With the financial performance of Millennium and Copthorne Hotels remaining mixed, with some regions delivering substantial growth while others struggle due to a combination of market conditions and a lack of investment, analysts at Berenberg saw fit to trim their target price on the firm.
Hunting: Canaccord downgrades to hold with a target price of 850p.
Millennium & Copthorne Hotels had a mixed first quarter, with stronger underlying revenue growth and profits despite weaker trading in London, but currency swings hampering top-line growth.
Millennium & Copthorne Hotels has appointed hospitality industry veteran Jenny Fox as group chief executive officer with effect from 19 June.
Millennium & Copthorne has cut its dividend to preserve cash for investment after a year in which the hotel group struggled to adjust to travellers booking online and rising costs.
Millennium & Copthorne reported a jump in third-quarter pre-tax profit on Monday, helped along by solid growth in New York.
Millennium & Copthorne Hotels shares booked a sharp gain on Monday morning after its Singapore-based parent company proposed a full cash buyout of its London-listed subsidiary.
SSE: Morgan Stanley reiterates Overweight with a target price of 1700p.
Millennium & Copthorne posted a 12.5% rise in first-half pre-tax profit on Friday thanks in part to solid demand for London hotels as the weaker pound attracted more tourists.
Malin, an Irish incorporated public limited company, announced the appointment of a new non-executive director, Donal O'Connor.
Millennium & Copthorne Hotels posted its first quarter results for the three months to 31 March on Friday, with revenue per available room (RevPAR) rising 17.7% to £70.66 during the period, and total revenue improving 16.1% to £223m.
Shares in London ended Thursday higher thanks to miners rocketing ahead, with the FTSE 100 at another record close, after Bank of England stayed on rates and the US Federal Reserve upped its, both as expected.
International accommodation operator Millennium & Copthorne posted its final results for the 2016 calendar year on Friday, with group revenue per available room (RevPAR) increasing 6.6% to £76.71.
Millennium & Copthorne reported a rise in profit in the third quarter as it benefited from a weaker sterling in the aftermath of the UK's vote to leave the European Union.
Millennium & Copthorne Hotels posted its half-year report for the six months to 30 June on Wednesday, with Group revenue per available room (RevPAR) in constant currency falling by 4.2% to £67.91, compared to £70.88 in the same period last year.
Millennium & Copthorne reported a small drop in first-quarter profit as hotels revenue fell and the company warned of an "uncertain" outlook.
South32: HBSC upgrades to buy with a target price of 85p.
Berenberg downgraded Millennium & Copthorne Hotels to 'sell' from 'hold' and chopped the price target to 340p from 470p following the company's "weak" full year results.
Millennium & Copthorne Hotels posted an 86% drop in fourth quarter pre-tax profit despite a slight gain in revenue.
Millennium & Copthorne Hotels, which is due to release its full year results next Friday, expects to recognise a net charge of around £43m against pre-tax profits for 2015.