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STOCKS NEWS EUROPE-Nat Express higher; RBS ups to "buy"

Wed Jul 8, 2009 5:34am EDT

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Shares in National Express (NEX.L) gain 1.8 percent after RBS upgrades its rating for the transport operator to "buy" from "hold" with an increased target price of 330 pence, up from 300 pence.

The broker says in a note that while leaving some loose ends, National Express's planned exit from the East Coast rail franchise reduces uncertainty for the group.

RBS says possible rights issue scenarios for National Express also appear supportive of the shares, and the broker sees further upside if any attempt to cross default the firm's East Anglia rail franchise fails and/or firm bids for the group materialise.

The broker says, thus, the risk/reward profile for National Express has swung in favour of a buy rating.

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


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