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BUZZ-BAE: rallies as Berenberg flags order book potential

Reuters - UK Focus

** Defence equipment maker BAE Systems (LSE: BA.L - news) up 2 pct, best day for stock in over a month & top FTSE 100 riser as Berenberg anticipates material order book uplift

** Berenberg, which sees 10-20 pct hike to order book in next six months, raises PT to 580p from 531p

** Following successful funding approval from UK parliament for Successor class submarine programme, analysts anticipate an award >£1 bln to reflect commencement of production phase for one year

** Broker also sees renewal of a 5-yr Saudi support contract (it estimates total value at c£7bn, but award may be announced in incremental stages) and an original equipment order for an additional 48 Typhoon fighter jets (which it values at c£4 bln)

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** Brokerage raises FY 2016 EPS by 5 pct, 2017 EPS by 8 pct, and 2018 EPS 8 pct, adds forex profit tailwinds from post-Brexit sterling weakness, and a healthy US market benefitting company

** Up to Thursday's close, stock had risen 5.8 pct YTD vs a 3.5 pct rise in the STOXX Industrial Goods and Services index ; co biggest gainer on index (RM (LSE: RM.L - news) :Sanjeeban.Sarkarthomsonreuters.com@reuters.net)