National Express - reduce
National Express remains on a reduce rating at broker Arbuthnot, with a target price of 260p.
Arbuthnot views the lack of a solution to the problems at the East Coast franchise and the soft trading in other divisions as negative.
The continuing uncertainty over the group's exposure to rail, due to the lack of clarity on the validity of the cross default clauses in the group's other rail contracts, is an obstacle to a refinancing and a rights issue to sort out the group's capital structure.
Arbuthnot views the lack of a solution to the problems at the East Coast franchise and the soft trading in other divisions as negative.
The continuing uncertainty over the group's exposure to rail, due to the lack of clarity on the validity of the cross default clauses in the group's other rail contracts, is an obstacle to a refinancing and a rights issue to sort out the group's capital structure.
Story provided by Business Financial Newswire
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