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Senior & Meggitt upgraded by JP Morgan

05 July 2017 15:26

JP Morgan Cazenove has upgraded its recommendations on Meggitt (LON:MGGT) and Senior (LON:SNR) to overweight (from neutral) in its note on the European aerospace and defence sector today.

The City heavyweight said it has reviewed its stance in light of last month's Paris Air Show, the potential fallout of the UK general election and FX moves.

In terms of Meggitt, the broker believes the group faces improving market conditions in both civil aerospace and defence but highlighted that the shares are only up 4% in 2017 YTD, vs Rolls-Royce up 36% in 2017 YTD.

Turning to Senior, JP Morgan commented:

"We believe SNR's civil aero and industrial earnings will trough in 2017; our 2020E EBITA is 50% above our 2017E EBITA. Our new Dec-18 PT of 300p suggests 28% return potential over 18 months."

At 3:26pm:

(LON:MGGT) Meggitt PLC share price was +11.3p at 488.9p

(LON:SNR) Senior PLC share price was +4.45p at 238.85p

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