MARKET TALK: Goldman Sachs Downgrades Ceres Power To Neutral

20th Jul 2010 10:24

0924 GMT [Dow Jones] Goldman Sachs downgrades Ceres Power (CWR.LN) to neutral from buy and slashes the price target to 75p from 350p. This follows the announcement on July 2 that the company is delaying the initial product sales of its combined heat and power boilers until mid-2012. Goldman says its original investment thesis was based on long-term growth potential, and this is now receding in time. Says the delay is disappointing but the longer term growth trend remains encouraging particularly given the strategic partnerships with British Gas, Calor Gas and Bord Gais. Shares are +0.9% at 58.5p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 20, 2010 05:24 ET (09:24 GMT)