Sunday, June 24, 2007
Pendragon under pressure
ANALYST, Mike Allen of Panmure Gordon downgrades Pendragon from "buy" to "hold".
He said that the company's trading performance continues to be under pressure on account of rising interest rates and company-specific issues due to the ongoing disposal programme.
"The purchase of the Jaguar and Land Rover brands by private equity could lead to downsizing," he said, "which would exert pressure on dealer's margins.
Pendragon is scheduled to issue a trading up-date this Friday.
DATED: 24.06.07
FEED: AW
He said that the company's trading performance continues to be under pressure on account of rising interest rates and company-specific issues due to the ongoing disposal programme.
"The purchase of the Jaguar and Land Rover brands by private equity could lead to downsizing," he said, "which would exert pressure on dealer's margins.
Pendragon is scheduled to issue a trading up-date this Friday.
DATED: 24.06.07
FEED: AW
