MARKET TALK: Exane Cuts Thomas Cook, TUI Price Targets

7th Jul 2010 14:04

1304 GMT [Dow Jones] Exane BNP Paribas cuts Thomas Cook (TCG.LN) price target to 260p from 310p and TUI Travel (TT.LN) price target to 280p from 330p. Rates both the stocks at outperform. Thinks the recent weakness offers a good entry point ahead of the mid-August 3Q results. Thinks '11 could turn out to be another challenging year for the industry, although says holidays remain a key spending item. Says with capacity under control, tour operators' earnings should remain fairly resilient with further internal restructuring in store. Thomas Cook is -3.6% at 178p and TUI Travel is -1.4% at 212p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 07, 2010 09:04 ET (13:04 GMT)