Italy's Cementir climbs to record after Exane BNP starts coverage at 'outperform'
** Shares in Italy's Cementir 
CEM rise as much as 6.7% after Exane BNP Paribas initiates coverage with "outperform", noting that the stock trades at discount to peers
** Brokerage says Cementir has lagged on carbon capture, utilisation and storage (CCUS), but calls its new Danish CCS project a "game-changer"
** Adds that "déjà vu creates opportunities" as the sector rerates on CO2 advances, though Turkey's new emissions trading system adds complexity, and without it Cementir would be "in line with or slightly better positioned than its peers"
** Exane BNP Paribas expects volumes in Northern Europe to rebound in the coming quarters
** Sets 18 euros PT, noting the stock trades at ~30% discount to peers
** Shares up 2% to 16.22 euros at 08:09 GMT, a record high, while paring early gains
** Five out of 8 analysts rate the stock "strong buy" or "buy," three "hold" - LSEG data
($1 = 0.8616 euros)
