UK's Frasers hits over 2-yr low as Barclays cuts rating, target price

Mulberry

09/12/2024 08:28

** Shares in Frasers Group  FRAS.L  drop 1.4% to over
two-year low of 629p, among top pct losers in the FTSE blue-chip
index  .FTSE  
    ** Shares hit lowest levels since October 2022
    ** Analysts at Barclays downgrade the UK sportswear retailer
to "equal-weight" from "overweight"
    ** Says "we struggle to see wider synergies" from its
capital allocation on listed equities
    ** Frasers has significant stakes in multiple retailers
including Boohoo  BOOH.L , Mulberry  MUL.L  and Hugo Boss
 BOSSn.DE    
    ** Brokerage cuts target price to 760p from 905p 
    ** Stock down ~30% so far this year 




 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))