Panmure Gordon has downgraded the multiplex chain to “sell” from “hold”, and has cut its target price to 220p from 230p. Cineworld saw low admissions during the Olympics. The coinciding releases of blockbuster franchises such as the Hobbit and James Bond are expected to bring the strongest trading in the last two months of the year – but too late to improve Cineworld’s full year figures, the broker adds.
Singer Capital Markets lowered the voice and electronic dealer broker’s target price from 385p to 345p, while downgrading shares from “buy” to “fair value”. Singer said Icap will remain a relatively low rated stock, citing a muted voice and electronic business over the summer. Icap expects a “more seasonal bias” in the second half of the year, in the absence of Jubilee and Olympics influence on the industry.
Liberum rates the transport company “buy” with a 305p target price, ahead of its pre-close trading statement next Tuesday. The broker expects falling numbers in the firm’s US bus business to bottom out in this half, with earnings and margin improvements in the future. However, growth in UK buses is set to slow further, Liberum adds, and says the ongoing West Coast franchise dispute is weighing on First’s shares.