Updates shares in paragraph 1, adds details and analyst comments in paragraphs 2-6.

July 22 (Reuters) - Airbus AIR.PA shares jumped more than 5% on Wednesday after the European planemaker launched a €5 billion ($5.7 billion) share buyback programme and unveiled new mid-term targets including a near doubling of profits by 2029.

Airbus said late on Tuesday it was targeting a core profit of €12 billion to €13 billion in 2029, which would mark a sharp rise from €7.13 billion of adjusted earnings before interest and taxes last year and is well above the 2026 target of €7.5 billion.

"The positive surprise, however, came from the €5 (billion) three-year share buy-back," Deutsche Bank analyst Christophe Menard said in a note to investors.

The world's largest civil planemaker also expects its dominant commercial aircraft business to generate around €10 billion in operating profit in 2029 and struck a positive tone on aircraft deliveries.

Airbus started the year slowly due to supply-chain and engine bottlenecks but has since accelerated deliveries, increasing first-half handovers by 15% year-on-year.

J.P. Morgan wrote that Airbus "delivered on all the things we felt were needed for the shares to rally".

($1 = €0.8763)