Cantor Fitzgerald has downgraded its recommendation on specialist engineer Pressure Technologies (LON:PRES) to 'hold' from 'buy', despite commenting that the company was "coping well in difficult conditions".
Analyst Richard Hickinbotham said: "The Group's trading update results in a material reduction in our FY2016E forecast. Whilst the statement notes that the three manufacturing divisions - Cylinders, Precision Machined Components and Engineered Products - continue to trade in-line with market forecasts, the Alternative Energy Division has been impacted by legacy contract issues and delays to already awarded contracts, which have run ahead of our expectation."
Cantor has left its target unchanged at 161 pence per share, broadly in line with the current share price.
At 2:22pm: (LON:PRES) Pressure Technologies PLC share price was -16p at 141.5p