RBC Capital Markets cuts IWG price target
International Workplace Group
167.10p
15:39 22/11/24
1.21%
2.00p
RBC Capital Markets cut its price target on IWG on Monday to 155p from 190p, keeping the rating at ‘sector perform’ as it sees better value in other cyclicals.
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"Whilst IWG's recent update pointed to FY trading in line with expectations, we have reduced our 24E EBITDA forecasts by 10%," RBC said.
"This reflects forex, caution on the overall macro and impact on supply/usage of office space, along with uncertainty around WeWork's future (and ongoing pricing strategy).
"In our view, whilst a SOP buy case could be constructed, we have limited granularity on Worka and there are just too many uncertainties at this point."