Numis has cut its investment rating on Oxford Instruments (LON:OXIG) to 'hold' (from 'buy') on the back of the high-tech group's annual general meeting update in which it confirmed that underlying trading in the year to date continues to see some headwinds across the business.
It said: "We reduce our underlying growth assumptions and now forecast a 3% YoY decline in revenue at constant currencies in FY17E. This is offset by the benefit of FX, resulting in our FY17E EPS estimate broadly unchanged at 51.6p."
Analysts have reduced their target price to 815 pence a share (from 880 pence), reflecting the less certain short term growth outlook.
At 1:30pm: (LON:OXIG) Oxford Instruments PLC share price was -27.5p at 692p