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BAE Systems shares undervalued: JPMorgan PDF Print E-mail
Written by Will Peters   
Monday, 16 August 2010 13:07

FTSE 100 was this morning as opening gains due to merger activity and commodity bullishness were cancelled out by losses across the banking sector.


BAE Systems Plc (LON:BA) is a Buy according to the equity analyst team at JPMorgan Chase & Co.

JPMorgan have set a new target share price of 449 on BAE Systems, that is 45.26% higher than at this morning's opening price at 309.1.

BAE shares are lower 1.84% at 303.40 in early afternoon trade.

Latest news on the company suggests the defence contractor intends to establish a military aircraft assembling plant in Saudi Arabia.

According to Guy Griffiths, managing director international and a member of the company’s executive council, said BAE Systems has started training Saudis on Typhoon aircraft assembly at their plant in Warton in order to establish an assembling plant in the Kingdom shortly.

This comes as a landmark £30 million deal to settle corruption allegations against BAE Systems has been delayed amid fears that it could be thrown out in court.

The plea agreement with the Serious Fraud Office, which brought an end to a six-year investigation into suspected bribery, is unlikely to come before the courts for approval before November, the Times understands.

FTSE 100 latest


London markets were mixed this morning as opening gains due to merger activity and commodity bullishness were cancelled out by losses across the banking sector.

Merger activity in the mining sector lay behind early gains in the FTSE 100. Indian mining firm Vedanta Resources announced that it will purchase a majority stake in Cairn Energy’s Indian unit, Cairn India. Vedanta will buy between 51% and 60% of the division for around $8.5 billion - $9.6 billion in cash.

Edinburgh-based Cairn Energy said that the deal would provide it with cash to fund exploration and drilling programmes in areas such as Greenland. Cairn Energy’s shares surged 3.2% to 483.3p and Vedanta jumped 6.14% to 2179p this morning.

The mining sector hosted some of the morning’s leading risers, as Credit Suisse issued a note that said that China is ‘on the cusp of a rebound after nearly a year of sharp slowing’.
Last Updated on Monday, 16 August 2010 13:09
 

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