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Berenberg downgrades NCC

24 July 2017 15:53

Berenberg has moved to a sell rating (from hold) on cyber security and risk mitigation services provider NCC Group (LON:NCC), believing the restructuring has now been priced in.

The bank highlighted that the shares are up by 70% since the lows seen in February and even on its upwardly revised price target of 155 pence a share (up from 115 pence) the shares still imply 20% potential downside.

Berenberg added: "...although its plans are credible, we cannot justify paying the current multiple given there are still significant risks regarding delivery."

At 3:53pm: (LON:NCC) NCC Group PLC share price was -0.25p at 198.25p

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