WEIR Group has been downgraded by brokers at Investec amid ongoing concerns over falling oil and commodity prices.
WEIR Group has been downgraded by brokers at Investec amid ongoing concerns over falling oil and commodity prices.
In a note to clients Thomas Rands, from Investec, recommended a sell rating on Weir??s stock.
He noted ??almost every important data point [is] trending negatively?? and reduced earnings per forecasts for 2015 by 16 per cent and 2016 by 21 per cent.
Mr Rands said: ??Holding the line is no longer an option: We think it is unlikely the company will comment until its preliminary results in March. However, by then we suspect that current trends in the group??s key end markets will be impacting the trading performance and outlook.??
While noting Weir??s shares have already fallen in recent weeks Mr Rands said long-term prospects for the business remain good. He added: ??The outlook is better as the group has good positions in what should be growth end markets.??
Weir's shares closed down 29p at 1798p.
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