September 10, 2015 / 8:49 AM / 3 years ago

BUZZ-Entertainment One: slips further as brokerage highlights ongoing FX woes

** TV distributor Entertainment One down 2.5 pct in hefty volumes, adding to massive losses from day earlier, among top FTSE midcap losers & top loser on FTSE-350 media stocks

** JP Morgan cuts TP to 360p pct from 382p vs analysts’ median of 401p, as it cuts its estimates as negative forex movement takes its toll

** Analysts still broadly positive on stock with 6 of 8 brokerages rating the stock “buy” or higher, vs 2 that rate it “hold”, “sell” or lower

** JP Morgan cuts 2016E & 2017E EPS estimates by 6.2 pct & 2.5 pct respectively

** Co’s management on Wednesday flagged continued pressure on reported rev from appreciation of pound sterling vs Canadian Dollar and Euro

** Strong pound hurting topline a continued theme among British cos for now more than 1 yr

** About 1.4 times 30-day daily avg volume traded through in first 1.5 hrs

** Stock underperformed midcap index massively, down almost twice as much as index on YTD basis (RM:

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