Inchcape PLC - London-based car dealership chain - Deutsche Bank Research cuts to ’hold’ (buy) - price target 800 (1,000) pence
Analyst David Brockton reduces Deutsche’s price target on Inchcape shares and cuts its recommendation to ’hold’ following the company’s trading update on Thursday. Inchcape said revenue fell by 5% at constant currency to £2.1 billion in the first quarter. New vehicle volumes were down 3%. The decline in revenue reflected mixed market momentum and tough comparators, Inchcape said, with headwinds persisting in Asia-Pacific. Brockton notes that £2.1 billion is 22% of Deutsche’s forecast revenue for all of 2025, compared to 25% of the annual total achieved in the first quarter last year, as Inchcape indicates that product cycles and new contracts will skew growth to the second half of the year.
Current stock price: 659.64p, up 2.3% in London on Friday, having fallen 6.5% on Thursday
12-month change: down 16%
Copyright 2025 Alliance News Ltd. All Rights Reserved.