| CATEGORY: BROKER RECOMMENDATIONS SECTOR: MEDIA |
Broker snap: First Plus move prompts moneysupermarket cut |
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Wed 09 Jul 2008
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LONDON (SHARECAST) - Citigroup lowered its rating on moneysupermarket.com to ‘hold’ from ‘buy’ following the price comparison website’s announcement yesterday of the loss of a main revenue source.
Moneysupermarket shed over a fifth of its value Tuesday following confirmation that secured loans provider First Plus will stop accepting new business from 9 August.
First Plus is Barclays' main secured loan brand and the market's largest provider of secured loans.
Citi also slashed its target price on the stock to 85p from 150p.
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