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Peel Hunt cuts earnings by 30% for Hikma

21 August 2017 10:27

Peel Hunt has cut its earnings by 30% for Hikma Pharma (LON:HIK), while the price target falls to £13.90 from £21.50.

The downgrades were made in the wake of last week's profit warning. The interim results revealed the firm had been hit by a further downturn in the fortunes of its generics business.

Peel's recommendation remains 'hold'.

"The shares have been swift to discount these incremental concerns (the stock is down around 15% since the first-half release); so upside to our target price remains despite our downgrades, keeping us at hold," the broker said in a note to clients.

At 10:27am: (LON:HIK) Hikma Pharmaceuticals PLC share price was +15p at 1134p

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