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STOCKS NEWS EUROPE- Chemical maker Synthomer's shares fall on JPMorgan downgrade

Reuters - UK Focus

Shares in British chemical maker Synthomer Plc fall as much as 9 percent after JPMorgan Cazenove downgrades the stock to 'underweight' from 'neutral' citing a full valuation and pricing pressure as a good time to book profits.

Shares in Synthomer (Frankfurt: 7YC.F - news) , which supplies specialty emulsion polymers used in construction, textiles, paper and latex gloves, were trading down 6 percent at 273 pence at 1038 GMT on the London Stock Exchange (Other OTC: LDNXF - news) on Tuesday.

"We believe a combination of increasing competition, pricing pressure, heavy emerging markets exposure and currencies will lead to downgrades in 2014," analysts at JPMorgan Cazenove write in a note.

The brokerage also cuts its target price on Synthomer's stock to 230 pence a share from 260 pence.

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Reuters messaging rm://karen.rebelo.thomsonreuters.com@reuters.net