Pets at Home was the biggest faller on the FTSE 250 on Monday (Mike Egerton / PA)
(Picture: PA Archive)Shares in Pets at Home tumbled on Monday after a broker downgrade came amid concern that tighter household budgets would replace the lockdown-era spending boom on animals and their accessories.
A drop of over 10% took the stock to 278p in afternoon trade, making it the biggest single faller on London’s FTSE 250 index . The move came after analysts at RBC Capital Markets cut their rating on the retailer’s stock to “underperform” from “sector perform,” meaning it thought the stock would start to lag behind some of its high street peers. RBC also lowered its price target to 280p per share from 330p.
