Broker snap: HSBC slashes Thomas Cook price target

24th Nov 2011 15:56

On the day the shares of cash-strapped package tour operator Thomas Cook staged a spirited recovery, HSBC reiterated its neutral recommendation for the stock and slashed its price target to 13p from 47p. This reduction comes after the travel agency announced it is in negotiations with banks to obtain greater financing due to lower sales in some parts of the business in the current quarter.HSBC expects banks to reach an agreement with the group.M.D.

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