Jefferies downgrades CMC Markets; expects weaker performance
30/03/2023 13:26
** Jefferies downgrades UK online retail financial services
provider CMC Markets CMCX.L to "hold" from "buy"; trims PT to
190p from 275p
** Brokerage cuts its estimates as CMC Invest UK unit is
still too new to make a meaningful contribution, and
stockbroking income will come down from pandemic highs
** Adds CMCX's peers IG Group Holdings IGG.L and Plus500
Ltd PLUSP.L have maintained their FY guidance despite market
volatility, which tends to benefit stockbrokers
** "It is possible CMC has lost market share in leveraged
trading" - Jefferies
** CMCX down 21.87% YTD
(Reporting by Aniruddha Ghosh in Bengaluru)
((Aniruddha.Ghosh@thomsonreuters.com; 91 83 83 81 2416;))