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Barclays has upgraded to “overweight” from “equal weight”, with the target price kept at 1,500p. Barclays says while Petrofac’s Great Stella development needs to come on-stream, its record order backlog will likely ensure strong growth in the years ahead, with significant upside potential.
UBS has kept its “buy” rating, and raised the target price to 505p from 460p. The broker thinks long term growth prospects are better, and BAE is well placed to benefit from increased emphasis on high-tech military operations, with BAE also offering the best dividend yield in the sector.