MARKET TALK: Shore Downgrades McBride To Hold From Buy

24th Jun 2010 07:57

0657 GMT [Dow Jones] Shore Capital downgrades McBride (MCB.LN) to hold from buy following the company's subdued update, which showed flat FY sales. Says the primary sales slowdown has been in Europe, with the group citing weak retail sales across many markets, such as Spain, France and Holland, rather than any increase in competitor activity. Also notes management highlighted the growing impact from rising input costs. As a result, Shore foresees further pressure on margins, with costs recovery likely to be a 3-6 months process. Shares closed Wednesday at 179p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 24, 2010 02:57 ET (06:57 GMT)