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STOCKS NEWS EUROPE-Aegis weak; Cazenove downgrades

Thu Jul 2, 2009 9:26am EDT

Stocks

   

Shares in Aegis Group (AEGS.L) fall 6.2 percent as Cazenove cuts its rating to "in-line" from "outperform" following recent significant sector outperformance by the marketing communications firm's stock.

The broker points out that Aegis shares were up 20 percent in June alone and are ahead 30 percent in the year-to-date.

Cazenove says given the deteriorating second-quarter trends being reported by Aegis' competitors it expects cyclical headwinds to provide a difficult near term backdrop for the shares.

In addition, the broker says, as it expects Aegis' interim results to be weak, it sees a relatively high risk of the recent outperformance reversing until visibility and trading conditions improve.

Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net


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