Swatch Group: shares drop on UBS downgrade
(CercleFinance.com) - Shares in Swatch Group have fallen as much as 2.
1% on Wednesday after UBS said that it has downgraded the stock from "neutral" to "sell".
"New data points to deteriorating demand for watches notably in Greater China," UBS said in a note.
The broker - which slashed its target price from 450 Swiss francs to 272 Swiss francs - said it now expects 2019 earnings that are 19% below the consensus.
At 11:30, Swatch shares were down 2.1% at 293.4 Swiss francs, while the main SMI index was just managing to keep its head above water (+0.1%).
Copyright (c) 2018 CercleFinance.com. All rights reserved.
1% on Wednesday after UBS said that it has downgraded the stock from "neutral" to "sell".
"New data points to deteriorating demand for watches notably in Greater China," UBS said in a note.
The broker - which slashed its target price from 450 Swiss francs to 272 Swiss francs - said it now expects 2019 earnings that are 19% below the consensus.
At 11:30, Swatch shares were down 2.1% at 293.4 Swiss francs, while the main SMI index was just managing to keep its head above water (+0.1%).
Copyright (c) 2018 CercleFinance.com. All rights reserved.