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TomTom: BarCap maintains 'underweight' rating

(CercleFinance.com) - Barclays Capital maintains its "underweight" rating on the TomTom stock as the broker says that it is still not convinced about the financial impact of automotive revenue growth.

BarCap says that it has been cautious for some time about TomTom's fundamentals, noting that growth potential in new automotive contracts is offset by the legacy consumer business (portable devices).

While it continues to like TomTom's strategy of future growth via an increased adoption of its map and traffic data services and software, the broker finds it difficult to forecast future profit and cash flow and therefore considers that the share is fully valued.

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