Synthomer tumbles on Morgan Stanley downgrade

By Michele Maatouk

Date: Monday 06 Dec 2021

(Sharecast News) - Synthomer tumbled on Monday after Morgan Stanley downgraded the shares to 'underweight' from 'overweight' and slashed the price target to 400p from 568p.
The bank cited a sharp deterioration in the supply outlook and associated risk of faster-than-expected normalisation in earnings.

"We believe this, combined with volume risks, a management transition and rising leverage, leaves risks skewed to the downside," it said.

At 1000 GMT, the shares were down 8.4% at 435p.

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