Avio rises after US state Virginia okays factory incentives

Shares in Italy's Avio AVI.MI rise as much as 4.7% after co says its U.S. unit will be eligible for incentives of up to $97.7 million for the creation of a solid rocket motor (SRM) facility in the state of Virginia

Avio is investing more than $500 million in the facility, with the aim of creating more than 1,000 jobs

Broker Equita says the incentive package is higher than its initial estimate of around 50 million euros ($58.94 million)

"Assuming that they are non-repayable and immediately available (without the need to discount), the positive impact on valuation is approximately 0.7 EUR/Shr," it adds, raising its PT by 1% to 39 EUR/Shr

Including Tuesday's rise, Avio's stock has gained 22.83% YTD​

($1 = 0.8484 euros)