US: Supervalu shares tumble amid performance fears
Shares in US retailer Supervalu closed down over 17% yesterday (20 November) amid claims from an analyst that the company was in danger of losing market share.
Supervalu shares finished the day's trading at US$9.02, a fall of some 17.1%. Reports in the US said the stick had reached its lowest level since 1991.
According to the Portland Business Journal, UBS analyst Neil Currie has warned that Supervalu could lose share to its rivals and cut his target price on the company's shares from $23 to $11.
"Supervalu is at further risk of giving up market share to competitors in a market that has weakened considerably since the company's last quarterly report," a research note from Currie cited by the report said,
Last month, Supervalu cut its full-year earnings forecast after posting a fall in second-quarter earnings.
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