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Moneysupermarket (MONY) -0.75% after Liberum rating downgrade
Moneysupermarket.com (MONY) closed 0.75% lower in London on Monday after Liberum downgraded the price comparison site to a hold rating.
Analysts believe that rival GoCompare, part of the GoCo Group (GOCO), is in a better position to increase its market share following its acquisition of media business Future.
GoCo, which also operates MyVoucherCodes.co.uk and LookAfterMyBills.com, completed a £594m deal to buy Future in November last year.
Liberum believes that Future’s consumer magazine portfolio will make it easier for GoCo to market its services, appeal to a wider audience, and support automated switching.
This will make it more difficult for Moneysupermarket to win back customers.
Liberum also sees fewer compelling insurance deals being a headwind for the comparison site, and considering the challenges, lower earnings in the future are expected.
Analysts decided to pivot from buy to hold for MONY on Monday and cut their price target by 45p to 290p.
Moneysupermarket shares slumped on the London Stock Exchange as the new week got underway, before rising slightly late on.
MONY eventually finished 0.75% down at 265p.
In contrast, GoCo made gains, rising early in the day and finishing up 4.24% at 132.60p.
US stock markets were closed on Monday (15th February) for President’s Day, with the Nasdaq and NYSE set to resume trading on Tuesday.
A number of companies are set to publish post-holiday reports before Friday’s close, including CVS Health Corporation (CVS), Analog Devices (ADI), Waste Management (WM) and Walmart (WMT).
Analysts see Walmart coming in with $1.51 per share earnings and $148.3bn sales versus the $1.38 and $141.7bn returns from a year ago.
Walmart shares have slipped 3.6% since its last corporate update in mid-November.
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