Pearson: share down, as UBS drops 'buy' rating
(CercleFinance.com) - The Pearson share is down on on the London Stock Exchange this Tuesday morning, victim of a downgrade from UBS.
At 10:30 am (local time), the share of the British publishing group specialising in textbooks and content for professionals is down over 2% at 576.6 pence, one of the biggest fallers in the FTSE 100 index.
UBS downgraded its rating from "buy" to "neutral" earlier and cut its correspondidng target price from 820 pence to 600 pence.
In its note, UBS analysts explain that that they have cut their 2021 earnings estimates by 20% in light of the new projections given by the publisher for its higher education division in the US.
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