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QinetiQ upgraded by Barclays

17 August 2017 15:02

Equity research analysts at Barclays Capital have upgraded their investment rating on defence technology group QinetiQ (LON:QQ.) to overweight (from equal weight) believing the balance of risk?reward is now favourably skewed following the recent share price weakness.

The bank highlighted that the shares are down 27% from a high of 323 pence at the end of May.

Barclays outlined the basis of its overweight call as:

"EMEA Services margin risk appears manageable and within range of current market estimates. Global Products is showing signs of a return to growth. The strong balance sheet, with FY18E net cash of £190m (33pps), provides further options to drive growth."

Target remains unchanged at 285 pence per share.

At 3:02pm: (LON:QQ.) QinetiQ Group PLC share price was +4.15p at 240.35p

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