Broker snap: Morgan Stanley double downgrades British Land
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Morgan Stanley has downgraded British Land by two notches to 'underweight' from 'overweight' in a review of the European property sector.
The broker also cut its price target on the real estate giant to 560p from 1,280.
It downgrades fellow real estate company Land Securities to 'underweight' from 'equal-weight' and cuts its price target to 1,030p from 1,730p.
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Morgan now prefers European property stocks such as France's Gecina, which it double upgrades to 'overweight' from 'underweight'.
Explaining its pessimism on UK real estate stocks, Morgan said: "We are now close to the point at which banks in the UK will pull the plug on highly leveraged companies that are in breach of banking covenants."
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