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BUZZ-Drax: brokers power down target prices

Reuters - UK Focus

** Drax target prices revised downwards by number of brokers, but not without some optimism

** Power co cut at SocGen (Paris: FR0000130809 - news) , RBC, BAML and Morgan Stanley (Xetra: 885836 - news) , with the latter also downgrading to "Equalweight" from "Overweight"

** Shares (Berlin: DI6.BE - news) hit two-year low on Friday as UK government announced changes to biomass subsidy rules

** MS also points to softer commodity prices as headwind for FY2014, could still provide healthy FCF but risk-reward no longer attractive

** BAML says even accounting for effects of new legislation still upside, may confirm more generous dividend policy at FY results in February

** Sentiment still bullish in aggregate: eleven "buy", four "hold", two "sell" ratings on stock, mean TP of 718p v 500p share price (RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)