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FTSE 250 movers: Dr Martens strides ahead on rating upgrade; Close Bros slips
(Sharecast News) - FTSE 250 (MCX) 21,741.83 -0.08% Dr Martens was the standout gainer on the FTSE 250 on the back of a rating upgrade by Peel Hunt.
Close Brothers slumped after RBC Capital downgraded the stock to 'sector perform' from 'outperform'.
It noted the shares are up around 120% year-to-date, and now trade at 0.56x TBV one year-forward for a 5.9% return on tangible equity.
"Our thesis that there would be a positive motor finance Supreme Court (SC) outcome played out, and we have run out of upside," it said.
RBC pointed to the company's full-year results due in September and said management is incentivised to reset expectations lower, in its view.
"Therefore, we downgrade to sector perform and remove our Speculative risk qualifier," the bank said.
"We make no changes to our estimates, but note that our numbers already had included the removal of Winterflood following the disposal announcement."
RBC left its price target on the stock unchanged at 525p.
FTSE 250 - Risers
Dr. Martens (DOCS) 81.15p 8.63% Bridgepoint Group (Reg S) (BPT) 349.40p 2.70% Endeavour Mining (EDV) 2,518.00p 2.52% Moonpig Group (MOON) 209.00p 2.45% Chemring Group (CHG) 547.00p 2.24% W.A.G Payment Solutions (WPS) 90.80p 2.02% JPMorgan Indian Investment Trust (JII) 1,064.00p 1.92% Ashoka India Equity Investment Trust (AIE) 268.00p 1.90% Future (FUTR) 757.00p 1.88% QinetiQ Group (QQ.) 490.60p 1.87%
FTSE 250 - Fallers
Close Brothers Group (CBG) 493.20p -4.42% Crest Nicholson Holdings (CRST) 174.20p -2.68% Breedon Group (BREE) 367.20p -2.39% Hill and Smith (HILS) 2,110.00p -2.31% Harworth Group (HWG) 176.00p -2.22% Cranswick (CWK) 5,140.00p -2.10% Hays (HAS) 61.70p -2.06% Great Portland Estates (GPE) 317.00p -2.01% Harbour Energy (HBR) 224.00p -1.93% Morgan Advanced Materials (MGAM) 199.60p -1.92%
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