Compass: shares fall after UBS downgrade
(CercleFinance.com) - Private bank UBS has downgraded its rating on Compass shares on Wednesday, leading to a fall in the share price of the British catering group, which has already lost 24% of its value this year.
Compass shares were down 1.4% in mid-morning trading, one of the biggest losers on London's bluechip FTSE 100 index, after UBS downgraded the stock from "buy" to "neutral."
It also cut its price target from 1,435 pence to 1,420 pence.
"Compass's positioning as a best-in-class operator in contract catering means it is well positioned for a post-pandemic recovery," UBS said in a research note.
However, data in key markets has deteriorated recently, UBS pointed out, reflecting a slower-than-expected volume recovery into 2021, it added.
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