Share price of Peppa Pig maker Entertainment One plummets as brokers' sentiment falls

 
James Nickerson
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Entertainment One's target price has been reduced by a number of brokers (Source: Getty)

Entertainment One's share price plummeted in late morning trade after a number of brokers either reduced their target price or downgraded the company's stock.

Shares were down 11.51 per cent at 156p per share, leading the FTSE 250 lower, which was itself 0.38 per cent down at 17,290 points.

Read more: eOne brings home the bacon as profits fly

The company's share price fell as broker sentiment fell, with Investec cutting its target price on the company to 295p from 302p and Peel Hunt downgrading the stock to "reduce" from "hold", according to Reuters.

Yesterday, after Entertainment One set the pricing of senior secured notes last week, analysts at Canaccord Genuity maintained its “buy” rating, but slashed the target share price by 12 per cent, from 323p to 284p, meaning the company is on track for it largest two-day loss since mid-2009.

Read more: eOne grabs a bigger slice of Peppa Pig

Meanwhile, Serco Group also helped lead the FTSE 250 lower, as its share price continued to trade down, falling 5.03 per cent to 103.8p, the day after it warned that profits will almost halve next year.

The FTSE 100 is also down 0.53 per cent at 6,190 points, led lower by miners including Anglo American and Glencore.

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