Royal Mail: Liberum still a seller, but raises target price

(CercleFinance.com) - Liberum reinstates its "sell" rating on the Royal Mail share, although has raised its target price from 105 pence to 115 pence (vs.
current price of 172 pence), following reductions in capex and a better outlook for its subsidiary GLS (General Logistics Systems).

"The outlook for UKPIL (packages, international and letters in the UK) is as bad as we had feared, but GLS is proving surprisingly resilient," the broker says in its comments about the British postal and logistics group.


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