MARKET TALK: KBC Peel Hunt Downgrades CVS To Hold From Buy

29th Jun 2010 10:49

0949 GMT [Dow Jones] KBC Peel Hunt downgrades CVS Group (CVSG.LN) to hold from buy and target to 150p from 250p. Notes year end sales are expected to come in at around GBP85M, vs KBC's estimate of GBP87.5M, after a disappointing May and June. KBC cuts it '10 pretax profit forecast to GBP9.1M from GBP10.4M and EPS estimate to 13.6p from 15.4p. Says the weak like-for-like trend is a concern and it will take time for confidence to rebuild. Shares -32% at 102p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 29, 2010 05:49 ET (09:49 GMT)