Independent News and Media share price target reduced sharply by Davy

INDEPENDENT News & Media (INM), which reveals first-half figures tomorrow, has had its share price target sharply reduced by Davy Stockbrokers.

The price dropped from from €3.85 to €1.95 in order to reflect falling company valuations in the media marketplace.

However, rather than referring to it as a marked reduction, Davy media analyst Stephen Furlong said the new price reflected current market conditions rather than anything else.