- Trainline
- 03 December 2025 09:09:14
Source: Sharecast
The bank said the downgrade was down to a less favourable operational set-up into 2026, and ongoing - and arguably heightened - regulatory and competitive risk.
JPM also said it sees growing uncertainty on the evolving AI landscape as an added overhang to the investment case.
"Near-term, the government’s announced freeze in regulated rail fares across England is set to pressure stalling UK consumer net ticket sales (flat in FY27E), while this week's government announcement underwrites ambitions for GBR to create a government-backed digital retail platform (website & app) - paving the way for a more consolidated and competitive landscape in years to come," it said.
"While mindful of strong cash generation and sizeable shareholder returns (£150m SBB ongoing, JPMe £75m recurring from FY27E), we see negative risk/reward from growing risk of serving an increasingly regulated and nationalized market, with a growing theme of AI disruption potentially commanding increased efforts to maintain Trainline’s leadership position."
At 0845 GMT, the shares were down 8.5% at 207.40p.