MARKET TALK: Seymour Pierce Cuts Game Group To Hold

17th Jun 2010 09:35

0835 GMT [Dow Jones] Seymour Pierce downgrades Game Group (GMG.LN) to hold from buy, following the company's trading update, which it describes as mixed. "Worryingly, the company must have come close to underperforming the games market in the UK, which was reported to have declined by 19% in the period, because, in particular, from competition from the food retail multiples," it says. However, encouragingly, the brokerage says the company has been quick to appoint a new Chief Executive, Ian Shepherd, who was previously Vodafone's (VOD.LN) UK consumer director. Shares -7% at 82p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 17, 2010 04:35 ET (08:35 GMT)