UBS downgrades to Neutral from Buy, believing risks are now more balanced. The broker assesses the market is pricing in a solid outcome for the sale of the engineering & services business.
However, net sale proceeds could be materially lower than the market expects, in the broker’s opinion, given the higher-than-expected negative working capital balance in that division. Target is raised to $17.50 from $16.30.
Sector: Real Estate.
Target price is $17.50.Current Price is $16.95. Difference: $0.55 – (brackets indicate current price is over target). If LLC meets the UBS target it will return approximately 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
