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UK's BAE Systems drops from record high after BofA downgrade

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** Shares of British defence group BAE Systems BAES.L down 2.9% to 1,353.5 pence, after touching an all-time high of 1,406.5 pence in the last session

** Stock among top losers in London's blue-chip FTSE 100 .FTSE index

** Bank of America analysts downgrade stock to "neutral" from "buy"

** "After a very strong run ... we see limited near-term valuation upside" - BofA

** Last week, co said it was on track to meet guidance for higher earnings and forecast "further positive momentum" from a recent UK government commitment to raise defence spending, propping shares up nearly 1%

** Average rating of 21 analysts on stock is "buy"; their median PT is 1,399p - LSEG data

** BAES up 21.8% YTD

Reporting by Eva Mathews in Bengaluru


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