Recent weakness in the share price had suggested all was not well at Thomas Cook and we do believe there are some company specific issues particularly in the UK business. We cut our target and say ‘hold’.
KEITH BOWMAN | HARGREAVES LANSDOWN
In all, whilst management initiatives and a much reduced valuation have provided positives, investor confidence has today been shaken, with a previously positive market consensus likely to come under some pressure.
NICK BATRAM | PEEL HUNT
It’s not the downgrade, but the scale of the miss that is the surprise. This raises questions about just how flexible the business model is, or whether management just called it badly wrong.