Thomas Cook Share News (TCG)

(ShareCast News) - Citigroup downgraded Travis Perkins to 'neutral' from 'buy' but raised its price target to 2,300p from 2,190p.The bank said the downgrade was a valuation call, as the shares have enjoyed a strong bounce since the start of the year and now reside on a relatively full multiple.The target price increase, meanwhile, is due to slightly higher target multiples, reflecting the recent re-rating of the sector and wider market."We have used target multiples slightly higher than long-run averages to reflect the group's growth potential as it progresses on its strategic measures."Citi said management is making good progress on strategic initiatives and the group looks well positioned to drive market share gains and deliver higher returns against a positive macro backdrop.It expects the company to deliver an earnings per share compound annual growth rate of around 11% over 2015-2017 as it extends its market-leading position. However, it said this is largely priced into the shares.Citi added that first-half results were a slight miss in terms of operating profit.At 1425 BST, Travis Perkins shares were down 2.7% at 2,158p. Analysts at Berenberg said Thomas Cook's improvement has stalled, and cut its rating to 'hold' from 'sell.'Berenberg also set a target price of 100p, from 130. Shares in the tourism operator were down almost 1% to 117.40p at 1428 BST.The tour operator's underlying performance is slowing, Berenberg said, and the business is structurally challenged."We would argue that there is no sign of the structural headwinds abating and that operational recovery is predominantly cyclical rather than any sustainable structural revival," analysts said in a note.Thomas Cook would miss its earnings targets for financial year 2016 by about 10%, Berenberg said."We do not believe that the challenges faced by TCG are reflected in consensus estimates and we are likely to see further negative earnings pressure in this and the next financial year."Berenberg said while the recent partnership with Chinese conglomerate Fosun provided some benefits, there appeared no end to significant competitive pressures on the market. Shares in movie theatre operator Cineworld rose as Barclays raised its rating for the stock to 'overweight' and upped its price target to 580p from 325p.Cineworld shares traded at 522.50p at 1359p, up by 1.65%.Analysts at Barclays said Cineworld was in a 'sweet spot' as the company had low cost headwinds.Industry supply growth was low, especially in Eastern Europe, analysts said, while Cineworld was adding screens to its portfolio.Demand appeared robust,given the film release schedule for 2015 and 2016, analysts said, and the cost outlook was benign as the new living wage would have minimal impact as wages were only 14% of total costs.Barclays said the company also had initiatives such as join Starbucks partnerships which could be rolled out about half the UK cinemas.