REUTERS UPGRADED TO 'BUY' VS 'NEUTRAL' AT UBS



Aviva PLC has been downgraded to 'underweight' from 'equalweight' by Morgan Stanley in a cautious report on the UK Life Assurance sector, dealers said.
Morgan Stanley said although growth is slowly returning to the UK life market, it believes this is largely discounted in stock prices.
Looking at individual stocks, Morgan Stanley highlighted Aviva as the best performing UK life stock in 2004. While Morgan Stanley believes general insurance results will be robust, in the broker's view, the valuation is stretched at current levels.
Morgan Stanley has also downgraded its recommendation on Legal & General Group PLC, cutting it to 'equalweight' from 'overweight'. Morgan Stanley said L&G continues to execute well and has strong sales momentum, but added it believes the stock offers limited upside at current levels.
Morgan Stanley advised investors looking to maintain UK life sector exposure should consider Skandia Insurance Co Ltd.
Morgan Stanley has 'equalweight' ratings on Royal & Sun Alliance Insurance Group PLC and Prudential PLC, while it maintained its 'underweight' stance on Friends Provident PLC.

Morning all

Morning all.

Someone is dumping Morrisons this morning, is it pre trading statement?

I need to look.................

Holders be aware.

I hope things have not gone quiet because posters are from the Carlise area - if they are, then my thoughts are with you.

Morning all,its a great day.

MRW in line, nothing to write home about so it's profit taking.

Morning all from a dry and windy North Wales.