April 29 (Bloomberg) -- Seat Pagine Gialle SpA, Italy’s largest publisher of phone directories, was upgraded to “neutral” from “sell” at UBS AG, which cited “the positive conclusion of the rights issue” and the “sharp correction of the share price.”

The brokerage lowered its price estimate on the stock to 19 cents from 31 to take into account “lower sector multiples,” according to a research report published today.

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.

Last Updated: April 29, 2009 02:49 EDT