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Pearson: UBS still says Buy

( - In its daily comment, UBS says that it intends to reduce its earnings forecasts for 2024, but maintains its Buy recommendation on the share.

It also maintains its target price unchanged at 1130 pence, representing 18% upside potential.

"Earnings cut mainly reflects higher interest costs than expected in 2024. We see 4% organic growth as achievable in 2024, but note there is downside risk", UBS says.

The 2024 outlook for adjusted EBIT is c2% below the VA consensus. The forecast calls for organic growth of 3.7% against a VA consensus of 4.2% and a UBSe consensus of 4.5%. FCF in 2023 is raised to £387m from £222m in 2022, the broker adds.

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