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STOCKS NEWS EUROPE-Chemring gains; RBS upgrades to "buy"

Fri Jul 3, 2009 3:46am EDT

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Shares in military goods maker Chemring Group (CHG.L) gain 2.8 percent supported by an upgrade in rating by RBS to "buy" from "add", mainly on valuation grounds with its target price unchanged at 2,469 pence.

RBS says, in a note, Chemring's positive momentum continues and a return to the acquisition strategy in its Energetics business could augment the organic growth opportunities open to the group.

RBS says it thinks Chemring's valuation looks attractive, and looks more so if the broker considers the upgrade potential it feels exists in its forecasts.

Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net


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