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Nomura has maintained its “neutral” rating, but cut the target price to 270p from 305p. Nomura remains of the theory that Sainsbury is seeing some relative slowdown, and may now be an underperformer compared to sector rivals, as Asda strengthens and Morrison starts to recover.
Investec has downgraded to “sell” from “hold”, but kept the target price at 430p. Investec thinks despite rising geopolitical concerns, BAE’s negative earnings momentum is likely to continue.