MARKET TALK: M Stanley Cuts Great Portland, Derwent London

9th Jun 2010 07:27

0627 GMT [Dow Jones] Morgan Stanley downgrades Great Portland Estates (GPOR.LN) and Derwent London (DLN.LN) both to equalweight from overweight on valuation grounds. But lifts Great Portland target price to 320p from 280p, and Derwent target to 1390p from 1330p. Says on average tomorrow's property deal is unlikely to happen at a yield that is lower than yesterday's deal, while occupational markets will undoubtedly remain under pressure, other than for London offices. Expects a protracted period of broadly flat real capital values. Great Portland shares closed at 280.5p, and Derwent at 1300p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 09, 2010 02:27 ET (06:27 GMT)