STOCKS NEWS EUROPE-Raymarine down; broker says "sell"

Shares in Raymarine (RAY.L) fall 5.9 percent, extending Friday's losses, as Seymour Pierce repeats its "sell" rating on the supplier of electronic equipment to the marine market after the company said it is close to the limit of its banking facilities.

Seymour Pierce says it is reviewing its forecasts in light of Friday's announcement but notes "there has been some corporate action in recent months in the marine electronics market but nothing on the scale of a refinancing".

The broker cites Navico ANV.HM and Garmin (GRMN.O) as potential suitors, but questions whether either are in a position to step in at the moment.

"We believe that Raymarine is, despite recent failings, a good business with a well regarded global brand because of this the equity fundraising has some potential but we would expect it to come at a discount with strings attached," the broker adds.

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