MARKET TALK: BarCap Starts Meggitt At Equalweight

7th Jul 2010 07:58

0658 GMT [Dow Jones] Barclays Capital initiates coverage of Meggitt (MGGT.LN), with an equalweight rating and a 350p price target. Says while it is positive over the potential for civil aerospace aftermarket growth, this was only 28% of '09 revenues and the 45% of revenues from defense is likely to be relatively slow growth. Says a civil aerospace upturn could be partially offset by slowing defense spending, and says this may drag on Meggitt's multiple. Says the target price implies 16% upside. Shares closed Tuesday at 308p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 07, 2010 02:58 ET (06:58 GMT)