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De La Rue downgraded by Citigroup

04 May 2017 15:10

Citigroup has moderated it call on the shares of banknote printer De La Rue (LON:DLAR) and moved to a neutral rating after questioning "Is Crane poised to disrupt industry returns?".

The broker concluded: "While currency print supply/demand dynamics continue to improve, particularly with Joh Enschede's recent closure, Crane's $100m investment in a new facility in Malta, scheduled to open mid-2018, could bring back industry oversupply.

"Our previous supply/demand inflection thesis no longer feels tenable so we downgrade our rating from Buy to Neutral."

Target unchanged at 710p per share.

At 3:10pm: (LON:DLAR) De La Rue PLC share price was -26p at 637.5p

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