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Premier Farnell downgraded by Credit Suisse

15 July 2015 13:37

Equity research analysts at Credit Suisse have cut their recommendation on electronics group Premier Farnell (LON:PFL) to neutral from outperform, which it stated was primarily due to the limited scope for a re-rating in light of the challenging market environment.

The broker added: "Although we have previously argued the relative merits of PFL's investment case over that of key peer Electrocomponents (U/P), recent deteriorating trends in the gross profit (GP) margin and news of the launch of AmazonBusiness in the US in April 2015 have diminished our confidence in the strength of the standalone equity story."

Credit Suisse has also cut its target price to 175 pence a share from 210 pence.

The shares have increased in value by 2 per cent in the last six months, despite falling by 12 per cent in the past month.

At 1:37pm: (LON:PFL) Premier Farnell PLC share price was -5.9p at 166.8p

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