Irish Continental slumps 6% as rating reduced

IRISH CONTINENTAL shares tumbled 6% yesterday after Goodbody Stockbrokers cut the ferry operator’s rating from “reduce” to “sell”.

Yesterday’s fall left the share price at €9.75, almost 10% lower this week, but still significantly ahead of Goodbody analyst Joe Gill’s €8.50 price target.

Mr Gill cut his profit forecasts by 5% in the current year but said next year’s bottom line would be 28% lower than previously thought. He cited this week’s Labour Court ruling on the company’s planned cost-cutting measures, coupled with fresh information on operational performance.