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Investec downgrades Speedy Hire on profit warning

Michele Maatouk

LONDON (ShareCast) - (ShareCast News) - Investec (LSE: INVP.L - news) downgraded Speedy Hire (LSE: SDY.L - news) to 'hold' from 'buy' and put its 100p price target under review until it gets more clarity on a turnaround after the company issued its second profit warning in three months. "This is another disappointing update and underlines the scale of the task faced by the new management. Given the scale of the downgrades and level of uncertainty, it is difficult to ascribe a target price at present," it said.

The brokerage cut its full-year 2016 earnings per share estimate by 58% to 1p and its full-year 2017 forecast by 55% to 1.5p.

It (Other OTC: ITGL - news) said what has become clear since the last warning is that the lack of equipment availability and customer services issues are now going to take longer than anticipated to resolve.

At 1215 BST, Speedy Hire shares were down 14.9% at 31.40p.