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STOCKS NEWS EUROPE-SES, Eutelsat felled by JPMorgan downgrade

Reuters - UK Focus

Luxembourg-based satellite operator SES is the heaviest faller among European blue chips after JPMorgan downgrades it and sector peer Eutelsat (Paris: FR0010221234 - news) to 'neutral' from 'overweight'.

SES shares are down 3.4 percent at 22.90 euros, after a 1.8 percent drop on Thursday. Eutelsat shares are off 3.6 percent at 21.695 euros, after a 3.1 percent decline on Thursday.

JPMorgan writes in a note issued on Thursday that U.S. government budget cuts and satellite oversupply in Africa made 2013 difficult and are negative factors going into 2014.

JPMorgan retains its 'overweight' guidance for Intelsat.

Reuters messaging rm://philip.blenkinsop.thomsonreuters.com@reuters.net