UBS Reduces Reuters Price

SPECIAL REPORT

UBS Warburg has reduced Reuters’ target price from 115p to 80p and downgraded its 2004 profit before tax (PBT) forecast by 23 percent to £125 million, it said in a report released this month.

Polo Tang, an analyst at UBS, says he currently values Reuters’ target price at 134p but with potential downside risks and material revenue growth at Reuters unlikely until 2006, the target price--or the price that Reuters’ shares could fall to in the next 12 months--could be as low as 74p. This would be

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