FT: Pilkington lower, Goldman downgrades on poor earnings climate

Shares in Pilkington PLC lost ground in weak midmorning trade, in the wake of a ratings downgrade from Goldman Sachs, which blamed a deteriorating earnings climate for their move, dealers said.

The US broker downgraded Pilkington - glassmaker to the automotive and building products industries - to 'market underperformer' from 'market perform'. However, it retained its 12-18 month price target of 85 pence on Pilkington.

Goldman says Pilkington is vulnerable to slumping consumer sentiment, and the consequential squeeze on volumes, due to its exposure to the automotive and residential construction sectors.

This will also be pressure on glass prices and Pilkington's margins, it added.

Even more worrying for Pilkington, the broker recommends its clients switch to Lafarge Corp, on which it has a price objective of 129 eur.
......More information available on the source link below

600450 FT: Pilkington lower, Goldman downgrades on poor earnings climate glassonweb.com
Date: 4 October 2001
Source: FT

See more news about:

Others also read

Prism Architectural are pleased to announce the appointment by Knight Harwood to deliver the external glazing to Kings College, Wimbledon.
Allegion, plc, a leading global security products and solutions provider, has acquired Technical Glass Products (TGP) through one of its subsidiaries.
When designing a three-story restaurant overlooking the Chicago River, a client approached Solar Innovations® for a custom Folding Glass Wall.
Pilkington Spectrum, one of the industry’s most popular glass specifying tool, is now available to use on-the-go following the launch of a new smartphone app.
The W&W Glass installation utilized a Sotawall® Hybrid-Wall® unitized curtain wall system and a Pilkington Optiwhite™ Pilkington Planar™ point supported structural glass retail storefront system at the podium.
Pilkington United Kingdom Limited, part of the NSG Group, has two new patterns joining its popular Pilkington Texture Glass range.

Add new comment