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RBC Capital downgrades Morgan Advanced to 'sector perform'
(Sharecast News) - RBC Capital Markets downgraded its stance on Morgan Advanced Materials on Tuesday to 'sector perform' from 'outperform' and cut the price target to 210p from 250p as it said the market was likely to "look for proof of improvement". "There remains significant medium term potential at Morgan Advanced, in our view, and a December strategy event should highlight some of the opportunity with the strategic vision of new CEO Damien Caby," RBC said.
"However, the tough trading highlighted in the October profit warning provides a lower run rate of profitability into 2026."
The bank said it expects 2026 EBITA to decline year-on-year to a level around 35% below 2022 delivery.
"In this context we expect the market to adopt more of a 'show me' attitude to the share from here and as such downgrade to sector perform," it said.
At 1045 GMT, the shares were down 2.3% at 190.66p.
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