UBS downgrades SSP, shares slide

(Sharecast News) - UBS downgraded its rating on SSP on Tuesday, sending shares in the Upper Crust and Millie's Cookies owner tumbling. The stock was cut to 'neutral' from 'buy' and the price target slashed to 180p from 245p as UBS cited persisting uncertainty and a worsening capacity outlook.

"Risks to volumes in the travel retail industry linked to the Middle East conflict are increasing," the bank said.

SSP, an operator of food and beverage outlets in travel locations, also owns Ritazza and Le Grand Comptoir, among other brands.

At 1458 BST, the shares were down 6.7% at 164.80p.