Inchcape Plc tumbled on Thursday as JPMorgan Cazenove downgrades shares of the car dealership to 'neutral' from 'overweight' and slashed the price target to 800p from 1,050p.
The bank also placed the shares on "negative catalyst watch" and said investors should "prepare for increased volatility ahead".
At 1220 GMT, the shares were down 11% at 668p.
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