Jefferies analyst Allen Wells downgraded Serco Group (SECCF) to Hold from Buy with a price target of 175 GBp, down from 225 GBp. The firm says immigration contracts and UK national insurance have been a headwind to Serco shares. The company’s nearer term earnings and free cash flow momentum “looks more muted, with headwinds in Serco’s largest contracts unhelpful,” the analyst tells investors in a research note.
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