Advertisement
UK markets closed

  • NIKKEI 225

    38,236.07
    -38.03 (-0.10%)
     

  • HANG SENG

    18,443.69
    -32.23 (-0.17%)
     

  • CRUDE OIL

    78.31
    +0.20 (+0.26%)
     

  • GOLD FUTURES

    2,317.70
    +9.10 (+0.39%)
     

  • DOW

    38,675.68
    +449.98 (+1.18%)
     

  • Bitcoin GBP

    51,148.45
    +890.34 (+1.77%)
     

  • CMC Crypto 200

    1,337.50
    +60.52 (+4.74%)
     

  • NASDAQ Composite

    16,156.33
    +315.33 (+1.99%)
     

  • UK FTSE All Share

    4,469.09
    +22.94 (+0.52%)
     
BRANDS:

Meet one of the UK’s largest unknown start-ups

Video editing platform Veed has grown to 10 million users

BUZZ-ICAP: Morgan Stanley Cuts to "underweight"

Reuters - UK Focus

** ICAP (LSE: IAP.L - news) threatening to hit a 6-month low at the open on Wednesday after Morgan Stanley (Xetra: 885836 - news) downgrades to "underweight" from "equalweight"

** Sees (Shanghai: 600481.SS - news) ongoing structural challenges for voice broking revenues, says valuations still appear stretched despite a 12 pct fall in shares since late-May

** Fwd P/E of 16x a 30 pct premium to 10-year average of 12.3x

** Stock set to break 200-day SMA for first time since Nov 2014

** Diversified financials sector had a disproportionate number of stocks with elevated target prices v share price in mid-April [ID: nL4N0XK47Z]

ADVERTISEMENT

** Downgrades have seen the spread between mean TP and share prices narrow significantly in most names, though Man Group (LSE: EMG.L - news) share price still 18 pct above the mean TP

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)