Funding Circle Shares Fall Sharply on Citi Downgrade
Citing evidence of credit deterioration in Funding Circle’s SME Income Fund analysts at Citigroup cut their recommendation on Funding Circle to sell and halved their price target. This caused stock in the peer to peer lending leader to fall as much as 26% during trading in London today. The downgrade comes two days after their fund said that increased personal insolvencies in the UK helped drive it to a loss last month. CEO Samir Desai said that guidance provided by the company at the IPO remains unchanged. Source.