Please select the second broker
Codemasters (CDM) +0.33% despite Citi rating downgrade
British video game developer Codemasters Group Holdings (CDM) closed 0.33% higher on Monday, even though Citigroup downgraded its rating for the company to neutral.
Codemasters is set to be acquired by prolific video gamer producer Electronic Arts (EA) in a deal worth £954m, but industry experts were expecting other companies to come in with a counter offer.
New bids have not emerged and Citigroup believes that any further interest from other third parties is now “looking unlikely”.
Take-Two Interactive Software (TTWO), owner of the Grand Theft Auto franchise, did try to gatecrash EA’s acquisition with a £735m offer, but this has now lapsed.
Analysts believe that the lack of further interest could impact Codemasters’ stock moving forward, and Citigroup decided to pivot from a buy rating to neutral on Monday.
“As a result, we see limited upside from the current offer price and rate Codemasters Neutral,” Citi noted.
Citi also offered a new 604 GBX share price for Codemasters.
Despite the downgrade, CDM shares ticked higher when the London Stock Exchange opened on Monday.
Codemasters eventually closed 0.33% up at 602 GBX.
Dixons Carphone (DC) jumped 4.77% to 125.10 GBX at the start of the new week after RBC upgraded the electrical and telecoms retailer to an outperform rating.
Analysts at the Canadian bank believe that Dixons Carphone’s recent success in Scandinavian markets has largely gone unnoticed by investors in London.
However, RBC said that DC is exploring the possibility of a minority listing for its Nordics business in 2021 in a move that would “shine a light on its strong position and recent performance”.
US stock markets were closed on Monday for the annual Martin Luther King Jr. holiday.
Scam Brokers, Broker Complaints
Are you aware of a scam broker or want to make a broker complaint?
We want our site users to find good brokers to trade through and to be warned off bad brokers. We encourage you to use our complaints tool to let us know about your experiences.
We have categorised the common complaints to make it easier for you and we have provided some guidance on what you may want to try before submitting a complaint, if our suggestions do not provide you with a resolution then by submitting a complaint, our team will attempt to take up your case with the relevant Broker and if needed, submit a formal report to the regulators.
We use the information you give us to decide if we want to continue to promote a broker on our site.
Your scam broker complaint not only helps you, it helps others and it helps us determine if we continue to support the broker.