Thursday May 8, 01:20 PM
Broker snap: JPM downgrades Carphone Warehouse after rally
LONDON (ShareCast) - JP Morgan has lowered its rating on Carphone Warehouse (LSE: CPW.L - news) to 'neutral' from 'overweight'
following a recovery in the mobile phone retailer's share price recently.JPM said that a fall in Carphone's share price in April had been overdone, as negative debt news masked a decent outlook for the company. However, it noted that the company has recovered 30% in the past three weeks and says it now sees limited scope for further rises over the next three to six months. It retains its 380p price target on the company.
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