RBC lowers target for ‘jam tomorrow’ IWG

Analysts at RBC trimmed their target price for shares of IWG following a profit warning from the serviced offices provider the day before due to the lower occupancy rebound.

The broker lowered its target from 330.0p to 300.0p, telling clients that the firm remained a “jam tomorrow” story.

That, they added, was “more so now than ever with many moving parts and uncertaines around

the macro and customer behaviour.”

They also believed that more master franchise agreements were needed to demonstrate value.

On the flip-side, they termed the company’s structural growth and capital-light story “believable”.

Their recommendation on the shares was unchanged at ‘sector perform’.

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