Spreadbetting 2006

British Energy disappointed the markets yesterday with its trading statement and consequently felt the heat of brokers’ disappointment today.

Citigroup downgraded the shares to “sell” from “hold” setting a price target of 430p, while JP Morgan cut its stance to “neutral” from “overweight”.

JP Morgan also trimmed its 2008 sum of the parts target to 555p from 560p arguing that the Hunterston and Hinkley plants are unlikely to return to service until March 2007 at the earliest.