Morrisons hurt by downgrade

Kasmira Jefford
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SHARES in Morrisons dropped one per cent yesterday after analysts at Goldman Sachs downgraded the supermarket chain and forecast lower margins.

The bank said that despite the retailer being “the most proactive” of the UK grocers in cutting prices and improving service to boost footfall, like-for-likes remained negative, leading them to forecast lower margins in the nearer term.

It cut its recommendation from “buy” to “neutral”.

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