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London Stock Exchange Group shares dropped 4% after UBS cut its rating to neutral from buy and lowered its price target to 8500 pence from 9000 pence. Analysts led by Michael Werner gave three reasons for the downgrade. One is the rising pound , as two-thirds of its EBITDA is in U.S. dollars. The second is valuation, as LSE is trading at the upper end of its 18-month trading range. The third reason was share overhang, as lock-ups on the 35% stake held by Blackstone and Thomson Reuters begin to unlock.

-Steve Goldstein

(END) Dow Jones Newswires

December 08, 2022 05:03 ET (10:03 GMT)

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