Unicredit cuts Polish media sector, raises IT sector

(Adds details)

Aug 28 (Reuters) - UniCredit downgraded Polish media sector
to "underweight," saying it expects a slowdown in earnings
growth, but upgraded the information technology sector to
"overweight" on continued strong earnings momentum.

The brokerage, which previously rated both the sectors
"neutral," maintained its 2008 year-end target of 2,715 on
Poland's main bourse WIG20 .WIG20 index of large-cap
companies.

UniCredit, in its Polish equity strategy note, said it saw
an 11 percent drop in the second-half earnings of 2008 for the
index, after a 22 percent growth in the first half of the year.

UniCredit also made changes to its focus list, removing oil
company Polski Koncern Naftowy Orlen PKNA.WA and fertilizer
maker Zaklady Azotowe Pulawy PULW.WA from it, citing slowing
short-term earnings momentum and geopolitics-related supply
risks.

Unicredit added construction group PBG PBGG.WA and
software maker Asseco Poland SOBK.WA to its focus list as it
expects earnings upgrades for both companies. It also added
Multimedia Polska MMPA.WA to the list.
(Reporting by Vidya L Nathan in Bangalore; Editing by Himani
Sarkar)