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Purplebricks – Berenberg slashes target price by over 80%

first_imgCould this be a Friday nightmare for Purplebricks? Berenberg has today taken a huge swipe at the business, saying that, “With slowing growth and accelerating cash burn we believe the group risks being forced to raise additional equity (at a significant discount to last summer’s 360p raise) or reduce marketing spend and abandon the Australian and US operations.”Berenberg cut its price target from 470p to 80p and downgraded the stock from a buy to sell rating. It said slowing growth in Purplebricks’ core UK market and mounting losses in the US and Australia had revealed the limitations of its upfront fee model.Following the news, Purplebricks’ shares dropped by over 10 per cent to 122.6p this morning, rising slightly to 128 at midday.Some reports say that the lack of confidence in Purplebricks is largely due the fact that it has recently lost two key executives.Berenberg said that estate agents have endured a challenging past few years – something that traditional estate agencies would agree with.“The changing affordability dynamics in the UK housing market have resulted in a contracting fee pool as the secondary market has stagnated,” the broker said.“Alongside general market weakness, the emergence of the online/hybrid model has placed additional pressure on fees. We do not anticipate a material reversal of these fortunes in the short term, and forecast the transactional fee pool to continue to decline by 1% per annum.”Purplebricks Purplebricks downgraded Purplebricks target price Berenberg April 5, 2019Grant LeonardWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Purplebricks – Berenberg slashes target price by over 80% previous nextAgencies & PeoplePurplebricks – Berenberg slashes target price by over 80%Analyst suggests Purplebricks may need to take drastic action amid slowing growth and accelerating cash-burn.Sheila Manchester5th April 201903,169 Viewslast_img read more

Weekly Update: Ensuring Schools and Services Are Funded, Supporting Access to Health Care, Honoring Victims in Las Vegas

first_img The Blog,  Weekly Update On Wednesday, after repeated failure and obstruction by GOP lawmakers, Governor Wolf announced that he will be taking unilateral action to manage Pennsylvania’s funds and called for an immediate vote on a severance tax that is widely supported by Pennsylvanians. This action will ensure the state can make its commitment to school districts and other providers of services.“I’ve had enough of the games,” Governor Wolf said. “In the absence of a compromise revenue plan getting to my desk, I am going to take action to manage our state’s finances.”Ensuring that Pennsylvania’s most vulnerable have continued access to affordable health care is a top priority for Governor Wolf. This week, the governor urged the U.S. Congress to reauthorize the Children’s Health Insurance Program (CHIP). Congress failed to act on extending the program before the September 30 deadline, leaving the health care of thousands of children at stake.On Friday, Governor Wolf was the recipient of the PA Breast Cancer Coalition’s Pink Ribbon Award. The governor was honored for his support of women’s health care and his administration’s introduction of no-cost 3D mammograms. Earlier this week, the Wolf Administration Acting Insurance Commissioner Jessica Altman reiterated Governor Wolf’s policy that 3D mammograms are covered by insurance under existing state law and must be provided with no cost sharing to Pennsylvania women.On Monday, Governor Wolf released a statement following on the terrorist attack and mass shooting in Las Vegas. The governor ordered the State Capitol be lit blue, gold, and green to stand in solidarity with Nevada and ordered all Commonwealth flags, along with the order for United States flags, to be lowered to half-staff to honor the victims of the attack.Governor Wolf’s Week, October 1 – October 7, 2017Monday, 10/2/17Governor Wolf Statement on Terror Attack in Las VegasWolf Administration Reiterates Policy on 3D Mammograms, Urges Support for Affordable Care Act to Maintain Preventive Service Coverage at No Cost to ConsumersGovernor Wolf Orders Flags at Half-Staff to Honor the Victims of the Las Vegas ShootingTuesday, 10/3/17Governor Wolf Urges Congressional Reauthorization of Children’s Health Insurance ProgramGO-TIME: PA Earns National Technology Honors for Cloud Security from State CIOsWednesday, 10/4/17Filipino American History Month, 2017Governor Wolf Draws Line in the Sand on Budget After Repeated GOP Failure and ObstructionGovernor Tom Wolf and First Lady Frances Wolf Recognize 8 Women as Pennsylvania’s 2017 Distinguished DaughtersThursday, 10/5/17Governor Wolf Announces $5 Million in Funding for NaloxoneFriday, 10/6/17Governor Wolf Receives Pennsylvania Breast Cancer Coalition Pink Ribbon Award for Requiring Insurers to Cover 3D Screening Mammograms at No Extra CostHighlights from The BlogGovernor Wolf Takes Steps to Manage State Funds in Absence of Finalized State Budget (Round-Up)Highlights from TwitterHouse Republicans have repeatedly failed to agree amongst themselves on how to approach the budget. In the absence of a compromise revenue plan getting to my desk, I must take action to protect Pennsylvanians. pic.twitter.com/nWgxGf4lvL— Governor Tom Wolf (@GovernorTomWolf) October 4, 2017 October 06, 2017 Weekly Update: Ensuring Schools and Services Are Funded, Supporting Access to Health Care, Honoring Victims in Las Vegas By: The Office of Governor Tom Wolf Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf We can’t forget our most vulnerable – our children who rely on us to care for them. Congress’s inaction can only be interpreted as apathy and there can be no tolerance for that. https://t.co/PKK9YTbdcx— Governor Tom Wolf (@GovernorTomWolf) October 3, 2017 SHARE Email Facebook Twitterlast_img read more

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