Numis has downgraded its recommendation on Countrywide (LON:CWD) to ‘hold’ from ‘add’ on the back of the property services company’s latest trading update, which has prompted it to downgrade 2016 and 2017 EPS estimates by 12% and 40% respectively.
The broker added: “Overall, it is clear that the market backdrop remains challenging, and will continue to be so for the foreseeable future due to low mortgage approvals and continued pressure of fees.”
Analysts have reduced their target price to 175 pence per share.
At 1:54pm: (LON:CWD) Countrywide Plc share price was +3.6p at 173.1p
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