MARKET TALK: UBS Decreases McKay Securities Price Target

21st Jun 2010 10:52

0952 GMT [Dow Jones] UBS decreases McKay Securities (MCKS.LN) price target to 165p from 200p reflecting the weaker earnings outlook and expected lack of upcoming catalysts. The company's FY '10 pre-exceptional profits are 6% below the brokerage's estimates, largely due to higher administration costs. Cuts '11 EPS forecast to 9.3p from 11.2p and '12 to 8.8p from 9.1p. Meanwhile, says in the likely absence of near-term acquisitions, expects the focus will be on the performance of the group's portfolio. Says the group will have to work hard to maintain occupancy at its current level due to upcoming lease breaks/expiries. Leaves at buy. Shares flat at 143p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 21, 2010 05:52 ET (09:52 GMT)