fxl, page-13

I found that when analysts' downgrade, often price goes up...


UBS downgrades FXL to Neutral from Buy

Flexigroup reiterated FY15 guidance at its AGM but admitted the first four months have been tough. Beyond FY15, a challenging growth profile for consumer leasing and an already high base for Certegy means FXL's other divisions are going to have to do some serious heavy lifting, the broker warns.

FXL is doing a good job, the broker suggests, while a high degree of visibility in its book and a solid yield provide downside support. But competition, costs and a $2.5m loan provision are making life difficult. downgrade to Neutral, target $3.39 from $4.25.