JPMorgan downgraded Trainline (TNLIF) to Underweight from Neutral with a price target of 230 GBp, down from 300 GBp. The firm adjusted ratings in the European internet group as part of a 2026 outlook. The firm is “more guarded” into next year due to threats from artificial intelligence and structural concerns, but sees select opportunities. Trainline has a less favorable operational setup into 2026 amid regulatory and competitive risk, the analyst tells investors in a research note.
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