Posted on 3 December 2015 12:33 | DOW JONES INSTITUTIONAL NEWS
0233 GMT [Dow Jones]
Macquarie lowers Spotless (SPO.AU) to neutral from outperform. This after the Australian cleaning and catering contractor warned annual net profit would fall by about 10% amid tighter economic conditions, delayed tender decisions and a longer-than-expected timeframe for integrating acquisitions. "Credibility is impacted given this announcement is coming only six weeks after the annual general meeting," Macquarie says. Macquarie cuts its price target to A$1.42/share from A$2.25. ([email protected]; Twitter: @beckthurlow)
SPO Price at posting:
$1.24 Sentiment: Buy Disclosure: Held