MARKET TALK: Evolution Downgrades Drax To Neutral From Add

21st Jul 2010 14:19

1319 GMT [Dow Jones] Evolution Securities downgrades Drax (DRX.LN) to neutral from add, noting sagging UK gas prices. Says: "There are two current supports to the Drax share price: a vague bid rumor, but we have difficulty in seeing who would bid; and robust earnings in 2010 and 2011 due to forward hedging." Nevertheless, Evo anticipates the share price will slump. Has 410p target price on the stock. Shares -2.3% at 369p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 21, 2010 09:19 ET (13:19 GMT)

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