Rolls-Royce PLC shares shrugged off a downgrade from Swiss bank UBS and edged up on a strong day for the FTSE 100.
UBS said its new target of 102p reflected risks for inflation and wide-body jet demand alongside 'multiple other uncertainties'.
Forecasts for 2002 revenue have been lowered by 1% and underlying profits [EBITA] by 5%.
UBS has also reduced its mid-term forecasts to reflect slower than expected flying hours recovery in the first half of this year.
Shares rose 0.6% to 86.6p.