Barclays downgrades Auction Technology to ‘equalweight’
Sharecast
Published Dec 05, 2023 09:38
Updated Dec 05, 2023 10:41
Barclays downgrades Auction Technology to ‘equalweight’
Sharecast - The bank said that while it remains constructive on the long-term structural growth of ATG (LON:ATG), it is now more cautious on the near-term cyclicality of the business.
"Management guidance expects no further deterioration in end-markets, but after two top-line misses in a row we prefer to see proof in the numbers," it said.
Barclays (LON:BARC) added that at 17x 2024 price-to-earnings, the valuation is not cheap.
At 0935 GMT, the shares were down 4.9% at 495.50p.
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