MARKET TALK: JPMorgan Cuts Intl Personal Finance To Underweight

7th Jul 2010 07:12

0612 GMT [Dow Jones] JPMorgan Cazenove downgrades International Personal Finance (IPF.LN) to underweight from neutral, citing currency headwinds. Believes the combination of weak operating currencies and higher funding costs will reduce consensus estimates, and investor sentiment will continue to be influenced by macroeconomic concerns. As a result, reckons the stock will underperform the sector. Still, says the stock's rating does not reflect the medium-term growth potential in the markets in which it operates. Adds the dividend remains well covered and expects modest growth at the interim stage. Shares closed Tuesday at 205p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 07, 2010 02:12 ET (06:12 GMT)