MARKET TALK: Evo Downgrades Micro Focus To Neutral From Buy

24th Jun 2010 12:37

1137 GMT [Dow Jones] Evolution Securities downgrades Micro Focus International (MCRO.LN) to neutral from buy and places its 602p price target under review. Says the unexpected departure of the company's chief financial officer is a major negative. Notes: "Nick Bray together with Stephen Kelly were the architects behind the Micro Focus turnaround and M&A campaign from '06 on, so for them to both leave within 12 months of one another is unwelcome and will prompt speculation over real prospects for the business." Notes the company's FY results are broadly as pre-announced, but says guidance is slightly disappointing. Shares -11% at 470p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 24, 2010 07:37 ET (11:37 GMT)