Cordiant Stock Slides After UBS Warburg Downgrade

10 September 2001

UBS Warburg, the UK arm of Swiss financial conglomerate UBS AG, announced Friday it had downgraded its recommendations for London-headquartered Cordiant Communications Group.

Setting aside its vat of viscera, the seer switched its guidance to investors from “buy” to “hold”, at the same time lowering its price target on Cordiant stock by 10% from 200p to 180p. No other details were given.

The move triggered an early morning slippage of 5.4% in the advertising group’s stock, at 08.17 GMT Friday down by 9p to £1.57.5. By close of trading the slippage had widened to 6.8%

News source: CampaignLive (UK)