MARKET TALK: Societe Generale Cuts BAE Systems Price Target

30th Jul 2010 10:35

0935 GMT [Dow Jones] Societe Generale cuts BAE Systems (BA.LN) price target to 360p from 400p. It says BAE's 1H results are strong and well ahead of consensus expectations. But it notes that management talks of the anticipated challenging trading environment as defense budgets come under pressure. SG says this is being addressed by cost reduction and efficiency improvements. It also thinks investors are waiting for the publication of the strategic defence and security review in late October. Keeps at buy. Shares are -0.3% at 319p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 30, 2010 05:35 ET (09:35 GMT)