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FTSE 250 movers: Asos out of fashion, IWG down on downgrade
(Sharecast News) - FTSE 250: 20,546.57, -0.33% at 1400 GMT Deutsche Bank adjusted its ratings on a number of retailers on Friday, as it noted that the European general retail sector ended 2022 on a "surprisingly good" note.
"Whilst 2023 is unlikely to be a great year for consumers, the outlook is getting noticeably less chilly in our view," it said.
That warmth didn't help Asos, where the target price was upped to 950p from 800p, but the stock fell 4.4%.
Analysts at Barclays downgraded insurance firm IWG to 'equal weight' on Friday.
Barclays stated nothing "material" has changed strategically, but said consensus seems optimistic on cash conversion in IWG's company-owned business and highlighted that it sees risk that the firm's city locations do not fully recover to pre-Covid profitability due to structural changes in the office rental market.
"We cannot yet gain conviction that the earlier-stage digital and capital-light businesses can be a sufficient offset, and we downgrade to EW with a 170p PT (-11%), implying 37x/20x FY23e/24e EV/NOPAT," said Barclays/
FTSE 250 - Risers
Virgin Money UK (VMUK) 193.00p 2.71% Network International Holdings (NETW) 287.80p 2.27% Bank of Georgia Group (BGEO) 2,730.00p 2.25% Tullow Oil (TLW) 35.44p 2.19% IP Group (IPO) 65.15p 1.96% TBC Bank Group (TBCG) 2,460.00p 1.86% Wetherspoon (J.D.) (JDW) 509.00p 1.60% Elementis (ELM) 128.30p 1.58% Ferrexpo (FXPO) 159.20p 1.53% Hill and Smith (HILS) 1,356.00p 1.50%
FTSE 250 - Fallers
IWG (IWG) 189.00p -4.40% ASOS (ASC) 948.50p -3.41% Baltic Classifieds Group (BCG) 145.00p -3.33% Urban Logistics Reit (SHED) 148.50p -3.26% Crest Nicholson Holdings (CRST) 242.20p -3.12% Tritax Big Box Reit (BBOX) 163.50p -2.85% Shaftesbury (SHB) 415.80p -2.71% Hunting (HTG) 330.00p -2.65% Bakkavor Group (BAKK) 113.40p -2.56% Moonpig Group (MOON) 130.80p -2.53%
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