BofA Merrill Lynch downgrades BAE Systems
BAE Systems
1,156.00p
17:15 20/12/24
-0.86%
-10.00p
BAE Systems was under the cosh on Monday after Bank of America Merrill Lynch downgraded shares of the defence company to ‘neutral’ from ‘buy’.
Aerospace and Defence
11,602.00
17:14 20/12/24
-0.73%
-85.52
FTSE 100
8,084.61
17:04 20/12/24
n/a
n/a
FTSE 350
4,463.29
17:14 20/12/24
n/a
n/a
FTSE All-Share
4,421.11
17:04 20/12/24
n/a
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The bank said that after a very strong run driven by positive revisions and a re-rating, it sees limited near-term valuation upside. The shares are up 23% year-to-date.
BofA noted that BAE has the "most attractive" capital allocation within the EU defence sector.
At 1405 BST, the shares were down 3.5% at 1,345.50p.