UK MARKET TALK ROUNDUP: BROKERS COMMENTS

2nd Jul 2010 07:22

Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 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]) 0558 GMT [Dow Jones] It is not surprising that Australian government's mining super-tax has not progressed in its original form, says a trader, considering the criticism directed towards it. Thinks now that the Australian government has negotiated a reduction in the headline rate to 30% from 40%, it will be interesting to see if the miners are able to pass the tax on. Says the muted reaction of the affected stocks in Australia, Friday, suggests that this still has a long way to play out. On Thursday, BHP Billiton (BLT.LN) closed at 1694.5p, Rio Tinto (RIO.LN) at 2904.5p. ([email protected]) Contact us in London. +44-20-7842-9288 [email protected] (END) Dow Jones Newswires July 02, 2010 02:22 ET (06:22 GMT)