1019 GMT - YouGov's underperformance could make the polling business a bid target for private equity, which likes market research companies, HSBC writes in a research note as it double-downgrades the stock and cuts its target price. It will take time for YouGov's management to rebuild credibility with investors after failing to deliver on the growth prospects it had previously outlined, HSBC says. The U.K. company should focus on bringing down costs, improving transparency, and speeding up the delivery of synergies with GfK CBP, the household purchase data business it bought in January, HSBC says. The U.K. bank cuts its rating on the stock to reduce from buy and slashes the target price to 370 pence from 1,165 pence. Shares are up 3.9% at 457 pence, having fallen 86% on Thursday. (cristina.gallardo@wsj.com)
(END) Dow Jones Newswires
June 21, 2024 06:19 ET (10:19 GMT)
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