MARKET TALK: Investec Cuts SThree Price Target

19th Jul 2010 09:54

0854 GMT [Dow Jones] Investec Securities cuts SThree (STHR.LN) to 375p from 390p following the company's results. Says: "Although the recovery is underway, we believe that our previous expectations were too ambitious and we are reducing our forecasts." Cuts '10 EPS estimate to 9.26p from 10.85p and '11 EPS estimate to 16.99p from 19.78p. Nevertheless, remains confident the group will generate strong recovery over the next two to three years and maintains buy recommendation. Shares -4.4% at 280p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 19, 2010 04:54 ET (08:54 GMT)