Swiss Credit Bank Credit Suisse has upgraded the stock from ‘underperform to ‘neutral’ but cut its earnings estimates and target price.
Estate agent CountrywidePLC has seen its shares drop by 91% year-on-year.
Swiss Credit Bank Credit Suisse has cut its earnings estimates and target price.
Over the last eight months, the property group has issued four profit warnings and last week sought to raise £140m in a discounted share issue.
Shares have decreased from 158.50 a year ago to just 14.26p. Credit Suisse has cut its target share price for the company from 77p to only 17.2p.
The Credit Suisse note to its client investors said: “We refrain from turning more optimistic on Countrywide as, whilst the current share price looks depressed, we still see some headwinds ahead of the group and thus do not believe the risk/reward trade-off has yet swung to the upside.”
