Broker snap: Johnson Matthey overvalued, UBS says
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Johnson Matthey was among the FTSE 100's heaviest fallers today after UBS downgraded the speciality chemicals company to 'sell' from 'neutral' on valuation grounds.
It keeps its 1,870p price target on the company.
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While it does not see significant earnings risks for Johnson Matthey, there are concerns in important areas such as car and truck markets, UBS said.
Johnson Matthey supplies materials such as refined platinum for the automotive industries.
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