LONDON (ShareCast) - (Sharecast News) - Future's share price took a dive last week after the unexpected departure of chief executive Jon Steinberg, but the news didn't dissuade JPMorgan from changing its positive view on the publishing and events company.
The shares dropped around 18% on Friday to just 794.5p, before rebounding by more than 6% on Monday morning to 845.85p.

JPMorgan reiterated its 'overweight' rating for Future in a research note on Monday, keeping its 1,296p target price, representing 63% upside to the previous closing price.

Analyst Lara Simpson said Steinberg's exit "has no doubt cast uncertainty on the crystallization of an equity story that has increasingly aligned to its sum-of-the-parts and resurfaced concerns on the underlying state of the portfolio".

However, Simpson said investors should remember that Steinberg's notice period is 12 months, while the company's outlook is strong as it actively studies options to accelerate value creation from its businesses.

" While the CEO exit is a clear negative and perceived as a set back by many investors who argue it will take time to rebuild confidence in the narrative, we continue to see inherent upside to valuation at these levels (4.3x EV/EBITDA 25E) and stay constructive with potential for corporate action to stand as a catalyst," the analyst said.

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