NH Hotel Group: shares down after UBS downgrade

(CercleFinance.com) - Investment bank UBS cut its rating on NH Hotel Group on Friday, causing a drop in the share price of the Spanish hotel operator.


NH Hotel shares were down 0.3 percent at 6.3 euros, after UBS downgraded the stock to "neutral" from "buy". The broker raised its price target to 6.8 euros from 6.4 euros.

While saying the group has a "solid outlook", UBS also thinks upside has now become "moderate".

Yesterday NH Hotel Group said it had a "good start to the year", posting a net profit of 22 million euros for the first quarter, and reiterated its 2018 guidance. Shares fell by more than 2% despite these comments.

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