Analysts at the German investment bank WestLB Panmure, have cut their rating on Scottish & Newcastle to “neutral” from “outperform” with a 402 pence share price target.
In a research note, analyst Stuart Price said his rating was down to “the group’s lack of a horizontally integrated business model and over-exposure to consolidated and intensely competitive markets”.
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“Given its 42 percent share of the French market, 34 percent share of the Russian market and 28 percent in the UK, we contend that the company is a sitting duck for potential bidders,” said the note.
