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Investing.com - JPMorgan has downgraded Getlink (PAR:GET) (OTC:GRPTF) from Overweight to Neutral and reduced its price target to EUR15.00 from EUR18.00.
The downgrade comes as rising yields in both the UK and France have negatively impacted JPMorgan’s discounted cash flow valuation of the Channel Tunnel operator’s shares.
JPMorgan also cited adverse macroeconomic conditions in both countries as factors limiting traffic growth for Getlink’s transportation services.
Despite the downgrade, JPMorgan acknowledged that Getlink still presents growth opportunities in its railway network toward the end of the decade and into the 2030s.
The firm has removed Getlink from its Analyst Focus List, indicating it prefers to wait for improved traffic and earnings momentum in the company’s core shuttles business or a more supportive valuation before returning to an Overweight rating.
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