Digital Look.png Ratings Agency Cuts Pearson Down to Size Renae Dyer, Digital Look, London, 29 April 2016 Numis reiterated a ‘reduce’ rating and target price of 640p for Pearson on Friday after the education publisher reported its first quarter trading update. The company reported a 4% drop in first quarter sales in underlying sales, reflecting expected weakness in assessment revenues in the UK and US which are weighted to the first half. Revenues were down 9% at constant exchange rates and headline sales declined by 6%. Pearson-logo-2016.png Going pear-shaped Pearson said it was trading in line with expectations during the period with adjusted operating profit and adjusted earnings per share before the costs of restructuring still expected to be £580-£620m and 50p-55p respectively. “The first quarter is the smallest quarter for Pearson and very small in the context of the year,” Numis said. “We remain comfortable with a Reduce recommendation on Pearson, no change to estimates, we retain a blended multiples based target of 640p.” From: http://www.digitallook.com/news/broker-recommendations/numis-reiterates-redu ce-rating-for-pearson--1143709.html -- -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] . --- You received this message because you are subscribed to the Google Groups "YCLSA Discussion Forum" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
