leadf
logo-loader
viewPageGroup

PageGroup knocked down to ‘hold’ by Liberum amid low visibility

The target price was also trimmed to 375p from 460p

PageGroup - PageGroup knocked down to ‘hold’ by Liberum amid low visibility

PageGroup PLC (LON:PAGE) was knocked down to ‘hold’ from ‘buy’ by Liberum as analysts do not see the recruiter at an inflection point yet.

The target price was also trimmed to 375p from 460p amid low visibility as the company did not provide any guidance in Wednesday’s interims.

READ: PageGroup swings to small half-year loss after coronavirus hit

Underlying earnings estimates were cut by 73% and 21% for this year and financial year 2021 respectively, as previous forecasts look unachievable after the broadly break-even first-half results.

“With a lower level of cost mitigation from the third quarter onwards, earnings will be more susceptible to short term volatility in markets,” the broker noted.

However, its diversification and strong balance sheet make PageGroup “well positioned to take market share and is likely to be more highly geared into any recovery than peers, given its perm focus,” analysts noted.

Shares dipped 1% to 380.4p on Thursday at noon.

Quick facts: PageGroup

Price: 368.6 GBX

LSE:PAGE
Market: LSE
Market Cap: £1.25 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Red Rock Resources raises £1m to 'put rocket fuel into the engine'

  Red Rock Resources PLC's (LON:RRR) Andrew Bell talks to Proactive London about their £1m placing which will be used for their projects in Kenya, now that they have regained their license. Other projects in the Congo and Australia will also benefit from this placing and as Bell says,...

16 hours, 52 minutes ago

2 min read