Travel group, Thomas Cook Group (TCG.L) was downgraded by Numis Securities today as the company continues to struggle to cut its losses and return to profit.
Numis changed its recommendation to ‘hold’ from ‘add’ after Thomas Cook revealed that although its losses have been cut for the last quarter, revenue is down as fewer people are visiting Egypt amidst continuing problem in that area of the world.
Numis said in a broker note: “We believe there is little in the first-quarter announcement to excite the market in the short-term and expect some consolidation in the share price.”
Travel group, Thomas Cook Group (TCG.L) was downgraded by Numis Securities today as the company continues to struggle to cut its losses and return to profit.
Numis changed its recommendation to ‘hold’ from ‘add’ after Thomas Cook revealed that although its losses have been cut for the last quarter, revenue is down as fewer people are visiting Egypt amidst continuing problem in that area of the world.
Numis said in a broker note: “We believe there is little in the first-quarter announcement to excite the market in the short-term and expect some consolidation in the share price.”
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