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De La Rue downgraded by Numis

14 April 2016 14:33

Numis has downgraded its recommendation on banknote printing specialist De La Rue (LON:DLAR) to hold from buy, despite stating that key facets of the company's latest trading update were better than expected second half currency results and far better than expected end full-year net debt.

However, based on the update, analysts have trimmed their target price to 518 pence per share (from 530 pence) and said:

"Savings from the manufacturing review equate to c.26% of est FY 15/16 PBT and the potential removal of CPS losses another 14.7%.

"Despite the chequered record and highly competitive trading conditions at 'optimise and flex' operations, DLAR retains considerable skills and expertise."

Meanwhile, Beaufort Securities reaffirmed its hold rating on the stock and commented: "We appreciate De La Rue's progress in FY 2016.

"However, the company is still in the rebuilding phase amid challenging market conditions."

At 2:33pm: (LON:DLAR) De La Rue PLC share price was -1p at 482p

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