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Senior downgraded by Canaccord

01 November 2016 14:20

Canaccord Genuity has downgraded its recommendation on Senior (LON:SNR) to 'hold' from 'buy', on short-term concerns after the engineering group issued a disappointing third-quarter trading update.

The broker said: "We were evidently right to be concerned around a slower ramp up in commercial programmes - Senior specifically cited the CSeries and A320neo in this update.

"However, we had not anticipated the issues of the company achieving price increases on contracts with customers where it had already agreed content increases."

Analysts have reduced their price target to 190 pence a share from 240 pence.

Meanwhile, Liberum Capital reiterated its 'hold' rating on the stock but cut its target to 180 pence from 225 pence.

It commented: "We like Senior's historic cash generation, accounting and rising aircraft content.

"However, further potential volatility in aircraft production rate rises and ongoing pricing pressure leads us to believe downside risk lingers."

At 2:20pm: (LON:SNR) Senior PLC share price was -2.2p at 172.1p

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