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ICI investment rating cut

Investment bank JP Morgan said on 14 February it was reducing its investment rating on Britain“s Imperial Chemical Industries to market perform from buy. A Morgan research note outlined a target pric…

Investment bank JP Morgan said on 14 February it was reducing its investment rating on Britain“s Imperial Chemical Industries to market perform from buy. A Morgan research note outlined a target price of 325 pence a share, ex the recent GBP 800 million (US $1.14 billion) rights issue, and said it was cutting earnings per share forecasts to reflect the rights issue and some accounting changes. The note said JP Morgan was cutting its 2002 earnings per share estimate by 24% to 26.1p and that for 2003 by some 35% to 28.5p. Shares decreased 1.1% to 361-1/2p, off a recent top of 371p but were well up from a three-month low of 290p reached on 31 January, the day it announced details of its debt-relieving rights issue.

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