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Premier Farnell downgraded by Citigroup

24 September 2015 13:19

Citigroup has downgraded its recommendation on Premier Farnell (LON:PFL) to sell from neutral, stating that the electronics distributor seems structurally challenged after another earnings downgrade.

The broker added: "Given uncertainty over its ability to deliver sales growth and operating leverage, we feel earnings risk remains on the downside as management struggles to offset ongoing gross margin erosion."

Analysts have lowered their target to 90 pence a share (from 140 pence), which they said was to reflect earnings downgrades, heightened business risk due to Strategy Refocus and structural challenges.

At 1:19pm: (LON:PFL) Premier Farnell PLC share price was -6.12p at 102.13p

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