Shares of AG Barr Plc (LON: BAG) today fell 8.3% after the company’s price target was cut to 310p from 380p by Barclays Capital and its investment rating lowered to ‘Underweight.’
The rating downgrade by Barclays came shortly after the FTSE Russell, which maintains both the FTSE 100 and 250 indices announced that AG Barr Plc would be demoted from the FTSE 250 index later this month as part of its quarterly review.
The soft drinks manufacturer can’t seem to catch a break today and its no wonder that its shares fell to multi-year lows last seen in June 2012 following the two announcements.
Regardless of today’s negative developments AG Barr Plc still boasts of strong fundamentals and its stock price is likely to recover over the long term.*
*This is not investment advice, you should do your own due diligence before making any investment decisions.
AG Barr share price
AG Barr shares today fell 8.3% to trade at 385p having ended yesterday’s session trading at 420p.