(ShareCast News) - Investors sold down shares in Regus after an Investec downgrade that highlighted the serviced office company's shares had already priced in most of the good news that could be expected from its interim results next week.Shares in Regus were down 6.6% to 256p by 1110 BST on Thursday.Following a 48% outperformance relative to the FTSE All Share over the last 12 months, Investec reduced its recommendation to 'hold' and set its target price at 295p, though this still offered upside to Wednesday's closing price of around 274p.But the South African bank said it expected Regus's interim update on 25 August would serve to highlight the continued strength of underlying trading.It added that "a continued improvement in centre performance and greater overhead efficiency should serve to accentuate its significant operational leverage".Previewing the interim results, Investec has forecast interim operating profit of £62.3m on £924.2m of revenue,Full year underlying PBT estimates remained unchanged but EPS estimates were upped to 11.0p from 10.9p and for 2016 to 14.4p from 14.2p due to a change in share count assumptions tied to the recent buyback.But, it warned, there could be "downside risks" to these full year estimates if guidance on centre openings is increased beyond its current expectations of circa 500 centres. However, none of this positivity, or even an increased on analysts' valuation to 295p from 260p, was enough to stop the shares fall in early trading on Thursday.