World Kinect falls as BofA downgrades to 'underperform'

World Kinect

26/06/2023 18:15

** Shares of global energy management company World Kinect
 WKC.N  down 7.91% at $20.84
    ** BofA Securities downgrades WKC to "underperform" from
"buy", citing macro headwinds from declining crude prices
    ** Brokerage cuts WKC PT to $22 from $29
    ** "Given the leading correlation crude price has with
operating profits, we expect earnings pressure to rise as its
volume outlook turns more muted" - brokerage
    ** YTD, WKC down 24.37% including session's move

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))