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Canaccord cuts rating on Cape

02 December 2016 14:13

Research analysts at Canaccord Genuity have moved to a 'speculative buy' position on engineering specialist Cape (LON:CIU) - previously rated as an outright 'buy' - stating that "On the one hand, underlying performance is strong..." but adding "...on the other, litigation is likely to dominate 2017".

The broker said: "Whilst we continue to see an attractive trading outcome for Cape's businesses, with additional awards in Australia being bid on presently and the potential for Prelude work to extend beyond the existing schedule, we believe that the market is likely to focus primarily on the litigation and dividend risk for the foreseeable future."

Canaccord has slashed its target to 220 pence per share from 350 pence.

At 2:13pm: (LON:CIU) Cape PLC share price was -3.62p at 144.88p

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