Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk,
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[email protected] 0611 GMT [Dow Jones] Morgan Stanley downgrades BAE Systems (BA.LN) to equalweight from overweight and cuts target price to 375p from 450p. The brokerage says sustained pressure on defence budgets prompts it to reassess its defence ratings. "While we continue to see significant upside to intrinsic value, escalating concern over budget cuts means defence will likely continue to trade at a significant discount." Shares closed Tuesday at 329p. (
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[email protected] (END) Dow Jones Newswires July 14, 2010 02:11 ET (06:11 GMT)