RBC Capital Markets downgrades Abcam to ‘sector perform’.
RBC Capital Markets downgraded Abcam on Tuesday to ‘sector perform’ from ‘outperform’ and cut the price target to $22 from $23 as it recommended investors take profit on bid anticipation.
Abcam
13 December 2022 17:24:29
Source: Sharecast
It noted that the shares are up 40% in the last 10 days, and 65% in the quarter to date.
"It is unclear how advanced the ‘strategic inquiries’ are, and the valuation work in this report implies relatively little further upside on a transaction anyway," RBC said.
"We have always liked Abcam's fundamentals but see activist investor engagement and anticipation of a potential bid as likely to drive material volatility in the shares.
"While our $22 price target informs our downgrade to sector perform, we would take profits here."
N/A
ISIN:
N/A
Exchange: N/A
Sell:
N/A
Buy:
N/A
Change:
Date:
Prices delayed by at least 15 minutes
Compare our accounts
Whether you're looking for a Share Dealing Account, Stocks and Shares ISA or a Self-Invested Personal Pension (SIPP), we've got an account to suit your needs..
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.
