Thursday July 3, 11:38 AM
Broker snap: Yell Group target price slashed at ABN Amro
LONDON (ShareCast) - ABN Amro (Amsterdam: ABAGB.AS - news) has lowered its rating on Yell Group (LSE: YELL.L
- news) to 'hold' from 'buy' and slashed its target price on the directories group to 70p from 335p. The broker said that if Yell breaches its banking covenants, banks may demand a less aggressive balance sheet structure as a price for refinancing the company's debt. A material rights issue may be needed, ABN Amro said.
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