Deals
Atlas Mara Drops to Record Low as Analyst Slashes Profit Targets
- Renaissance Capital reduces target share price by 27% in note
- Shares in Robert Diamond’s African finance firm slump 10%
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Atlas Mara Ltd., the African finance firm founded by ex-Barclays Plc Chief Executive Officer Robert Diamond, fell to the lowest since its initial public offering in 2013 as an analyst reduced his profit targets amid economic turmoil in Nigeria.
Shares in Atlas Mara fell as much as 10 percent to $3.10 each in London, the lowest since the firm first sold shares to the public almost three years ago. Ilan Stermer, an analyst with Renaissance Capital in Johannesburg, cut his target price on the stock by almost one-third to $4.50 and said the company’s full-year profits will fall by more than half.