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Monday, June 08, 2009
Goldman Reshuffles Aerospace Ratings


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Simon Kennedy
MarketWatch Pulse
LONDON -- Goldman Sachs reshuffled its ratings on the European aerospace and defense industry, saying those companies with a significant exposure to the U.S. and U.K. defense hardware markets face a much tougher revenue outlook after 2011 as operations in Iraq and Afghanistan are reduced. In the civil aerospace market, Goldman said 2011 should mark the bottom of the new aircraft delivery cycle. "On a three-year view we thus see civil aerospace as significantly more attractive than defense," the broker said. It upgraded EADS and Rolls Royce Group to neutral from sell and also lifted Meggitt and MTU Aero Engines to buy from neutral. Goldman also downgraded BAE Systems to sell from neutral.

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