MARKET TALK: JPMorgan Cuts Great Portland Estates To Neutral

2nd Jul 2010 07:22

0622 GMT [Dow Jones] JPMorgan Cazenove lowers Great Portland Estates (GPOR.LN) to neutral from overweight. Says the company has outperformed UK property by 17% and peer Derwent London (DLN.LN) by 7% year-to-date. Says the downgrade to Great Portland's rating is based on relative valuation "while we believe that market rental growth expectations may have become too bullish." Still, says Great Portland is a quality company, with a strong development pipeline. Has a 350p target price. Shares closed at 283p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 02, 2010 02:22 ET (06:22 GMT)

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