Citigroup downgrades AstraZeneca (AZN) to hold from buy, and cuts its target price to 2800p from 3100p, following FY '08 results and disappointing '09 guidance. Says weaker expected '09 EPS growth, +4%, and smaller forex gains remove the key drivers of the buy case. Says the shares remain defensive, but sees more upside as more limited even in difficult market. Shares closed at 2,680p.

Dow Jones News

Morgan Stanley upgrades UK property stocks as investors appear to be pricing in rights issues. Sees more risk in continental Europe than the UK as there is a chance the euro is set to weaken relative to sterling during '09. Upgrades British Land (BLND.LN) to equalweight from underweight, has 340p price target. Ups Brixton (BXTN.LN), Hammerson (HMSO.LN) and Land Securities (LAND.LN) to overweight from equalweight, keeping price targets at 110p, 480p and 640p, respectively. Ups Liberty International (LII.LN) to overweight from underweight and keeps 330p price target.

Dow Jones News

AZN upgraded to buy from hold - Deutsche Bank