Date: Monday 20 Dec 2010
While Cambridge based bioscience firm Abcam has said it will meet expectations for the full year, finnCap believes its current share price is "overly generous" as the company's growth rate is slowing.
Even though Monday's trading update did not give any half-year forecasts, the statement pointed to the group's confidence in meeting market expectations.
However, finnCap has kept its estimates towards the bottom of the consensus range, but did note that "there may be scope for a marginal increase in these as we progress towards the full year end."
Abcam's current earnings multiple outweighs the broker's, and that coupled with slowing growth underpins the broker's 'sell' rating, along with a 282p target price.
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