BofA Merrill Lynch downgrades BAE Systems
BAE Systems
1,397.00p
17:15 23/05/24
1.71%
23.50p
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
11,309.69
17:15 23/05/24
2.40%
265.61
FTSE 100
8,339.23
16:58 23/05/24
n/a
n/a
FTSE 350
4,589.50
17:15 23/05/24
n/a
n/a
FTSE All-Share
4,543.84
17:04 23/05/24
n/a
n/a
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.