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STOCKS NEWS EUROPE-Gt Portland buoyed by JPMorgan upgrade

Fri Nov 6, 2009 4:56am EST

Stocks

   

Shares in Great Portland Estates (GPOR.L) take on 3.8 percent, topping the FTSE 250 .FTMC leaders board after JPMorgan upgrades its rating to "buy" from "neutral" citing valuation grounds, with its target price held at 275 pence.

JPMorgan says in a note that the property group's shares have fallen 15 percent since hitting a peak on Sept. 16, and have underperformed closest peer Derwent London (DLN.L) and the European Public Real Association UK index by 22 percent and 19 percent respectively since June 30.

The broker says Great Portland has been punished for de-gearing at the bottom of the direct market, and by concerns over the departure of Rob Noel, its highly regarded property director.

However, JPMorgan says the underperformance has been overdone and upgrades its rating ahead of the firm's first-half results, due on Wednesday, Nov. 11.

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


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