Fox Marble upgraded by Beaufort

10th August 2017, 16:12

Beaufort Securities said it is giving Fox Marble Holdings [LON:FOX] the benefit of the doubt after the company confirmed that it has signed a Memorandum of Understanding with Pristine Stone in order to establish a new distribution outlet for its products in the US.

The broker said: "Fox shares took a further beating following the revenue warning that resulted from Pisani's appointment of Administrators and Beaufort's downgrade to Hold (from Speculative Buy) early in July."

Beaufort added: "While the 2017E should be expected to remain in net losses, with a high level of costs fixed there is finally reasonable confidence that next year will actually produce some (albeit modest) positive earnings. Hurrah!!"

The broker has now moved back to a speculative buy position on the stock.

At 4:12pm: [LON:FOX] Fox Marble Holdings share price was +0.13p at 8.13p