Citi downgrades Pearson to neutral on valuation grounds
Citi downgraded Pearson to neutral, citing valuation grounds. In a note, it pointed to Pearson’s first-half performance as showing positive operational momentum, including a small beat in sales and adjusted EBIT.
The bank said Pearson’s first-half performance highlighted positive operational momentum with a small beat at sales and adjusted EBIT levels."Following the H1 performance, we increasingly believe the medium-term framework for average margin growth of 40bps as a floor," it said. "In the short term…