Synthomer tumbles on Morgan Stanley downgrade
Synthomer
327.50p
16:54 16/05/24
7.55%
23.00p
Synthomer tumbled on Monday after Morgan Stanley downgraded the shares to ‘underweight’ from ‘overweight’ and slashed the price target to 400p from 568p.
Chemicals
9,432.67
17:09 16/05/24
-1.63%
-156.62
FTSE 250
20,822.84
17:14 16/05/24
n/a
n/a
FTSE 350
4,642.54
17:15 16/05/24
n/a
n/a
FTSE All-Share
4,594.70
16:50 16/05/24
n/a
n/a
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.