Tate & Lyle: shares hit by broker downgrade.
(CercleFinance.com) - Tate & Lyle shares have fallen by up to 2.
5% today in London after Jefferies downgraded the British sugar maker to "hold," citing the shares 50% jump from their trough.
In a research note sent to clients, the US broker said it wants to "move to the sidelines, after a breathless couple of years."
The firm also cut its target price to 800 pence a share, from 870 pence previously.
Jefferies explains its "buy" stance has been finally sapped by an anticipated softer pricing climate in 2018 and slow progress towards speciality food ingredients (SFI) goals.
"There remains plenty of upside if Tate can convince around SFI," the broker points out, while warning that such a performance would take time.
The stock is currently down 1.4% at 743.5 pence.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
5% today in London after Jefferies downgraded the British sugar maker to "hold," citing the shares 50% jump from their trough.
In a research note sent to clients, the US broker said it wants to "move to the sidelines, after a breathless couple of years."
The firm also cut its target price to 800 pence a share, from 870 pence previously.
Jefferies explains its "buy" stance has been finally sapped by an anticipated softer pricing climate in 2018 and slow progress towards speciality food ingredients (SFI) goals.
"There remains plenty of upside if Tate can convince around SFI," the broker points out, while warning that such a performance would take time.
The stock is currently down 1.4% at 743.5 pence.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.