BofA Merrill Lynch downgrades BAE Systems
BAE Systems
1,395.00p
17:15 07/06/24
0.07%
1.00p
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
11,468.00
17:09 07/06/24
-0.23%
-26.67
FTSE 100
8,245.37
16:44 07/06/24
n/a
n/a
FTSE 350
4,542.66
17:09 07/06/24
n/a
n/a
FTSE All-Share
4,498.20
17:14 07/06/24
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.