Synthomer tumbles on Morgan Stanley downgrade
Synthomer
168.60p
16:34 13/11/24
-4.20%
-7.40p
Synthomer tumbled on Monday after Morgan Stanley downgraded the shares to ‘underweight’ from ‘overweight’ and slashed the price target to 400p from 568p.
Chemicals
7,302.81
17:14 13/11/24
-0.87%
-63.75
FTSE 250
20,359.21
17:14 13/11/24
n/a
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FTSE 350
4,434.70
17:14 13/11/24
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FTSE All-Share
4,392.88
16:44 13/11/24
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The bank cited a sharp deterioration in the supply outlook and associated risk of faster-than-expected normalisation in earnings.
"We believe this, combined with volume risks, a management transition and rising leverage, leaves risks skewed to the downside," it said.
At 1000 GMT, the shares were down 8.4% at 435p.