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BUZZ-Just Eat: JPM gets cautious over UK operations

Reuters - UK Focus

** JP Morgan downgrades Just Eat (Frankfurt: A1100K - news) (-3.4%) to "underweight" from "equal-weight, cutting target price by 33%

** Broker turns more cautious as it sees a much bigger issue for the UK operations going forward

** It believes Just Eat is left with the least attractive part of the market, which is likely to face market share losses going forward

** JPM notes that as a result of the delayed move into delivery, co's core customer base (in terms of restaurants) is still very much skewed towards the lower-price segment

** Broker says the UK is less stable than previously anticipated, and now values it at GBP 2.4bn vs. GBP 4.0bn before