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Friday, November 06, 2009

Great Portland Upped To Overweight At J.P. Morgan

By Sarah Turner

MarketWatch Pulse

LONDON -- J.P. Morgan upgraded U.K. property developer Great Portland Estates to overweight from neutral. "We believe the stock has been punished for de-gearing at the bottom of the direct market, and concern over the departure of Rob Noel, the highly regarded property director. We believe the underperformance is overdone," the broker said. It believes the company has an attractive valuation, acquisition firepower, the West End of London market is likely to lead an expected 10% bounce in property values, consensus upgrades are likely and the firm has a strong management team. Also first-half results next week could provide a catalyst, it believes. "Great Portland is likely to be the first property company to report a positive revaluation," the broker said. Shares rose 3.6%.

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