Source - SMW
Numis has cut its rating on Morses Club (LON:MCL) to 'add' from 'buy' on the back of the consumer finance company's first half trading update.

The broker said: "Morses is now being valued at a significant, but justifiable (given its comparative lack of economic sensitivity and because unlike most of the rest of the sub-sector it is not currently, significantly over-earning) premium to the specialist lenders sub-sector being valued at 11.1x this years earnings."

Numis has set a target price of 130 pence a share.

At 2:39pm: (LON:MCL) Morses Club Plc Ord Gbp0.01 share price was -3p at 114p