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Premier Farnell downgraded by Numis

18 March 2016 14:31

Numis has moderated its investment rating on technology group Premier Farnell (LON:PFL) and moved to an add rating from buy, on the back of the Company's full year results, which it reckons highlights cost savings leakage.

The broker said: "Management delivered adjusted operating profit (GBP73m) in line with the most recent guidance, and re-iterated that it was on track to deliver GBP19m of annualised cost savings by FY17/18.

"However, underlying cost inflation and re-investment in the business as it moves to the global operating model will offset some of these savings."

As a result, analysts have reduced their target price to 140 pence per share from 150 pence.

The broker has also lowered its EBIT forecasts for FY16/17 and FY17/18 by 10-11%, and EPS by 7-12%.

At 2:31pm: (LON:PFL) Premier Farnell PLC share price was -0.37p at 115.63p

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