UBS downgrades SSP to 'sell', shares slide
By Michele Maatouk
Date: Friday 11 Jul 2025
(Sharecast News) - SSP was under the cosh on Friday after a downgrade to 'sell' from 'neutral' at UBS, which said that mid-term consensus screens as stretched in light of upcoming headwinds.
The bank said weak volumes and lower near-term capacity put consensus at risk.
It noted that the share price has risen by around 12% since the company's first-half results presentation in May, in part owing to the market's positive reaction to the recent pricing of the group's Indian IPO.
"However, UBS Evidence Lab data indicates a step down in airline capacity growth in 3Q, with industry data indicating a further significant reduction in capacity growth in 4Q," it said.
"With the slower pace of growth and combined with a stronger GBP we see downside risk to consensus estimates with our FY26 EBIT and EPS forecasts now 7% and 10% below consensus respectively.
"As we now see consensus estimates as unlikely to be achieved, we downgrade our rating to sell."
UBS lifted its price target on the stock to 170p from 165p.
At 0910 BST, the shares were down 6.9% at 174.95p.
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