ability to sell almost 1.5 million bpd. That’s a loss of more than $80 billion since the beginning of 2012 that Iran will never be able to recoup. Under this first step, the EU crude oil ban will remain in effect and Iran will be held to approximately 1 million bpd in sales, resulting in continuing lost sales worth an additional $4 billion per month, every month, going forward. · Sanctions affecting petroleum product exports to Iran, which result in billions of dollars of lost revenue, will remain in effect. · The vast majority of Iran’s approximately $100 billion in foreign exchange holdings remain inaccessible or restricted by our sanctions. · Other significant parts of our sanctions regime remain intact, including: o Sanctions against the Central Bank of Iran and approximately two dozen other major Iranian banks and financial actors; o Secondary sanctions, pursuant to the Comprehensive Iran Sanctions, Accountability, and Divestment Act (CISADA) as amended and other laws, on banks that do business with U.S.-designated individuals and entities; o Sanctions on those who provide a broad range of other financial services to Iran, such as many types of insurance; and, Restricted access to the U.S. financial system. · All sanctions on over 600 individuals and entities targeted for supporting Iran’s nuclear or ballistic missile program remain in effect. · Sanctions on several sectors of Iran’s economy, including shipping and shipbuilding, remain in effect. · Sanctions on long-term investment in and provision of technical services to Iran’s energy sector remain in effect. · Sanctions on Iran’s military program remain in effect. · Broad U.S. restrictions on trade with Iran remain in effect, depriving Iran of access to virtually all dealings with the world’s biggest economy. · All UN Security Council sanctions remain in effect. · All of our targeted sanctions related to Iran’s state sponsorship of terrorism, its destabilizing role in the Syrian conflict, and its abysmal human rights record, among other concerns, remain in effect.

(Challenge) Launch of a rating agency for businesses "Luxury"

Launch of a rating agency for businesses "Luxury"

{http://bit.ly/1c44yvG}

Luxury companies will have their "Moody's" and will be assessed by a new rating agency, DE Luxe Rating.

A global rating agency dedicated to luxury companies, luxury Rating, was born Monday, November 25 with the aim to measure for the first time as extra-financial financial criteria such as creativity, know-how and image of luxury brands. Billed as a global first, the agency established jointly by the consulting firm Centre luxury and creative and advertising agency Grey Paris (from Grey Worldwide network, owned by the giant WPP communication) must be completely independently. "Until now, there was no tool to assess and enhance the luxury companies based on all the relevant criteria for this sector," he told AFP Jacques Carles, President Centre of luxury and creativity. "The luxury industry is indeed well known and has no global visibility" and only financial analysts estimate so far of luxury companies, "focusing especially those traded" Has he added.

But beyond heavyweights such as Louis Vuitton (LVMH), Gucci, Prada, Cartier ... the sector is composed of a multitude of small structures. And "the need for visibility and evaluation is not just about the financial health of companies," notes Jacques Carles. The agency DE Luxe Rating measure five areas: creativity (originality, innovation ...), know-how (rarity, specificity, manufacturing processes ...), financial performance (profitability, lending, policy investment ...), governance (decision-making chain, work organization, management outsourcing, communication strategy ...) and image (reputation, brand value, customer attachment .. .) Companies wishing to be recorded obtain an overall score, as "AAA", "AA", "A", "BBB" ... a scoring system based on that of the major credit rating agencies. It is unclear whether the sausage luxury "AAAAA" can be assessed by the scoring system. The rating agency Rating DE Luxe is launched at the 12th Summit of Luxury, organized in Paris on Monday.

(BFW) Sevan Drilling 3Q Ebitda Misses Estimates, Reports Net Loss

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ONE 11/25 07:00 Sevan Drilling ASA: Q3 Results 2013 BN 11/25 07:05 *SEVAN DRILLING SEES RIG NO 4 DELIVERY 2Q 2014 BN 11/25 07:04 *SEVAN DRILLING SEES SEVAN LOUISIANA ARRIVING IN GOM LATE 1Q '14 BN 11/25 07:02 *SEVAN DRILLING 3Q SEVAN BRASIL COMMERCIAL UPTIME 93.8% BN 11/25 07:02 *SEVAN DRILLING 3Q SEVAN DRILLER COMMERCIAL UPTIME 92.8% BN 11/25 07:01 *SEVAN DRILLING 3Q EBITDA $18.5M VS $23.4M YR AGO BN 11/25 07:01 *SEVAN DRILLING 3Q OPG REV $66.2M

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Sevan Drilling 3Q Ebitda Misses Estimates, Reports Net Loss 2013-11-25 07:16:18.980 GMT

By Stephen Treloar Nov. 25 (Bloomberg) -- 3Q Ebitda $18.5m vs est. $28m; net loss $68.6m vs net income $2.4m yr ago. * Sees Sevan Louisiana arriving US GOM late 1Q * Says ultra-deepwater rig mkt remains strong Link to Statement:{NSN MWT4T53PWT1D <GO>} Link to Company News:{SEVDR NO <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story: Stephen Treloar at +47-22-00-8211 or streloar1@bloomberg.net

>>> IRAN : PSA & RNO (From Deutsche Bank)

PSA and Renault should benefit the most from lifting sanctions against Iran. Iran is an important country for both French OEMs, mostly in volumes since their profit contribution is limited. At peak in 2011 PSA sold 460k CKDs to Iran and generated an operating income of approx Euro 100m when last year Renault sold 100k Logan to Iran and booked in H1 13 a high Euro 512m of provisions on their Iranian exposure (restated in our 2013 EPS).

(NY Post) Time Warner Cable could be sliced and diced

Time Warner Cable, the second-largest US cable operator, could be carved up like a Thanksgiving turkey. Comcast, run by Brian Roberts, and Charter Communications, have reportedly both discussed a possible combination with Time Warner Cable in recent moths. Though the talks are no longer active, Time Warner Cable reached out to Comcast about a merger, sources told The Post. Time Warner Cable’s move was likely aimed at warding off a potential bid from smaller rival Charter, backed by John Malone’s Liberty Media. Comcast’s possible involvement emerged Friday after the Wall Street Journal reported that Charter was close to an agreement with banks about arranging debt financing for a Time Warner Cable bid. Malone, who rode the first wave of cable mergers in the 1980s and ’90s, has been pushing for further consolidation in the industry. Meanwhile, Comcast has also held talks with Charter, the fourth-largest cable operator, about partnering on a possible bid for Time Warner Cable, sources said. “A joint bid would be complex, but it’s doable,” said Gabelli money manager Chris Marangi. The companies all declined to comment. The two could split up the Time Warner assets, which include cable systems in New York, Los Angeles, Texas and portions of the Midwest. “Comcast desperately wants to own the New York metro area,” said one source. Comcast, based in Philadelphia, also owns the New York-headquartered NBCUniversal. While sources close to Comcast played down any regulatory issues, a breakup of Time Warner Cable would allow Comcast to pick up smaller pieces. Comcast and Time Warner Cable have a history. Comcast owned a 21 percent stake in Time Warner Cable before the two agreed to swap assets as part of a complicated deal to acquire bankrupt Adelphia in 2005. The architect of that deal on the Time Warner Cable side was Rob Marcus, who is poised to take over the company as CEO after Glenn Britt retires in a few weeks.

>>> What to look at today :

US MArket continue its bullisg trend on Friday, registring new records, FED Lockhart helped the sentiment talking of long period of accommodation policy...only laggards sectors were utilities Telco & tech, volumes were low @ 607mil shares...on the week Dow +0.65%,S&P +0.37% NAsdaq +0.14%, Nikkei +1.46%, Eurostoxx +0.05%...VIX @ 12.26 -3.16%...Asian Market continue to follow the US with Nikkei +1.46%...shanghai -0.45%...more political tensions between Chinese and japonese on Senkaku islands...Iran decision on Nuclear welcomed in Asia

Eur$ 1.3540 S&P Fut +0.28% European Fut +0.43%

Keep an eye on : - ABE SM : Abertis, Aena Hire BBVA to Seek Buyer for GAP, Expansion Reports - ACS SM : ACS Buys 44% of MPG From Manuel Jove for ~EU160M, Expansion Says - ADS GY : Adidas and BASF agree on strategic partnership  - AAPL US : Apple Buys 3D Sensor Startup PrimeSense: AllThingsD - ARYN SW : Aryzta 1Q Sales Miss Estimates, Confirms Forecast - AGL IM : Benetton Seeking Partner for WDF, Autogrill Units: Repubblica - BAB LN : Babcock in Advanced Talks to Takeover Avincis, Sunday Times Says - EN FP : Bouygues Gets EU360M Luxury-Hotel Contract in Macao - EAD FP : EADS Plans to Close Cassidian Plant in Munich, Sueddeutsche Says - ENRC LN : ENRC May Sell African Mining Division, Sunday Times Says - F IM : *CHRYSLER IPO PRICE RANGE MAY TARGET RAISING $1.5B TO $2B: WSJ - ABI BB : AB InBev in Talks to Buy Back Oriental Brewery, Maeil Reports - NESN VX : Nestle CEO Bulcke Sees Growth as Emerging Markets Slow: Times - UG FP : Peugeot Said to Discuss Hiring Tavares to Succeed Varin Next Yr - RNO FP : Tavares out ? Decision on Iran could bring extra cash at Renault - SAN FP : Sanofi’s Viehbacher Says Growth Resumed in Sept: Le Figaro - SGL GY : SGL Carbon Will Join MDAX - SLHN VX : Swiss Life Sold CHF500m in Senior Unsecured Covertibles - UHR VX : Swatch Takes Control of Rivoli Stores in Middle East - TEVA IT : Teva ‘Disappointed’ Potentially Misleading Info. Made Public - UNF SM : Union Fenosa to Seek Arbitration on Egypt Gas Shortages: Al Mal - VIB3 GY : Villeroy Will Enter SDAX

>>> Brokers Ups & Downs

Up

*EASYJET RAISED TO BUY VS HOLD AT JEFFERIES *FRESNILLO RAISED TO NEUTRAL VS SELL AT GOLDMAN *NAMPAK RAISED TO NEUTRAL VS UNDERPERFORM AT BOFAML *NAMPAK RAISED TO NEUTRAL VS SELL AT UBS *SABMILLER RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY *SMITH & NEPHEW RAISED TO OUTPERFORM AT BERNSTEIN *TALKTALK RAISED TO NEUTRAL VS SELL AT CITI *UNILEVER RAISED TO OUTPERFORM VS NEUTRAL AT EXANE

Down

*BILFINGER CUT TO HOLD VS BUY AT KEPLER CHEUVREUX *ING BANK SLASKI CUT TO NEUTRAL VS BUY AT CITI *INVESTOR AB CUT TO NEUTRAL VS BUY AT GOLDMAN *UC RUSAL CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN

PT Change

*AtoS PT Raised 7% to EU75 at Barclays; Kept at Overweight *LUXOTTICA PT CUT TO EU37.3 VS EU38.3 AT GOLDMAN; KEPT AT SELL *Pirelli PT Raised to EU12 vs EU11.5 at Goldman; Kept at Neutral *SAFILO PT RAISED TO EU19.5 VS EU16.5 AT BERENBERG; KEPT AT BUY *J SAINSBURY PT RAISED TO 391P VS 381P AT CANTOR; KEPT AT HOLD

Initiation

*LENZING RATED NEW HOLD AT BERENBERG; PT EU47 *LINDT & SPRUNGLI ASSUMED NEUTRAL AT CREDIT SUISSE, PT SFR46,000

Country Sector Stock Call

*SocGen Weighs Cost of a Clean-Up at Italian Banks, Trims PTs {NSN MWT4FS6S973F <go>} *MAN GROUP REMOVED AS A LEAST PREFERRED STOCK AT CITI *SCHRODERS REMOVED AS A MOST PREFERRED STOCK AT CITI