PostNL: shares down after UBS cuts target

(CercleFinance.com) - Shares of Dutch postal service operator PostNL fell on Friday after UBS cut its target price from 3.
2 euros to 3.1 euros, while maintaining a "buy" rating on the stock.

The selling came after the PostNL share price has rebounded over 80% in the past six months.

Last week Berenberg analysts downgraded the share from "buy" to "hold", saying they now prefer operators with a higher exposure to e-commerce and better geographic profiles.

In early November, PostNL reported a lower-than-expected increase in volumes handled over the third quarter.

Around lunchtime, PostNL shares were down 1.5%, underperforming the benchmark AEX index, which was up 0.3%.

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