First Derivatives – top broker Berenberg slashes target price by more than 50%

Oops a daisy. It looks as if some folks in the City have finally been reading our exposes on First Derivatives (FDP) and are finally waking up to the issues of cash generation, or rather lack of it. Top broker Berenberg was a major bull but has slashed its target price, as you can see in the full note below, from £43 to just £21.  Welcome to the party fellows but you are still way too generous – fair value is well under £10 a share.

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