Numis has downgraded the interdealer broker from “buy” to “hold” and lowered its target price from 412p to 344p after a fall in electronic volumes over June and potential knock-on effects of the ongoing Libor scandal. The broker has downgraded its forecasts by four per cent for this year and five per cent next year, and continues to see negative revenue pressure from regulation for several years.
UBS has downgraded the support services and construction firm from “neutral” to “sell” with a target price of 230p , seeing low growth potential in its support services division and even possible revenue decline in 2013. The broker says unsustainable construction margins and low cash conversion will also weigh on the stock. However, UBS does see a possible upside to its new rating if contracts materialise in the second half.
Panmure Gordon has downgraded its recommendation on the landscape, driveway and garden products retailer from “buy” to “hold” following a trading update, which saw the business impacted by bad weather from April to June. Though the broker sees much to be positive about at the group in terms of groundwork, Panmure says it is hard to see a share price catalyst in the short term.